Living at home after college may make you feel like you’re lagging behind, challenged by societal expectations of independence and self-reliance at this stage of life. However, contemporary graduates often are dealing with unprecedented levels of student debt, in excess of $35K. The stress to manage the repayment of college debt, afford rental expenses, cover daily living costs such as your mobile phone, groceries, transportation, and still make ends meet with an entry-level salary just above the minimum wage may feel unendurable. Does this suggest that we are selling an unfeasible and unattainable dream to the new generation? And placing unjust blame on them when they accrue credit card debt?
Let’s explore why it’s acceptable, and sometimes necessary, for young adults to reside at home after college.
THE REASON BEHIND MY CHOICE TO STAY HOME POST GRADUATION
Admittedly, my take may be influenced by personal experiences, as I moved back home after graduation and lived with my parents for three years due to high living costs in town. My job paid $13 an hour, and after deductions for taxes, health insurance, and retirement funds, I was left with approximately $1,600 a month. With average rent amounting to $1,200, survival on the remainder was unthinkable.
Not to mention the necessity for a vehicle to commute to my job, which brought along costs for monthly installments, insurance, fuel, and repairs. Living at home eased my financial burden and allowed for an understanding of the real cost of living. These years taught me to budget strenuously, laying down a groundwork for better financial habits.
My stay at home was, however, beneficial not only to me but also to my parents.
THE POSITIVE IMPACT OF MY STAY ON MY PARENTS
In 2009, during the financial crisis, my mother became unemployed. My presence at home acted as a safety buffer for my parents, who were accustomed to a double-income household. I was able to contribute a small amount for rent, which, even though it put pressure on me, had a positive impact on my parents’ finances.
CHOOSING THE RIGHT LIVING ARRANGEMENT
Parents often have strong opinions about their grown-up children living at home. Some cherish the idea of their children returning home, while others prefer to reclaim their homes for themselves as they approach retirement. It’s vital to consider your family dynamics and financial circumstances in determining whether adult children residing at home is suitable for you or not.
For my parents and I, it was the optimal decision, imparting financial prudence that proved beneficial in managing my finances later on.
Are you someone who moved back home post-college? Or a parent pondering the idea of your children returning home? Or do you stand against the idea entirely?
