When you look at your expenses, it’s easy to see what aspect of your life is the most expensive. Housing. Something we typically take for granted actually costs quite a lot.
To any money conscious young adult, the idea of living at home beyond childhood is worth a thought. There are many good reasons to live at home as an adult. There are also many other good reasons not to do so. This post will cover the pros and cons:
Pro: Reduced Cost of Living
Yes, you can save lots by living at home. Even if you need to chip in on costs, it’ll still be much cheaper than living on your own. Plus the house is probably a lot nicer than what you could have by living on your own – or even with flatmates your same age.
I read online that many millennials prefer living at home well into their 20’s simply because they get a better lifestyle. Think about it. What kind of place could you afford when you’re 22? What kind of place will you be able to afford when you’re 62? Which is better? This is why it’s tempting to live with your parents. Of course they will have a better house than you’re able to afford.
Think of what you could do with the money you save? Save up for a house of your own? Fill your closet with beautiful dresses? Travel the world? Pay off student loans? Pay off credit cards? Save up for a wedding? The possibilities are endless. If increasing your net worth is your focus right now, you should strongly consider living at home – even if only a few more years. If saving money doesn’t make you giddy, think about it this way. Calculate how much each month you’ll save by living at home. Multiple it by 12. If I gave you that much money to live at home another year, would you take it? It’s the same thing as if you were to save that amount on your own.
Con: Hampered Personal Growth
Telling your friends and colleagues you live at home can put a damper on your life. You may get made fun of – which can hurt your self-esteem. You may get passed up for a promotion at work because people may not take you seriously. You won’t be able to hang out late at night with friends so much if your parents are strict.
You may also bury your head in the sand. You may not get your own cell phone plan, car insurance, etc. You will be scared of the outside world because you’ve been ignoring it for so long. Life’s not all about money.
Pro: Less Time (Which Is Money) Spent on Doing Things like Grocery Shopping and Cleaning
Many hands make light work. With so many people living under one roof, things can get done easier. Instead of doing everything yourself like cooking, cleaning, grocery shopping, etc. you will have help. You can spend more time focusing on work or doing things you enjoy. Your parents probably enjoy seeing you as well. This also helps save your parents time. This is great for everyone involved. Again, many hands make light work. Everyone in the family can enjoy that.
Con: More Time Perhaps Doing Things You Don’t Want to Do
If you live with your parents, you may be obliged to do things you wouldn’t otherwise do. This may be going to church. It may be seeing your Aunt Gwen. Or perhaps it’s decorating the house for Christmas. All of this combined can really cut into your enjoyment in life. Even if you’re saving money living at home, if it’s making you miserable it’s not worth it. How many miserable people accel at life? Not many.
Pro: No Travel Expenses to See Your Parents
Perhaps you really enjoy being with your parents. Traveling from your house to theirs gets to be a hassle. This is especially true if you live far away. Travel is expensive. Why not share a roof?
Con: Cannot Take Some Opportunities Because You Live at Home
You probably can’t take a date home with you if you still live in your childhood bedroom. Let’s just get that out of the way. Furthermore, you won’t stretch your comfort zone as much if you live at home. Your parents may not approve of your lifestyle, thus holding you back. But you can also look at them as protecting you. With every pro there is a con.
What will you do?
Living at home after graduation is something that gets a powerful reaction out of people. Some really support the idea. They may praise you for saving money, spending time with your parents, etc. On the other hand, many people will shame you.
Which is right for you? Only you and your parents know for certain. Good luck!
Will Lipovsky is a personal finance freelance writer and internet marketer. His most embarrassing moment has been saying to a Microsoft executive, “I’ll just Google it.” You can get in touch with Will at FirstQuarterFinance.com.