Save Money Living at Home

I had no conceived notion what I wanted to be or where I wanted to live after I graduated high school. I valued the comforts I had by living at home, but I also wanted to experience my freedom and a life out from under my parents' wing. I seriously started to consider getting my own place. However, when I consulted others who had made the choice to move out rather than remain at home with their parents, their advice was to remain at home as long as feasibly possible. After careful consideration, the answer was clear. The job market was tough and competitive, and the cost of living was just too high to get my own apartment; I then made the decision to remain at home with my parents because it was the most obvious and sensible choice. So I stayed at home, studied at a local college, and paid for my personal expenses via a low paying job. I had no appreciation for money and I was spending it on absurd novelties faster than I was earning it. I was in a rut and realized that this lifestyle could not continue.

My college degree opened the door to university for me. There was a bit of a hitch, however; if I wanted to continue my education, I would have to move out on my own. I lived in a shared living space while studying for three years. I was able to find a higher paying job, which allowed me to rent my own two bedroom apartment that was conveniently located near work, shopping, activities, etc. The cost of living, however, prevented me from being able to save any of my salary. I met a great girl and we are living together but it is still expensive especially after we considered the possibility of getting our own place. We had no idea how we could ever possibly afford it. We started to consider the notion of moving back home so we could save money up for buying a home.

I think that living at home used to have such a negative stigma attached to it but times have now changed. With real estate prices so high and lenders hesitant to make loans, first time home buyers face incredible challenges in the real estate market. The general cost of living has also gone up and it is for these reasons that it is becoming socially acceptable to move back in with your parents. Because of the proximity of my parents which is far away, my girlfriend and I would need to move in with her folks. This presents an even more involved set of factors to think about. We would have to find a way to share a house peacefully...

Perhaps you find yourself in a similar situation, and you are trying to figure out how to make it work out for everyone involved. One thing is definite; communication is key.

Define Clear Expectations

Discuss with your parents what will be expected from you in the way of chores. You should be prepared to do your part. Discuss whether or not you can have friends over for dinner or to spend the night. Rules and boundaries need to be discussed. For example, if you plan to spend the night out, should you be obligated to call home first? Knowing everyone's expectations up front will make the entire experience much more pleasant for everyone involved.

Have a Defined Duration

Your parents and you need to agree up front regarding a realistic duration for your stay. A later departure date can always be negotiated if it should become necessary. You will avoid problems by not making assumptions.

Charge Rent

For some families it would be unheard of to expect their children to pay rent but that doesn't mean you shouldn't offer. Some parents are too proud to ask but their grace might be delaying their retirement by incurring costs that they weren't expecting.

A well defined set of rules will make it easier for everyone. It is important to remember that you are moving into someone else's space. You need to consider your parents' lifestyle and give them their space when they need it. The biggest issue most people have with housemates has to do with chores. Make sure that you clean up after yourself and help out as often as you can. In my situation I know that my partner's parents are glad to help us out as they know how hard we have worked to get to where we are. The situation allows her parents to earn extra money to help them with expenses like utilities and groceries, and our rent comes out to half of what we'd have spent living on our own. In our case, it's a win win situation for everyone!

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