Moving back home after college is more common than ever. If you are a recent college grad, you may dread the idea of settling back into your childhood bedroom or having your parents treat you like a teenager again.
Moving back home can feel like a step backwards for some, but there are plenty of financial and personal benefits to living with your parents after you graduate.
Everyone’s situation is different, but if you are like most recent graduates, you are dealing with a lot of student debt, while also looking for a job to cover all of your expenses. The task of paying off debt while also affording a place to live can be daunting. If you are still on the fence about whether or not it is a good idea to move back home after graduation, learn about eight of the best benefits you can get from living with your parents below.
The main reason people move back in with their parents after college is because it allows them to save money. Many parents will not charge rent, and those who do will usually offer it at a significantly lower rate than any other landlord. Rent is usually a college grad’s biggest monthly expense, but it is much easier to keep a tight budget with lower living costs in a more relaxed home environment.
Not only do you save on rent, you can also avoid unnecessary spending on other expenses that are associated with getting your own place. When you move back home, you can use your parents’ furniture, dishes and other household items. Living on your own after college means that you have to furnish an apartment on your own. Even with the help of a roommate, this can be extremely expensive, especially if you are still looking for work in your desired field.
Most people who live on their own for the first time will pick up a few unhealthy eating habits, because they finally have the freedom to do whatever they want. When you are in college, this might not be a big deal. However, bad eating habits can have plenty of drawbacks once you get older. Your parents are likelier to have a wider variety of food in the house than you bought for yourself in college, in an effort to save money. Moving back in with your parents can help you get back on track, if not by eating healthier food, then at least with a more regular eating schedule than you may have had in school.
The first few months following college can feel like a stressful and disorganized time in your life. If you do not have that perfect job lined up, you may be worrying about your budget, as well as what you are going to do in the future. Living with your parents takes away much of the stress you may otherwise feel when you think about the future. When you have lower expenses living at home, you can take full advantage of the opportunity to start saving money for emergencies, as well as long-term goals, such as retirement and buying a house.
Parental advice tends to be given – regardless of whether you ask for it or not – but, in many cases, it can be more helpful than you realize. The first few months after college can be a tumultuous time, especially if you are having trouble finding a good career. More likely than not, your parents have gone through similar struggles in their own lives, and may be able to offer valuable advice. Finding the next best step for your future can be overwhelming, but you will usually find that no one is more understanding or supportive than your parents.
Chances are, many of your friends from high school stayed close to your hometown. If you lost touch with your old friends when you went off to college, you have the perfect opportunity to reconnect when you move back in with your parents. It can be hard to leave friends in your college town, but when you return to your hometown, you may even find yourself making friends with people you never talked to before college.
It is easy to become more distant from your parents when you go off to college, but moving back home is a great time to strengthen your relationship. Once you officially get settled on your own, you will probably never have a reason or opportunity to live at home again, so you may want to take advantage of it when you can.
After college, you will have a few immediate needs, such as finding a job or renting an apartment that suits your needs. When you are worried about costly living expenses, you will be likelier to take the first decent job offer you get – even if you don’t really want the job.
By living with your parents, on the other hand, you will not feel as much pressure to make ends meet, which gives you more flexibility when accepting job offers. If you have short-term goals of renting your own place soon, living at home will also give you more time to look for apartments at your own pace, and take the unit that you really want – rather than the first rental that you can afford.
If you are the typical college graduate, you are probably entering your adult life with a lot of student debt. Many recent grads are only able to make the minimum payments, or they have to arrange for income-based payments on their loans just to get by. However, by living at home with your parents, you will be better situated to tackle your student loan debt. The money that you would have spent on rent and the other expenses associated with living alone can be directed toward your loans, instead, allowing you to get rid of your debt more quickly.
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