Getting A Jump Start After College By Living At Home - Improving Financial Life - That's OlyLife! www.OlyLife.com
After Graduating College Should You Feel Weird About Going Back To Live At Home With Parents?
The world is a tough place and OlyLife believes that it is perfectly fine to move back home after college as long as it is not forever. These days many folks have to move back to live at home after graduating in order to have an affordable roof over head while looking for a job. In some cases, it is ok to work for a couple of years while living in the basement of your parents home in order to get a leg up on paying off school debt or saving for a place to live. If you have a cool family, this can be one of the best ways to get a jump-start on putting your financial footing in place.
After College Living At Home Is Fine For The Short Term
When you have a welcoming home without issues around your staying there, then living at home is fine for the short term (up to two years.) When you get your first job and are working to set your financial affairs in order, having a home base where you are comfortable and don’t have many expenses can do wonders for building a savings account. We recommend the following ideas for those who are thinking about living at home after college.
Priorities When Moving Back Home After Graduating And Deciding To Live At Home
- Develop A Plan For Living At Home – Goals You Wish To Accomplish, How Long You will Live There etc.
- Understand The Family Rules – No Coming In At Four In The Morning Waking Everyone
- Be Willing To Make The Trade-Offs – Financial Jumpstart - Living Constraints
- Work Or Find Work Quickly – Save Your Money – Do not take advantage of “free living” by wasting your money – save the money or pay down student loans with the difference between living at home and renting your own place.
- Plan To Move Out and Follow Through On The Plan once you have met the time frame or savings amount etc.
- Don’t take it for granted – treat your family well and pitch in as you live there.
- Become Independent as soon as it make sense financially
If You Really Don’t Need To Move Back Home And Aren’t Being Begged To Do So – Don’t
If you have landed a terrific job and can afford your loans and living place with a reasonable savings amount left over, then there is no need to move back home. If your parents are begging you to live at home so that you can really pay down student loans or save a lot of dough, then you may want to give it a whirl. The time value of money is huge and the earlier you pay off school loans and start investing, the better! So, consider moving back home if it makes sense and make the most of your one and only life – That’s OlyLife!
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