Summer is upon us and so is graduation. While this is an exciting time, many college grads find themselves in a transition period. They don’t have the responsibility of school anymore, but that also means they need to move on to the next step in life. Sometimes finding a new place, a new job and figuring out what that next step is takes a bit of time. Thankfully mom and dad will always take you back in. Here are some pros and cons to moving back in with mom and dad.
FREE or cheap rent – many parents won’t make you pay rent and if they do it is bound to be MUCH cheaper that any apartment. This can give you time to save up money, pay off debt and set up a plan with student loans giving you the opportunity to really get on your feet before jumping into the real world. If possible set aside the money you would pay in rent and bills in a savings account.
Free Food – Likewise there is bound to be three meals a day. Whether you take advantage of free food is up to you, but it sure beats fast food dollar menus.
Job – The HuffPo reports “that as of 2011, a whopping total of 50 percent of college graduates younger than 25 were underutilized, meaning they’re either working no job at all, working a part-time job or working a job outside of the college labor market—say, as a barista or a bartender.” Living at home allows you to take some extra time finding a job in your field of study or interest.
Privacy – this is probably the biggest issue. After 4 years going solo and getting into your own routines, mom will once again be on your back about your laundry and dishes. Set up a meeting prior to moving in and set ground rules. Think of all the potential issues and set-forth to resolve them before they happen.
Rules: As above noted, there will be rules in your parents home. It is just the way it is. Hopefully you can all agree on reasonable rules, and your contributions.
You definitely want to take your time and decide if moving home after college is right for you. If you can’t compromise, contribute and live under your parents rules, it’s probably not the right choice. But if you can, those sacrifices can save you quite a bit of money.