For example, living with your parents means you can share the cost of rent, utilities, and food, resulting in reduced expenses. By establishing a realistic budget, you can make the most of these lower costs, and repay student loans or other debt more quickly. You can also build up savings for emergencies and long-term goals, such as buying a home of your own. A sound plan is to avoid additional debt while you're working toward your financial independence. You also might consider paying expenses in cash to reduce your reliance on credit and help you stick to your budget.
For best results, establish
clear expectations for both you and your parents before you move in together.
Consider a written agreement that outlines the financial responsibilities of
everyone in the household, and what the consequences will be for not living up
to your promises. In addition, determine specific milestones you want to reach
before you move out, and communicate them clearly. Goals could include
accumulating $5,000 in savings, or reaching a six-month work anniversary at
your job.
Contact us at (518) 798-3330 for suggestions
about how to create an achievable financial plan.
