Making the Best of Moving Back Home | The Financial Diet

Lauren talks about living at home with your parents after college.

Hey guys it’s lauren from the financial guy and today i’m here to talk about what it’s like to live at home after college with your parents now i know that living home after school with your parents is not an option available to everyone but i’m just speaking from my experience and how i made the best of the situation now for a lot of people there’s this palpable

Stigma attached to living at home with your parents one that like conjures up images of wolf farrell and wedding crashers who scream me like man we love like sitting in his pajamas like it’s really tragic but the thing is that you don’t have to act like a child if you live at home with your parents and just because you do doesn’t mean you’re some giant freeloader now

If you are able to move back home with your parents after school this is the perfect opportunity to maximize saving money and building strong foundations in your career now for me this started with making the most out of living in a small town i grew up and i lived home after school in the suburbs of new jersey you know if there’s one thing that small towns really

Have going for them is that the competition pool is much much smaller than it is compared to a big city so now’s the perfect opportunity to set yourself up as the neighborhood x like the neighborhood stylist graphic designer photographer painter builder whatever you want to become the go-to person for whatever it is that you do best so for me it was really selling

My graphic design skills and asking people whether they needed help with their like save the dates for their wedding their invitations their logo is business cards anything to get your name out there so for me i really maximize my free time to work on portfolio and personal design projects it was a huge advantage not have to run a household yet so i really wanted to

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Make my free time work for me so in between household chores i brushed up my technical skills on websites like lynda.com code academy and skillshare which are all awesome resources and i’ll include the links to those websites in the description below so moving back home with my parents also meant that i could utilize the connections with people that i already knew

Growing up and i took on any exercise that i could from everything from like babysitting to waitressing to catering parties i even like painted a friend’s window of the restaurant he owned at one point anything to just make a little extra money to save so i can’t stress this enough but saving during this time living at home with your parents is an opportunity that

You’ll never get again if you think about it having a full-time job like i did when i lived at home allowed me to basically have a full-time salary coming in and little to no bills being paid i mean i had my school loans and my car payments and like fun spending but not a lot now i pay rent utilities grocery shopping so when i look at the two situations i realize

How much potential i had for saving then versus now so because i was living at home i knew that i needed to aggressively save this meant that every paycheck i put 30% of it right into saving so that i could not look at it then i also had a portion of money taken out of my paychecks for retirement savings and then a small chunk put into my checking accounts and or

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Just save really aggressively i made sure that from each paycheck i was setting aside 30% that went directly into savings into an account that i couldn’t see so i couldn’t spend it then i also had a small amount of money portioned out into my retirement savings and then i also put a small amount into my checking account now i never let my checking account go over

Five hundred dollars because i didn’t want to have the money in there because i would for sure have spent it so one of the perks about living at home is that while you do have to say notice some social activities that cost a lot of money you don’t to say no to everything because technically you are still saving a lot of money inherently by living at home so one of

The aspects about living at home is that you don’t feel independent and in order to combat this what i did was i would take weekend trips away i’d go visit friends and stay with them for a while and really try to get out and about and do things that made me feel like i could stand on my own two feet without my parents help for a long period of time and going back

To what i said before about not being a freeloader and mooching off of your parents um it’s really important that you offer up things like whether it’s a weekly rent stipend or groceries or cooking dinner for your family these are all great ways to feel like an integral part of the household and not just one giant mooch and even if your parents are really on your

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Side and refuse to take the money from you insist on doing things for them that really show that you are an adult and you can take care of yourself and by extension them now even if you’re still living at home you should absolutely be paying your own bills so that when you move out you don’t get slammed with it all at once and take it in baby steps you know right

When you graduate college you might not be handling all your bills just yet but you should absolutely be paying your own phone bill then you can move on to paying your insurance start buying your own food everything like that so that you get used to having those responsibilities and monthly payments we’ll be back home with your parents after school can either feel

Like a burden or it can set yourself up for a healthy financial future and you can build a strong career foundation for yourself and don’t get down if people start to make fun of you you know don’t like take it to heart don’t spin off into an emotional well of self-pity in doubt just laugh along with them because you’re saving hella money when i lived at home i

Could not wait to move out but now that i actually have moved out i kind of wished i could go back and save a ton more money think of it as a short-term sacrifice to build a better future for yourself as always thanks for watching and don’t forget to hit the subscribe button and go to the financial.com for more bye

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Making the Best of Moving Back Home | The Financial Diet By The Financial Diet

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