28th June 2017 at 1:23pm
Leaving the nest is one of the most memorable times in a young person’s life.
It can be a time of fun, freedom and self-discovery. But how does it affect the purse strings?
For me, moving out at 18 meant student loans, scrimping and scraping and working as many hours as possible around my uni classes to get by. Sure, I learnt how to budget and look after myself fast, but I had to.
Looking back, I wish I had stayed at home for a few more years. Now I am in my early 20s, I’m thinking about buying a home but it doesn’t come cheap.
‘Looking back, I wish I had stayed at home for a few more years’
Would I have been better staying at home and saving my money?
And I am not the only one who has felt the benefits of living at home, as many of my friends have opted to stay with their mum and dad to save as much as they can.
What other reasons are there for staying put just for that little bit longer?
Your lifestyle won’t change too much
It may not seem like it, but living at home is pretty great. Meals are sometimes made for you and you don’t have to worry about the countless bills which quickly creep up when you go it on your own;
‘You could save a ton on nonessential but nice to have expenses like cable TV, broadband internet or a Netflix subscription. Not to mention that much of the furniture you take for granted at home will have to be purchased or borrowed for your first attempt at ruling your own roost.’
It may not seem like it, but living at home is pretty great
You don’t have to rush in to a job you don’t want
As a recent graduate, I know all too well the pressures of finding work once you leave the security of the uni campus. This is multiplied tenfold if you aren’t living at home and need to pay the bills without the student loan or bursary coming in.
Staying at home while studying can be a real safety net for when you graduate as there is less urgency to settle for a job that isn’t the right fit.
You won’t be stressing about getting a salary as quickly as possible, which is no bad thing.
Flat sharing can be a real nightmare
Take it from me, flat sharing is very overrated. Coming home to inebriated flatmates when you have work the next morning can become very tiresome very quickly. By staying at home you don’t have much room for surprises; after all you have lived with your parents your whole life!
Take it from me, flat sharing is overrated
If the location is right, why move?
Your parents have worked hard to have their home, and as a result it is probably in a better location than your student loans or entry-level job income can support. Not only that, your parents’ location could save you commuting costs.
So staying put may be far more central than your money could stretch to.
Waiting to make the big move could pay off
One of the main incentives for staying at home is that you save money. You will most likely contribute to the household but this will be a fraction of the cost of having your own place.
It makes sense to save up that money you aren’t spending and put it towards a goal. Perhaps that’s travelling the world or, like me, you want to save to actually own your own home.
I am now in a place in my life where I want to buy a property but don’t yet have the funds for a deposit. I really believe that if I had stayed put, I would have been in a far better financial position now.
If you’re finding yourself in a similar position and want some guidance on saving for a deposit, take a look at the Money Advice Service for some tips and tricks to get started.
If it ain’t broke, don’t fix it
As with anything, it is very easy to think that the grass is greener on the other side.
Sure, you may be perfectly comfortable living with your parents right now and even though you’d miss them if you moved out, it must be so much better to live on your own, right? Wrong!
It is very easy to think that the grass is greener on the other side
If you’re happy living at home, why move? You have plenty of time to move out, so why rush in to it? Weigh up the pros and cons and really think about the financial impact it will have upon you.
The Money Advice Service has a great section on its site dedicated to helping you work out the real cost of leaving home.
Are you a parent reading this who wants to help their child? Read our top tips on how to save money whilst at university.
But remember it’s your parents’ home
Now, I’ve talked all about how great it is to live at home, but you have to talk all of this through with your parents. After all, it is their home, not yours, and it will cost them money to keep looking after you.
So sit down, and have a chat. You need to be sure they’re happy with the idea, and that you’re not infringing upon their plans too much.
One way to ensure you’re all on the same page is to agree ground rules, and remember they call the shots.
Really do your research before packing up for the big move and speak with your parents, the chances are they’ve been there and can give you some good advice.
Going it on your own can teach you a lot, and give you some great life experiences, but why rush?
Reading this and still want to move out? Read our top money tips for graduates.
Views expressed are the writer’s personal opinion based on her circumstances.
The information in this blog or any response to comments should not be regarded as financial advice.
The information here is based on our understanding in July 2017.
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