Category: Save Money

Is it Good to Live With my Parents to Save Money?

When we are young we live with our parents and do not need to pay any money towards the things that they give us. We do not pay for food, towards the bills or any rent. As we get older, we might think about moving out but it is expensive. It might be worth thinking about staying with parents so that you can save money on these sorts of things or moving back in if you feel that you would like to save money. There are things you need to consider though.

They might charge you

Some parents might charge older children for staying with them. They might want some help towards paying the bills, buying food and other things. This could be because they retire and do not have so much money or that they feel you should be contributing if you are staying at home. Chances are that it will be cheaper than renting or buying a place of your own.

You might want independence

It is worth thinking about whether you want to be independent of your parents. As nice as it is living with family, you might get to the point where you want to be independent. Not only will this mean that you will be more in control of where you go and what you do but you will be able to makes decisions about the property that you live in such as which one to live in, how to decorate and furnish it and any renovation work that might need doing.

You do not get on the housing ladder

It might be worth considering that if you do not buy your own home, then you will never get on the housing ladder. For some people this is not a concern and they will be happy with not worried about this. However, some would rather think about putting some money into a home. Staying with parents could be a good opportunity to save up a deposit for a house, as it is likely you will pay less out in rent and will have the chance to save more money.

They might want time alone

It is worth considering that your parents might want some time on their own. They might want to get to know each other again without their children under their feet. Also, if you have children, they might find it hard to cope with small grandchildren around the place all of the time as it could be really tiring.

They might need care

One advantage of staying with them is that you will be able to help if they need care. As parents get older there is a chance that they will need some sort of help. They may have an illness and need care but it may be more that they are less mobile so they need help with chores in the house and garden. This could mean that living with them could be a good help to them and it could mean that you will not worry about them so much and whether they are managing.

There is a lot to think about when you are deciding this. If you still live at home it will be easier, but if you are thinking of moving back in with your parents then this can be trickier. They may have been used to being without you and it could be tricky going back. You may not get on as well as you used to and you might have new habits now that you have been away. So, discuss it with carefully before making up your mind.