I read an article this week that said that more and more young professionals are moving back home and living with their parents. It’s a reality that many of us will face; the job market is still tough. Some of us, upon graduating, find that moving home is the only viable option. Sometimes it’s because we didn’t find a job, other times it’s because we didn’t find that good of a job, and sometimes it just makes financial sense to move back home. You always need to look for the silver lining when things aren’t going the way you planned, and moving back home after graduation is no different.

Planning the move

Moving back in with your parents will be quite the adjustment. You’re an adult now, and you’ve been living out on your own for at least 4 years. Things were different back when you were in high school. It’s a good idea to have a sit down conversation with your new roommates. After all, a living situation is a two way street. You’ll want to check to make sure that it’s okay with them before you move back home. You’ll want to discuss guidelines and expectations. You’ll no longer want to have a curfew, but you may be expected to chip in with the groceries. The more you can discuss and get out in the open before moving home, the smoother the transition will be.

While you’re there

Living at home is not normally something that we want upon graduating from college. It is a temporary situation in which we hope to get in a better place, sheltered from the real world a bit longer. You won’t have to worry about rent, utilities or groceries as much. While you’re there though, hopefully you realize that you will want to move out in a year or two. Use this time to beef up your financial situation, so when you finally leave, you’ll have a head start in the real world. Just because you’re not paying for normal living expenses doesn’t mean you have more money to go spend elsewhere. Use this time to pay down any student debt. My now wife was able to take 2/3 of her paycheck while living at home to pay down her loans. That first year she eliminated over 1/2 of her debt. Neither of us were happy when she had to live at home that year, but we’re both glad that she made the most of it. No student debt? (Lucky you!) Well use that time to load up your savings. There is no excuse for not having a well stocked emergency fund or for not contributing 10-15% (or even more!) to your retirement fund. You’re in a unique situation, living with your parents, be sure to take advantage of your time there!

Keep the end goal in sight

I know that it might get pretty comfortable living at home, it’s cheap and your mom, from time to time, might do your laundry. Sooner or later though, you’ll have to spread your wings and fly away. Don’t overstay your welcome. Set a goal for yourself (one, two or three years) and try to stick to it. Do your best to meet your financial goals and set yourself up to have a head start out in the real world. When you finally move out, be sure to show your parents some love as they were your very hospitable roommates!

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