Could You Move Back in With Your Parents?
There is one place that most of us can turn to when we are under financial pressure and running out of options.
Moving back into the parental home has become more common in recent years, as economic problems have forced many adults to abandon the dream of living in their own property. Is this something that you could do if you had to? If so how do you think it would go?
The Money Issues
This is probably a good point to mention that I moved back in with my parents for a brief spell a few years ago. It was a tough decision to make but the financial impact was immediate. From spending a few hundred dollars on rent and bills each month I started contributing just a small amount to the family kitty. I also spent a lot less on food when I moved back home too. Of course, to make this a genuine plus point you have to make sure that you do something useful with the extra money, such as pay off debts or start saving. It can be easy to see going home again as a return to your youth. This could mean that you are tempted to spend more money going on nights out and doing other stuff you used to do. There is no harm in enjoying yourself again after a tough period but you will want to be careful not to over-do it. Perhaps you can look on this as a chance to spend lots of nights in chatting to your parents and looking back over old photos with them instead of spending money on trips out.
The Personal Relationships
It can be extremely difficult to once again have a day to day relationship with your parents after a time living away from them. This is especially true if you now have your own family and all move into your parent’s home together. However, it can also be tough to get used to this way of living after an independent spell of living alone. To make it work there needs to be a lot of flexibility on both sides. Perhaps the biggest fear for most people heading home is that their parents will treat them as kids again. There may also be some element of shame about not having been able to make it work on their own. The parents may also be worried that they won’t be able to establish a good relationship with their children again. It is, therefore, important to start off on the right foot but at the same time establish the new boundaries that this relationship needs to have.
Looking to the Future
Most people who move back home look on it as a purely temporary solution until they get things sorted out. The big danger is that the weeks and months slip by without your plans advancing. This is because being back in your family home could see you slipping into a sort of comfort zone. Maybe you will find that you had missed the old place more than you thought and are glad to be back again. There is nothing wrong with this but you shouldn’t lose sight of the fact that this is the perfect opportunity to get your finances in order again. Even if you decide that spending a year or so back with your parents would be nice you should make sure that you have a solid financial plan to make these months as productive as possible. In this way you can enjoy this time while setting up a better future for yourself.
Would you consider moving back in with your parents?