#Adulting #FinancialPlanning #MovingOut #SavingsGoals
Hey fellow adulting friends! 👋 So, I’ve been pondering this question lately and I’d love to hear your thoughts: How long is too long to live at home with parents? 🤔
Here’s a little background about me: I’m a 22-year-old single woman making around 40k a year with no debt and low monthly expenses. Living at home rent-free has been a blessing, but I know I can’t stay here forever.
I want to start planning for my future and be wise with my money. Here are some questions running through my mind:
– Is it smart to live with my parents as long as possible if it helps me save money?
– With my low expenses, how should I be saving and investing my money?
– What steps can I take now to prepare for eventually moving out on my own?
If anyone has been in a similar situation or has some advice to share, I’m all ears! Let’s help each other navigate this adulting journey together. 💪 #AdultingGoals #FinancialFreedom #MakeMoneyMoves
I’d try to stay there as long as possible, but make it COUNT.
Max your 401K
Save up for a down payment on your own SFH, so you don’t have to move out and rent.
Imagine having a 30 year mortgage paid off by the time you are 55? and a 401K in 7 figures before you are 45? that’s what living at home will do for you.
At 22, every single dollar you own has the potential to be $20 dollars at retirement age of 65. Let that sink in.
While you’re living there, max out your retirement options. I will say though, you don’t want to live there forever. When you’re living on your own, and responsible for everything it grows you as a person
Stay as long as you can. Don’t let society make you feel like independence means that you have to be in your own place, etc. why don’t you aim to save $10k first year and then slowly work your way up to 15k the next year and so on. Live frugally and it will pay off.
Stay there for the least amount of time possible BUT in that time save a good deposit for a home and increase your financial knowledge at the same time like budgeting and how saving/investing even a little from Each pay cheque can set you up big time in the future
How old are your parents ? Because sometime in the future we wish we would spend more time with them…
First – read everything you can on personal finance. The library has many good books, YouTube has lots of videos, many websites. Become proficient at personal finance BEFORE you go out in the real world. Stuff as much as you can away for later. You must have a good relationship with your parents to still be t home. Enjoy that, not ll of us were so lucky.
You have full control of your money. Do the research yourself.
> I am terrible with money and I need to start planning for my future.
Keep living with your parents until you’re no longer terrible with money and have funds saved up for your future. This is the time to build your financial habits. Save up an emergency fund, pay off debts (and stay debt free), invest your funds for retirement.
going to need an extra 10k to live comfortably and be accepted to rent somewhere, you would most likely have to do the share house thing which some people get stuck in, if I could start over and had an option of staying home like you do I would save up for a deposit for a modest 1 bedroom apartment to start out with, I pay 500 a week in rent and bills before food and have 60k saved to buy a single bedroom unit im on 50k so I have to keep saving.
A few years ago our daughter graduated college .. she got a full time job.. we wanted her to save 50k before she moved out .. she got to 38k and moved out .. several years later she regrets not saving 100k or more .. but live and learn .. 🤷♂️
Stay as long as you can and save as much as you can then invest it in index funds
Still here at parents house 28. $400k net worth tho!
Really, really though – your 20s are the time you build your foundation in life. You must go out and learn how to live. Live in different countries, learn languages, complete your education, work hard and get promoted. It’s a truly precious decade. Those who do this will feel the benefits in their 30s and 40s. Financial security is important but so is being a well rounded human with experience. Take advantage of being with your parents to save but move out and live your life as soon as you can.
Start investing early gives you tremendous advantage in the long run!
You can use investing calculators (many free ones online) to see how much more you can accumulate at retirement due to compound interest by comparing investing the same amount at 22 with 30+.