Moving out of your parents' house is a huge milestone in your adult life. But it's a move that comes with both benefits and costs. Before you pack your bags, consider the value of staying at home versus moving on.
Reasons to Live at Home
- Save money: "When I lived at home, I put half of each paycheck into a savings account," says Elise Williams, Co-Founder and Editor of EarnSpendLive.com. "By the time I decided it was time for me to get my own place, I had saved up $15,000."
- Help your parents: By being at home, you can be near your parents and assist physically and financially, whether you're helping with chores or footing the grocery bill.
- Travel: Instead of spending a third or more of your paycheck on rent, you can use some of your extra cash to explore the world.
Reasons to Move out of Your Parents' House
- Independence: If you're feeling stifled at home and you're ready to pave your way, it might be the right time to move out.
- Job Opportunity: You may have more opportunities to further your career in a different city or state. Taking the leap to relocate can be scary, but also rewarding.
- Responsibility: Moving out on your own means you'll be taking control of your finances, making a budget and planning for the future.
If you're ready to take this next step, check out these important things to know before you sign a lease.
