It happens to many and to some a little earlier or later than others. A few will even fail to launch, but the vast majority of us will reach a level of self-reliance and will one day be able to say the words we covet most.
I’m moving out.
No one ever says I’m moving out only with plans to move back in. However, a recent study shows the number of 18 to 24 year olds living at home is a staggering 53 percent, while 29 percent of 25 to 35 year olds have never moved out or have moved back in with their parents.
Is it related to the economy? Probably.
Work, Save, Spend – In that order. Early in life, young people are encouraged to work so they will learn the value and correlation of money and work. In the process, they earn their own money to buy the things they want. At this time, they also need to be encouraged and taught to save, We work to buy the things we need and want, but we also work to improve our quality of life. This cannot be accomplished by spending everything we earn. Independence is the offspring of Financial Responsibility.
Budget ALL anticipated expenses for the month to see how much independence you can afford. Do not forget to include expenses currently being paid by someone else; this may include and are not limited to insurance, groceries, laundry and utilities. The “disposable” income and spare change you have today will be used to pay for these new expenses tomorrow. Do not forget to include any existing obligations you currently have. Monthly expenses should NEVER exceed monthly income. This recurring cycle is the catalyst of the boomerang effect.
- Live within YOUR means. If you can only afford an apartment or a bigger nicer apartment or house by splitting the cost with someone else; find a place that you can afford on your own. The benefit of shared living expenses is a temporary fix for an over-extended lifestyle and should be avoided at all costs. Do not allow your independence to become dependent on someone else’s income. Do not base your independence on the strength of someone else. There are very few situations where you can be independent together. This isn’t one of them.
A Happier Independence Day is waiting for you, so why make something mournful? While you may have to curb a few spending habits, it can be done successfully. The goal is to move, so the end will justify the mean.
A few important points to remember:
If you park your car in someone else’s driveway – You are not independent. No matter what kind of car you drive, you are not a baller if you’re living at home. You are not independent if you depend on anyone financially.
I’m Just Sayin’…(Damn!)
Grown Kids Are Living At Home