One of the biggest decisions to make after graduating from college is moving back home with your parents. For many, the pros and cons of this choice will play a vital role in determining whether they move back. Below, you will find the pros and cons that are associated with this action.
- Losing Money
By moving out on your own after college, the cost of your living will be increased. Electricity, water, and rent will make up a majority of your bills and your take-home pay will be reduced. Additionally, renting a domicile will require that you purchase renters insurance.
- Family Issues
Most of us go to college for the sake of getting away from constricting parents. For many, this may be one of the most burdening reasons why moving back home may not be for you. Privacy and distance is long gone but at least breakfast will be cooked by someone other than your microwave toting roommate.
- Saving Money
When you move back home with your parents, the ability to save money is greatly increased. The money that is saved can go towards the outright purchase of a home, which will save you cash on interest. In addition, living at home after college can allow you to set up an emergency fund before you move out on your own. This money can serve many purposes and will give you an advantage over someone who moves out on their own immediately after college.
- Reduced Stress
Getting situated in the real world may be a difficult transition for some. If you are not wise, moving out on your own can imply rent, bills, and insurance that would otherwise be avoided by staying at with family.
- Extra Time
A great benefit of moving home is the extra time that is afforded to you since finding a job right out of college may be difficult. With the current state of the economy, jobs are scarce for the inexperienced. This allows you ample time to find a job without the stress.