In times of economic recession, making ends meet can be proven to be especially hard. In spite of your efforts, you may realize that financial hardships are too overwhelming and you cannot manage your finances effectively. In such a case, maybe you will start considering moving back home to save money. Is this a good idea though?
Is it a good idea to move back home to save money?
Pros
1. Financial help
When moving back home, you will receive financial help from your parents. While you may be asked to financially contribute in some way yourself (like paying for an utility bill), you will know that your parents will be less strict when it comes to deadlines and will even lend you some money themselves. More importantly, you will know that you will not have to worry about losing your home, as you will be staying at your parent’s home.
2. Emotional support
The emotional support that your parents can offer you while living with you, can come to your rescue, at a time when you need it the most. If you need advice about a new career move, want to lash out about an employee who got the raise you wanted or share your frustration about the high taxes, your parents may be the right people to talk to. After all, they are the two people who care about you the most. They can guide you in the right direction, probably more than anyone else.
3. Inspiration
When moving back home to save money, you will be given the chance to spend some quality time with your parents on a daily basis. This close contact with them might help you get inspired to take a new career path, follow a different approach at work, manage your finances more effectively or think of new ways to supplement your income.
Cons
1. Too much interference
Unfortunately, moving back home is not always a bed of roses. Out of the desire to help or guide you in the right direction, your parents may start interfering way too much in the way you manage your finances, attempt to change your spending habits according to their own standards, or even force you to take a job they happen to consider as the right one for you (at least in terms of financial security). Things might get even more complicated if you try to speak up, as your parents will be quick to remind you that they are the ones that help you stand on your feet, triggering your guilt in the process.
2. Financial dependency
When moving back home to save money, you run the risk of becoming too financially dependent on your parents. If your parents are not clear as to what they expect of you to contribute in the household, you might think that you are not required to do anything. In such a case, you may be tempted to take as much as you can, without giving anything in return. You might start acting like a teenager, expecting your parents to pay your bills and give you some pocket money or even help you make a new purchase. If that happens, it is quite possible to get used to that situation and not be able to function as a financially responsible adult.
3. Emotional dependency
While staying at home with your parents to save money, you might get too emotionally attached to them. Without even realizing it, you may reach a point where you cannot weigh pros and cons, be objective, make decisions or muster up the courage to do things without having your parent’s emotional support. This emotional dependency will be difficult to overcome, especially if you allow it to become too deep.
Before deciding whether it is a good idea to move back home to save money, what you need to do is weigh carefully the pros and cons. Make your decision based on what is best for you. There is no simple answer. What works for one person may not work for someone else. Only you know what is the right thing to do for yourself.