Hi everyone, thanks for coming to my blog! Today we're talking about the benefits of living at home and why you should give it a second thought before moving out. Right when everyone turns 18 or starts post secondary education, they talk about how annoying their parents are and how they want their own freedom. I feel ya! I'm 24 and I still live at home, and although I'm looking to buy something (no rush though... have you seen the Toronto real estate market??), I'm happy with the fact that I still live at home.
Granted, not everyone has the opportunity to stay at home, but for those who can and have the option to do so, this post is for you! Even when freedom is calling your name, here are some reasons why living at home (even if only for a short time) can do you good.
I know, I know, I know. Everyone knows that you save money by living at home, but let’s just dive in a bit further. Don’t worry, I have other reasons too!
Once you include rent, heat, electricity, internet, groceries, phone and cable (and by cable I mean Netflix for us millennials) it adds up fast, and it doesn't even include any fun stuff! Seriously, by the time you pay all of your bills, the next set of them comes in and it's a continuous cycle of bill paying (and then you die).
Money in, money out.
Even if you're a student, working part time, whatever it may be, every month that you live at home is one less set of bills to pay. Seeing as you're living within your parents home and they're the landlord, you can negotiate the rules that you have with them. Instead of paying, can you cook dinner, wash the car, wash the dishes, mow the lawn, shovel the snow etc etc. This allows you to contribute to the house hold, but you're not taking away from your cash flow/income.
Just because you don’t have a lot of fixed expenditures, doesn’t automatically mean that you have more disposable income. Although yes you do, because technically speaking a lot of your income is disposable, you shouldn't treat it as such. What you should do is act as if you have monthly expenditures and save that money that you would have spent on rent and expenses.
Put it into a bank account and watch it grow. Better yet, invest some of it. Taking the time to learn about an RRSP and a TFSA will be so beneficial to know and start when you're young. Once you learn how to invest and what to invest in you’ll see and understand that your money will make money (obviously there is some risk involved).
Time with your family
They annoy us, nag us, complain about us, and yet, it’s still nice to have them around. Trust you me when I say that my parents are so annoying. But, they’re also really helpful, my mom cooks, cleans, and does my laundry and my dad drives me around when I need to. Now that I have my G2, I can take his car and go where I need without having to buy my own car. Granted, this isn’t the same situation for everyone, but I will go out on a limb and assume that your parents do help you out in some way, shape or form when it's needed.
I remember my old boss saying that she regrets moving out so young because she missed out on spending a lot of time with her parents. Now that she has her husband and is busy with work, she doesn’t see them as often as she thought that she would. I’m sure that many people would agree with this- life gets in the way and before you know it, your full time job, friends, the gym, hobbies, appointments etc etc all occupy your time, and then making time to see your parents isn’t all that easy.
My parents are immigrants and sometimes they need my help… Understanding bills and phone calls, making appointments, translating certain words and phrases, so by staying home it's not only benefiting myself, but them as well. We tend to forget that as we're growing up, that they're growing old.
Know yourself better
Now, I know that a lot of people would disagree with this, as they feel like the only way to ‘find yourself’ is by backpacking across Europe of moving to a new city without your friends. I disagree. Granted, it might be easier for you to figure out what you want in life and who you are when you’re out of your comfort zone, but your comfort zone is self created. You can just as easily get out of your comfort zone by going to different workout classes, gyms, restaurants, bars, events etc etc while still living at home. It depends on how badly you want it. When you're travelling you have no choice but to get out of your comfort zone because you don't have another option. Living at home allows you to have more disposable income, and although a few paragraphs back I drilled saving your money, you can still spend it on yourself, especially for things that benefit you and help you grow as a person.
Refine your Personal Style
Your taste and personal style will change, but you can at least hone in better on what defines you. When I was in middle school, bright pink and black were where it was at. Move forward to early high school and light pink was my colour skin. Now, I know that neither one of those two options will be in my future home (even though my bedroom is still painted light pink,... whoops?). Within the comfort of your room, you can decorate it and design it how you please. As time passes, you’ll accumulate more ‘staple’ items (both wardrobe and homeware) that will withstand the test of time. Because of all of the money that you're saving, you can afford to spend good money on clothes and home ware that are classics. Once you move out and money is tighter, you'll have to find ways to save and unfortunately, cutting out elaborate dressers and mirrors, or designer purses and shoes is one of the things that are gone.
Once you move out, you can design your new home to be exactly how you want it to look, without the fear that you'll change your mind or be swayed by the next homeware trend that's out there. You'll also already own a lot of pieces that you can just move instead of spending an arm and a leg at IKEA (and then three days assembling it all together)
Understand your Future
Do you want to rent or buy? Who are you going to live with? Where's your job and how long is your commute? Is the area friendly and safe? Is it far from your other friends and family? What's the transit like?
There are so many questions to ask yourself before you move out. When you're younger, your priorities are different. Once you're a little bit older there are a lot more aspects that you didn't consider. Sure, when you're 19 you want to live close to school. But in a few years, once you graduate and your job is on the other side of the city, your current apartment isn't as good as it used to be. Making $90k a year sounds fantastic, buttttt the truth is that when you start working you'll likely be making a hell of a lot less. As time passes and hopefully your income increases, it'll change your home such as if you decide to rent or buy.
Hopefully this post gave you some ideas for why you should give a second thought to staying at home.You're never to young to think about these things and every dollar counts.
Do you have any thoughts/regrets about moving out at a young age or staying at home? I'd love to hear your thoughts on this every changing topic!