As summer draws nearer, people around the country have begun dreaming up plans for moving out of their parent’s homes and starting new lives.
Unfortunately, the current state of the world is bringing many of those plans to a complete halt, causing people to reconsider and delay their big moves.
The current global crisis is projected by experts to continue steadily for the foreseeable future.
If you are still on the edge about whether or not to move out of your parent’s house in 2020, here are a few things to consider before taking the big leap.
Why You Should Not Move Out of Your Parents House
Unpredictable Job market
Unfortunately, with a bad economy comes the loss of jobs. With so many businesses having no choice but to furlough, and even let go of, a large percentage of their workforce, the job market is now swamped with people desperate for work.
What this means for those who are just entering the workforce is that you are now competing against professionals with years of experience.
Employees working at all levels of seniority and pay are being affected by the massive layoffs taking place in our current economy.
If you are currently in a financially stable household, it may be best to wait out the storm rather than racing into it.
While it may be hard to put your life on pause, the unemployment rate is rising daily and at this rate, you are more likely than not to be affected.
No Rent
Of all your future expenses, rent will probably be the highest one. Depending on where you live, rent can end up costing you a huge percentage of your income every month.
For a one bedroom apartment, the national average monthly rent is a little over $1,000.
As someone who is just moving out of your parent’s house, every penny counts. Without much experience, you are looking at starting jobs that are paying you minimum wage.
Right now, the national minimum wage is only $7.25 per hour. In order to pay for a one bedroom apartment receiving this wage, you would have to work around 35 hours a week, and that is before taxes are taken out.
While there are many states who pay slightly above the national minimum wage, it will be up to you to do your research and determine if you can truly afford to live on your own.
Here is an interactive map provided by the U.S. Department of Labor detailing each state’s minimum wage to help you get started.
It may be a good time to stick around at your current residence until you know for sure that you will be able to afford an expensive monthly rent.
Remember that rent is only one of your future expenses, so do your best to remain realistic if you choose to continue planning your move-out.
Lower consumption, less waste
When you choose to live in a house with others, you will end up using less resources.
Instead of paying for electricity to run a fridge for one person to use, you could pay the same amount and use the same fridge but have six people use it.
The same goes for cutting down on food waste and many other resources in your household.
Not only is this cost effective for you, but it also is better for the environment. If you can delay moving out for just a few extra months even, you will help leave less of a carbon footprint on the Earth.
Take turns in cooking meals
A fun part about living with your family is the sharing of meals and cooking tasks. When you live alone, groceries and kitchen costs are all on you.
Also, it can be hard to come up with new, creative recipes to try out when you are just cooking for yourself. And can you forget about the lack of motivation to cook after a long day’s work?
Living with your parents and family can be a great way to share the load of daily cooking tasks.
When you live amongst multiple people, there will usually be at least one person who is motivated that day to feed the group. Not only that, but grocery bills can be shared amongst the group.
Create a schedule if that makes it easier for your family and take turns cooking meals throughout the week.
Try to push each other to try new creative dishes or even get your parents to teach you the family recipes that you will cherish as you get older.
There’s always a Helping hand
A plus of living with your parents is that they have lived throughout many more life experiences than you have. If a problem arises, it doesn’t hurt to have an extra set of hands around to help you out.
If your plumbing becomes clogged or your stove won’t turn on, it’s fair to say your parents have probably dealt with those issues at least once in their lives and will have helpful tips and tricks to get you through the problem.
Parents can also help you get through stressful schoolwork and guide you in big life decisions.
Larger Savings
One of the most beneficial perks to living under your parent’s roof is the significant decrease in monthly bills.
Living with your parents could save you serious cash that would have been going to large expenses, such as electricity, wi-fi, water and sewer bills.
Without those expenses, most of your paycheck can be put towards your savings account.
If you efficiently use what time you have left living with your parents and strategically manage your finances, you can start building a healthy move-out and emergency fund for when you do move-out in the future.
You’re never lonely
I’m ending this with a bitter-sweet thought: when you live with your family, you are never alone.
For someone like me who values their personal space and quiet time, this can be a challenge to deal with on a daily basis. Families can be loud, crazy, and annoying at times, invading your space and distracting you from tasks.
On the other hand, families can be a great pillar of support for you to lean on in unpredictable times like we are in right now.
If support is offered, do not delay in accepting it. I know it can be hard, especially for some of our very independent egos, but good relationships are key to getting through this storm.
Closing Thoughts
For many people, it will be easier, as well as safer, to remain living with their parents or family for the time being.
While it may not be ideal, always do your best to make decisions mindfully and not in the spur of the moment.
If you have read through this article thoughtfully and are still wanting to move forward with your move-out plans, you should be carefully thinking through and planning even the little details.
For a little extra help, check out this article about “How To Move Out and Afford It” that will help guide you as you take the next steps forward into your new life!
