Living At Home Might Be Your Best Bet At Becoming Financially Stable
Our nightmares are coming true, fellow Millennials, and there's expert testimony to back them up.
Millennials who choose to obtain degrees after high school often end up in base camp at Debt Mountain four years later.
To ease the stress of their climbs toward solvency, many post-grads move back in with their parents, and according to CNN chief business correspondent Christine Romans, they're making economically sound choices.
She told CBC News,
For these graduates, the biggest financial advantage they have is living at home and taking the rent part off of the table.
Moving back home benefits more than just the individual: Romans insists more money in Millennials' bank accounts equals more money for the economy as a whole.
The correspondent reasoned,
If they move out, they don't have the money to move the economy forward anyway… the only lever they have is the housing lever. It's the only thing they really have to move forward.
For Katelynn Langer, her move back home in October was not without its social snags. The 25-year-old shared,
I always tried to tiptoe around the fact that I lived back at home with my mom.
Fortunately for Langer, who used to refer to her mother as her “roommate” when talking to others, the savings far outweighed the shame.
Now, I just kind of own it. It's helped me, it's helped my happiness and I feel like I was able from October to now make a huge dent in my student loan.
Anyone concerned about becoming lost in the convenience of living with his or her parents can follow Romans' advice and adhere to a two-year limit for his or her stay.
Romans even suggested, in the good name of adulthood and responsibility, parents and their adult children sign a contract detailing the conditions of the arrangement; to avoid burdening her mother, Langer contributes to monthly bills and pays $200 in rent.
But, the graduate is not worried about lingering too long. Langer insisted,
I've moved back home to get my financial state in order and I think the taste of freedom is too fresh not to have the aspiration to move out again.
At costs like these, freedom must be the freshest thing going.