If you look at your monthly expenses, you probably will see that housing is one of your highest expense. Imagine living rent free, mortgage free, or pay a very minimal amount. You could have so much in your pocket! Moving back home was the best move I made financially.
After renting and living with roommates, I decided to move back into my parents who were graciously welcoming me back. Thank You Mom and Dad! With welcoming arms, little did I know how much of a positive impact this would be. I stayed with my parents for about a year and I was able to save a good chunk of money, around $50K! Moving back in was great but it does get old. I took the money that I saved and purchased my first home with it. This was a huge milestone for me financially and could only have done this by moving back home!
Not everyone is going to have this kind of opportunity, to go back home and live rent free or have a low rent. If you do, this could be a huge financial boost for you. Now, it might not be the most ideal situation. Parents could be over protective of you, treat you like their child, instill a curfew, and be that parent who thinks you’re still their little child. All that aside, this opportunity allowed me to save enough money for a down payment and purchase my first home.
Socially, it was a very tough transition. However, after only one year I was able to save enough money to put 20% down on my first home purchase. Moving back home was one of the best moves I did financially. It gave me a break and relief from having to pay bills that I normally had. I didn’t realize this back then but this was a significant decision in my journey to financial independence. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.
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