Most of our parents found themselves with the person they’d marry, workplace benefits, and mortgages not long after that post-secondary school degree was hung on the wall.
Millennials, not so much.
Instead, they’re moving back in with their parents after university and college.
But according to financial experts, “failure to launch” isn’t a bad thing – in light of soaring tuition and living costs, moving back home makes a lot of financial sense.
In her new book, Smart Is the New Rich: Money Guide for Millennials, Christine Romans, chief business correspondent for CNN in New York, suggests that moving back home is the best economic move they can make.
As someone who did move back in with the ‘rents after graduation, I have to agree with Kevin O’Leary when he offered the following words of advice to millennials: “Bunking in with your folks when the going gets tough deprives you of the chance to realize your potential.”
‘Cause he’s kind of right.
While moving back home undoubtedly makes a lot of financial sense, you end up “paying” for it in other ways.
Real life hits you like a slap in the face
Once you’ve lived rent-free with your parents for a solid chunk of time, likely in for a major shock to the system not long after you get the keys to your new place. While your friends who didn’t move back home have somehow become functioning grown-ups, it will take awhile (and stress you out in the process) to get used to making your paycheque last until the next pay day, cleaning more than just your bedroom, and even stocking the fridge on your own.
The struggle makes you work harder
When you have rent and bills to pay, you pretty much have no choice but to be on top of your game. Not only that, once you realize how quickly rent, cable, internet, phone, and grocery costs add up, it only inspires you to pound that pavement even harder (and be able to buy nice shoes to do that in) so that you don’t have to eat Kraft Dinner and rice for a week after a restaurant and party-filled weekend.
It negatively impacts your love life
Let’s be honest, living at home isn’t going to work wonders for your personal life. Not only is it awkward to have someone sleep over unless you’ve been dating for a long time, the fact that you live at home may be a deal breaker on a first date if the other person lives at home too. Finally, if you’re the one with your own place, you can expect your significant other who lives at home to spend as much time as they possibly can at your place.
It prolongs your party stage
While one may assume the opposite, moving back home actually prolongs your party stage. Why? Because once you’re ready to move back out – and presumably downtown – you’re going to want to take full advantage of the fact that you can now host pre-drinks at your place, throw parties, come home at 8am a disheveled mess without having to answer any questions, and that cab rides are more affordable since the bars are just a few blocks away.
It negatively impacts your relationship with your parents
While living at home does inevitably bring you closer with your parents in a sense, it also stagnates your relationship with them from moving on from a parent-child dynamic to an adult-adult one. While all of you are – at least in theory – functioning adults, your parents most likely will still treat you like a kid. That, coupled with your lack of much-needed personal space, only invites arguments of epic proportions. Pretty much any young professional will tell you that their relationship with their parents improved significantly once they moved out.
While there are days where we crave the safety net (and the backyard and fireplace) of our parents’ home – not to mention the extra spending money – in the end, it probably won’t do you any favours.