Stay with Mum & Dad: Saving for Your Own Home

Staying With Parents

Staying With ParentsThe millennial generation is not the most fortunate as far as job opportunities are concerned. Since the depression that affected markets around the world, jobs have not been as easy to come by. In the U.S. more people in the 18-31 age group are choosing to live with their parents longer — one of the direct results of fewer job openings. On the other hand, however, this is also a good development, as more young adults are learning to value money.

Buying a house is still one of the most persistent plans of Australians, but it is not possible to buy one when you’re just starting out in life. The new development of living longer with parents is thus a good option until you’re ready to buy your own home.

Here are some ways to save for one of those Grovedale homes for sale at Ashbury Armstrong Creek you’ve been thinking of.

Live with your parents

As you may have deduced from what you’ve read so far, living with your parents is not such a bad idea. You get free lodging and free food. Your parents can even provide free transportation. If it makes more sense to stay at home when you’re only beginning at your first or second job, then do so rather than waste money buying your own food, paying rent and still having to commute.

Don’t buy a new car

As you’ve just read, your parents may provide free transportation, so why buy a new car? You can always buy one when your savings are looking good. It’s not just the price tag you have to worry about; it’s the total cost of ownership: insurance, fuel, repairs, etc.

Wait a few more years before settling down

Marriage can wait for now. When you’re both stable, then go ahead and get married. For now, just have fun dating and spending time together, making plans and all that. You can’t even get out of your folks’ house right now, so that should tell you something about your capacity to be a parent yourself.

About Eleanor Sharp
Eleanor Sharp is the author of AGSE Law. As a paralegal, she has worked with attorneys in many fields to ensure their clients get the best advice and representation. She is passionate about helping people understand the complexities of the legal system so they can make better decisions for themselves. Eleanor loves reading, travel, and spending time with her family. She hopes her articles will help others navigate life’s legal intricacies with confidence.