What are the Pros and Cons of Moving In With Your Parents?

Many decide to move out of their parents’ house as soon as they attain stability in their professional lives. It not only helps you become financially independent but also instils an urgency to lead a disciplined lifestyle. 

Though moving back home to save money seems fair, especially when you struggle to balance budgetary aspects, it is worthwhile to check various other elements. Here, we will discuss how living with parents to save money can be helpful and simultaneously challenging in some instances.

You might have encountered this question earlier in one of your close friend's groups: “Should I live with my parents to save money?” You probably put up your own opinion, whatever it might be. But there are high chances you are also curious about getting a comprehensive reply to this question. 

Honestly, what may seem an advantage for one may not be a significant benefit for others, although they are the same age. Here we have discussed some commonly reported advantages one is likely to enjoy while living with their parents.

1. Get More Time to Choose an Ideal Career Path

Suppose your parents have sufficient savings and a stable income stream to support their living expenses along with yours. It certainly gives you the luxury to sit back and think about what to do with your life.

2. Having the Option to Share Bills

Living together can benefit you and your parents, especially if your mom and dad cannot access any existing pension scheme. It will be convenient for them to share bills with you as that will help their retirement corpus last longer. Moreover, as you rise in your job position, you can take responsibility for particular things little by little.

3. Living With Family Can Help Improve Performance in Studies

This argument is subjective. Suppose you are currently pursuing a postgraduate course and working part-time for a company. This can be a perfect situation to accomplish your academic goals as you can take care of most personal desires.

4. Becomes Easy to Save a Large Chunk of Money for Future Goals

Possibly, you are among the most ambitious people who desire to move abroad to complete their university education. But currently, you realise you would require to work at least three years to reach this goal. Then under these circumstances, questions like “Should I move out of my parents’ house or save money staying with them?” are typical to cross your mind. 

You live with your parents and save money by reducing personal expenses. Drawing a budget beforehand and living up to it will help you reach your goal quickly.

5. Your Parents Will Get a Ready-to-Go Helping Hand

Family-owned businesses require upcoming generations to assume the commercial proceedings responsibly and expand the scope. Suppose you fall under such a scenario with no signs of a financial crisis. In that case, you can continue living with your parents to help them in every possible activity they would expect you to intervene in.

6. Always Have Someone to Share Your Problems With

Talking about problems and accepting and practising mutually agreed approaches can lead to fruitful solutions. If you already have a job, but the pay scale is not enough to sustain the standard of life, you are used to; you can talk with your parents about this. They will support you to the best of their potential and help you look for every opportunity for improvement. Having frequent open-ended conversations will also enhance family bonding. Thus if you have shifted to a different house but now feeling an acute deficiency in funds, consider moving back home to save money.

Moving back home to save money almost seems to be the perfect plan if the following disadvantages do not bother you:

1. You Fall Victim to the Comfort Zone

When considering the pros and cons of moving out of parents' house, this fear is probably the biggest concern affecting you. Most college students intend to move out quickly as they desire to escape this trap at a young age. Although they get family support, that does not make them self-reliant, which they should be, as soon they may need to move outside and raise their own family.

2. Your Savings Can Be Compromised

Moving back home to save money can be a boomerang for you under specific circumstances. By no means trying to help your parents escape a financial crisis must be looked down upon. They were the ones who funded your education and upbringing. But by human nature, we often become too reliant on passive income sources. 

Hence, it becomes hard to stop the financing flow, especially when your parents do not split the bills after recovering their finances. This can hinder your growth both at career and personal levels.

3. You Can Face Repetitive Interventions on Spending Money

Often our parents need help understanding our needs and trying to pass unsolicited advice. Though you can show respect and promise them to follow their inputs upfront, you cannot really put these into practice every time. Doing so may affect your peace of mind and hamper your relationship with close ones.

4. You May Have to Deal With the Social Stigma of Living With Your Parents

Living as an unemployed graduate with your parents raises various judgments from relatives. Though your parents may not require financial support, you may have to take on these judgements every now and then. For this reason, many students who opt for further studies attempt to live separately, as most of us agree this to be a considerably large issue to deal with if you live in India. 

5. Your Privacy Will be Compromised

When you have a sufficient bank balance and are sure that your parents can easily sustain their lifestyle with remaining savings, it can be a better solution if you decide to stay separate. Otherwise moving back home to save money can make your parents overdependent on your contribution whenever they need you. This way, you will find it difficult to live on your terms and maintain a healthy relationship with your folks. 

6. You May Have to Tackle Frequent Conflicts

Splitting bills, maintenance costs, and other necessary expenses can lead to disputes if either party contributes less persistently. It can be a significant issue when you have come back home after living outside for a few years, as your parents may expect a noteworthy contribution from you. 

Moving back home to save money may seem rational to most new job starters but simultaneously appears to be an intervention in privileges for most independent-minded people. Hence, consider the factors discussed above before making such a big commitment.