{ "media_type": "text", "post_content": "Thinking about moving in with parents to save money? 26M and have about $100k in debt from college (25k personal loan/credit card & 75k student loan). After 12 months I should be able to pay off all CC debt and 1/2 student debt. Ultimately I want to be a good financial position to buy a house and stop wasting $$ on rent. Parents are supportive but curious if any any thoughts or past experiences?", "post_id": "609ac7561e6dde00220f2dc8", "reply_count": 22, "vote_count": 9, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }

Thinking about moving in with parents to save money? 26M and have about $100k in debt from college (25k personal loan/credit card & 75k student loan). After 12 months I should be able to pay off all CC debt and 1/2 student debt. Ultimately I want to be a good financial position to buy a house and stop wasting $$ on rent. Parents are supportive but curious if any any thoughts or past experiences?

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I decided to live with my parents for the same reason. Granted I had less student debt than you but it has honestly been the best decision I’ve made. Currently debt free and have nothing weighing me down. Just saving money and planning next steps

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If you can make that much of a dent in your debt in 12 months, go for it! I would set a fixed amount of time (12-24 months) to move back then have a plan to move out

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26F here - moved back home about 8 months ago for the same reason. It has done wonders for me financially. We originally agreed for 1 year, but recently, we’ve decided another 6 months (18 total). I am very fortunate because I actually will be able to afford a house by myself now. However, just be prepared for the emotional aspect as someone mentioned above. Maybe it’s cause I’m an only child, but the environment regressed very quickly to that of a high school student/parent relationship. All three of us now work very hard to establish and maintain appropriate boundaries (e.g. i give them a heads up if I’m coming home late and be as quiet as possible, but they do not need to know where I’m going). We also had a spare room turned into my office/living area with my desk, a tv, and couch. That way we can all relax without feeling too cooped up or overcrowded. The most important thing is to remember it is their house. They have been very generous, and even though I help out a ton with chores and groceries/bills, there were some non-negotiables. For instance, my parents are very religious, so under no circumstances am I allowed to bring home a date (not that I would want to 😅). Also - you didn’t say this was a factor, but do NOT concern yourself with worrying that people will look down on you. Stay focused on your goals, be respectful, and you’ll reap the benefits.

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Would definitely try to pay off any cc as quick as you can and look into refinancing at lower rates if possible. If moving in with parents for a little while is what it takes, definitely do that assuming they are ok with it. Just remember that even though you’re an adult, it’s still their home so make sure you are all on the same page going into it.

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Does this work with your social agenda?

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Mathematically, you should probably invest after the CC is paid off (depending on your student loan rates) but emotionally most people feel debt payoff is better. Doing either is a solid decision assuming you can deal with it for a year

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TA1: agreed, which is part of the emotional side to the question of debt payoff. The math part is simply debt interest rate vs expected investment return. Neither is better or worse - personal finance is usually more “personal” than “finance” anyways

It’s so personal. I could NEVER live with either of my parents. If you have a good relationship with them then I say go for it.

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Depends on your relationship with your parents. I live home and payed off all of my loans and plan on moving out soon after saving a ton. BUT my parents respect that I am an adult and I don’t need to ask them permission to do things. I contribute around the house cleaning/making dinner every now and then and don’t walk all over them but it would be incredibly difficult if i didn’t have a good relationship with them.

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You can save $100 in 12 months? Before tax you should be get paid $150k. And that is only if you don’t money on anything else at all?

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Op said half of student debt so in total planning to pay like 50Kish. Which is still huge amount and one should be making 100K plus to do.

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Absolutely do it unless your parents are actually toxic. Getting out of debt will set you up for life!

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I would not do it. You should increase income decrease expenses. Get a roommate. Check Mr Money Mustache or Quit like a Millionaire book

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Do it! And if your loans are private look into refinancing. I got my rate down from average 7% to 3% on sofi. Made a huge difference. For credit card debt I got a Americard from Bank of America 0% APR for 18 months and transferred balances to that card to save on interest.

Worth it financially, emotionally you might be stepping back into that child parent relationship so be prepared. It really depends on your relationship with your parents. I just moved back into my parents house with my wife and 4 year old so I can buy and renovate a new house. I am in a much more difficult situation than you although for a shorter time. Hope for 4 weeks could easily be 8. If I can do it you can do it. Just make sure you think it through. I think it’s a good idea for you!

It’s similar to how we consult people for what the best moves would be to mitigate taxes, but there’s so many more factors than tax in financial planning. Financially, yes it’s a great move. Just make sure to weigh the other factors too

I think this is a personal decision. Look into the pros and cons for this, both the financial and non-financial items.

Do it! I live at home to save money and plan on moving out next year. I’m super thankful I did it and my parents don’t mind.

1000% live at home if it’s a healthy environment for you. It is amazing being debt free, and this helps you get there faster

Do it! I’ve moved in with my parents and have been able to save 20k in a short period of time.

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