Letās face it. Most people donāt have access to a financial advisor. And if they do, those financial advisors may not take into account the human side of managing money ā like how spending, saving, and stressing about it actually makes us feel.
Cue the Nav.it money coaches.* Weāve long been helping users in the app, but now you can write into our money coaches.
Nav.it money coaches* answer questions like how to cope with living with your parents and how to manage your money so you can fly the coop for good.
Dear Money Coach,
I recently moved back home and can’t really afford to live on my own.
I feel fortunate to have a safety net to crash back into, but the problem is itās only been a couple of months, and my mom is driving me nuts. Aside from the normal disagreements about chores, she now thinks she can hound me about my life choices. I donāt have any privacy while I figure it all out.
What can I do?
-Losing It While Living at Home
Tips for Living at Home and Planning Your Exit Strategy
Dear Losing it Doing the Best You Can While Living at Home
First of all, good job on taking care of yourself. Despite our best efforts, sometimes pandemics, recessions, and less-than-ideal circumstances happen. And sometimes that means heading home. Youāre not alone. In fact, youāre one of the millions returning to the nest (to the tune of 52% of young adults).
I know moving back home comes with extraordinary challenges, particularly as you try and build an adult life.
However, think of this as a perfect opportunity to grow into your next life phase.
It sounds like the best way to manage your mom is to focus on you. Coming from experience, parents are less likely to change than you are. I mean, they have probably been acting that way for longer than youāve been alive.
When you start to take control of your life and set boundaries, your parents have a choice on how to react and continue to behave. Also, therapy works wonders for helping adult children set boundaries. Ideally, your parents will adapt and respect the new, improved adult you. If not, maybe your self-development will inspire them to be better and do better.
So how do you focus on yourself while living at home?
1. Whatās going on with your income?
Your income is the key driver to gaining independence and even starting to grow your wealth. When I coach people, we always begin with income. From there, you can decide how to allocate your money to expenses, rent, food, savings, and eventually investing! Have you considered a side hustle if you are making money but not enough to live on your own?
2. Estimate what you will need to live independently.
Some people call this a budget; I prefer the word plan. As my South African brothers love to say, itās time to āmake a plan.ā To be independent, what is your golden number (the total income you need that will cover expenses)?
If you plan on renting
The best way to start is to look at rents around town. Start with the area you would prefer to live in and go from there. If thatās too expensive, consider a roommate who might want to go on this adventure with you. Do you have friends in a similar situation, itching to get out of their houses?
If you plan on buying
The trade-off of living at home and sacrificing your privacy can pay off in the long run. Our friend Brittany skipped renting entirely, opting to live at home until she had enough to save for a down payment on a house. If thatās the case for you, how are you actively moving toward your goal of purchasing your first home?
Besides increasing your income, are you:
- Paying down high-interest debt?
- Automating your savings?
- Working on your credit?
3. Practice adulting, aka develop your survival skills.
One of the perks of being at home is leveraging your parentsā shopping and cooking (maybe even laundry?). With rising inflation, basic living expenses are more expensive than ever.
However, one of the best ways to save money when on your own is to learn to cook and clean for yourself. When youāre rolling in the dough in ten years, you can choose to outsource these things. But while youāre trying to transition from home to freedom, learning to take care of yourself well will help build your confidence. Get creative. You could benefit from your momās knowledge while living with her and show her you are working on self-improvement (so she gets off your back). It also might encourage more positive and productive interactions with her.
In conclusion, the world is your oyster. You are young and can choose which path to take. Donāt beat yourself up that you donāt love your current situation; focus on what you need to do to get to where you want to go.
In health and wealth,
Erin
Related Reads:
Ask the Money Coach: How to Deal with the Haters?
Ask the Money Coach: Marriage on the Rocks and Being Shut Out Financially
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