You guysalready knowIm a 24-year-old who had to move back in with her parents after college.
Im not super proud of it, and I know Im lucky.
I also know Im not the only one.
Trade-Schools.netrecently tapped into this demographic by surveying 800 college graduates who moved back home.
The results are just as interesting as moving back home.
How Long are Young Folks Living at Home After College?
Im right at the 10-month mark of my rent-payment hiatus at home.
Id told myself Id move out by Christmas.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
Well, thats come and gone.
Then I said by my one-year mark… Im still not feeling very proactive.
I guess others felt similarly.
Whos more likely to move home for two or more years, you ask?
Why Young Folks are Choosing to Move Back Home
I moved back home to save money.
I also secured a full-time dream job with benefits in my hometown, so that was also convenient.
(I went ahead and marked my calendar for May 2018.
Thats my move-out date.)
Those who lived at home forlessthan two years reported makingmoremoney about $6,000 more annually.
Thats quite a chunk.
But also, think about the whole correlation isnt causation thing your stats teacher taught you.
I have to assume moving out didnt drive this salary increase.
Or maybe you just want to regain your independence (or sanity)…
Either way, Im taking these steps to expedite the move-out process so I can start adulting.
Set a concrete move-out date.
But you dont want to just willy-nilly point to a calendar and say now.
I suggest being realistic.
Know what youll pay in rent and monthly expenses versus what youre making.
Set a timeline anda budget.
This sounds odd, but stick with me.
Once youve started saving some money by living at home, go ahead and start paying rent.
Youll want to put this in a separate account, though, so you dont spend it.
Build an emergency fund!
When you venture out on your own, you never know what might happen.
That way, if something goes wrong, youre covered.
Experts suggest you save at least six months of living expenses.
Focus on paying off those student loans.
More and more Americans aredefaulting on student loans, which isnt awesome.
If case you dont understand, defaulting on loans means you stop making payments.
So, yeah, paying off those loans is important especially while youre saving money living at home.
(Big as in more than $5,000 in savings!)
Youll feel best moving out without a chunk of debt to your name.
Chances are, youve moved back home from college with a ton ofstuff maybe triple what you left with?
My car was filled to the brim plus I shipped a few boxes of clothes ahead of me.
This intuitive app lets you set your own prices.
Plus, its easy.
All you have to do is a take a photo of the item and upload it.
For old textbooks, consider usingBookScouter.
The site tells you what the book is going for and where its best to sell it.
Your Turn: Do you have any tips of your own for us poor graduates whove moved back home?
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Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
