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Moving back in with your parents sound like a dreadful idea?

Here’s something that’s even more dreadful: Being homeless.

Which is a very real problem in the high cost of living area we come from: Hawaii. We have the largest homeless population per capita in the entire US. No surprise considering the median price of a home is $800,000, with condos coming in at $425,000 (yes, that’s the right number of zeros you’re looking at).

In this day and age where wage increases are falling way behind rising costs of living and millennials starting their adulthood already deep in debt, the decision to move back home after college or even in your 30’s to save money can make HUGE financial sense.

How huge? it saved us (Mama and Papa Chang) $50,000 in rent. That’s a conservative estimate at $1,100 per month saved on the rent we would’ve paid for a 1-bedroom apartment over the 4-year span that we lived with Papa Chang’s parents.

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moving back in living with parents - one thing that saved us $50,000 in rent key in keyhole

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Starting our marriage living under the same roof as our parents is NOT our idea of fun at all.

But in the end, it was absolutely WORTH IT.

Why? Because while most millennials will NEVER own a place in Hawaii, we used the sizeable chunk we saved towards the down payment on a house in a highly coveted neighborhood (think a 10-minute drive from two of the world’s most beautiful beaches).

And since home ownership in Hawaii is usually the ticket to a comfortable retirement, being able to get a home while we were still in our 20’s means that we are still on track for an early retirement. (Side note: It’s also a great indication of a lasting marriage. If you can make it through living with in-laws and working together with your spouse to save everything you can so you can get out, you both can get through anything.)

We endured a less-than-ideal situation temporarily to set ourselves up financially for the rest of our lives. Trading four short years of living at home for 30+ years of financial security? We’ll take that any day. 

living with parents to save money - keys handed to young millennial couple

Myths about moving back in with family

Considering how much further it got us in this game we call life, we think the stigma surrounding those who move back in with family needs to be booted, seriously.

There are so many negative myths that people have about living at home, most of which aren’t actually true. Since we’ve actually been through the experience ourselves, we can bust a few of them for you right now.

Myth 1: Living with parents totally sucks.

We’ll be honest: there are definitely times when it feels this way. Like when you want alone time with your partner, or how convenient it is for parents to harp on you for things that you’re just not up to hearing right now.

But there are definite perks to it as well. Like emergency babysitting, or having dinner ready on the table when you come home exhausted from work. 

All things have their good and bad. Living with your family is no different.

Myth 2: Your friends will think you’re a loser for living with your parents.

Actually, millennials moving back home is more common than you think. According to The Street, about a quarter of 24-36 year olds are in this living arrangement, a number that has been growing and growing.

And if you do have friends that look down on you for this, do you really want to still be friends within people who can’t get behind you trying to improve yourself financially?

Unless you spend all day playing video games and not contributing to anything. In which case, yes, you are a loser. Stop being a mooch.

Myth 3: Once you move in with parents, you’re never moving back out again.

Not if you go in with an exit plan that you actively work towards. We set aside the money we saved in rent for a down payment, instead of spending it on things that would delay our move-out date.

In fact, moving in with your parents can be the fire under your butt you need to save even more aggressively towards making the dream of home ownership an even quicker reality. We thought it would take us 10 years before we could get our own place. Instead, our drive to get out on our own cut that time by more than half, to a little under 4 years.

TIP:

Avoid spending the money you’re supposed to save by making a monthly rent payment to yourself instead. Deposit the money into a separate savings account or make a payment of that amount towards your credit card debt.

The most important thing to keep in mind

Living with your parents doesn’t have to be as painful as you think it will be. In fact, we survival tips for how to make moving back home a smooth transition.

But just remember, these are your parents we’re talking.

Not strangers or a landlord that you don’t have that familial connection to. The people who have raised you.

They’ve seen you through your worst and have probably helped you reach your best. So be grateful that they are willing to let you under their roof.

Treat them with respect. Keep a good relationship. Take care of them.

After all, you wouldn’t be here in the first place if not for them.

Conclusion

Moving back in with parents is a big decision. Do it right and it can propel your money savings, as it did for us by saving $50,000 towards our down payment. Don’t be deterred by the myths that can be holding you back from saving a healthy chunk towards your nest egg.

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