Should You Move Back Home to Save Money?

Deciding where to live is never an easy decision to make. Whether you are graduating into an uncertain job market or feeling buried by debt, one decision that more and more young people are considering is moving back home to their parents.

While multigenerational living certainly isn’t the norm in the United States, it is on the rise. There are definite benefits and drawbacks to moving back home to save money. Plus, there are important considerations for both young adults and parents to make before finalizing the move.

What are the Benefits of Moving Back Home?

So you’re considering moving back home. Perhaps you have friends that have already done so. Or maybe you have friends that are avoiding it at all costs. It might not be everyone’s first choice, but it’s definitely a decision worth considering.

Here are some of the benefits of moving back home to save money.

Pay Down Debt

When someone moves home with their parents, it may offer them the opportunity to reduce their living expenses. If that’s the case, then moving back home can allow them to pay down their debts.

Perhaps it is consumer debt or maybe it is student loans. Either way, by reducing your expenses each month, you can…