It’s the year 2022. Things are kind of all over the place because of the “virus that shall not be named.” So many things have changed. So many lives have changed. Some people are coping better than others. Now, I know that this sounds like the beginning of a sci-fi novel or something, but it’s the reality of a lot of people’s situation right now. Many people are not fortunate enough to be simply sailing through their financial environment. You might even be one of those people. The question is, what can you do to ease your financial pressures?
In our Better Money Series, we will be looking at the ways that you can help yourself to gain some form of control over your finances and make the necessary changes to assist you to not just get by, but to excel.
One of the things that needs consideration is your living environment. If you’re a renter, difficult decisions have to be made when you can no longer afford your place. It’s a tough conversation to have, we know, but it might just be time to have it. Downgrading is always an option: moving into a smaller, more affordable place or a less desirable neighbourhood with lower costs, which many have had to do before. But there is also the option of moving back in with your parents.
This isn’t as easy as it sounds and is very dependant on certain factors. We’re going to break down these factors so that you can weigh the pros and cons yourself, and see if moving back home with your folks is the best option for you.
How broke are you?
This is the first question you need to ask yourself. How bad is your situation? As mentioned before, downgrading your space is an option but only if you can actually afford to do that. Rentals are crazy in general and even more affordable places are kinda not that affordable when you’re broke. If you are in a dire situation and finances are really not balancing at all, then moving back in with your parents would be a great way of easing some of that pressure until you’re back on your feet again.
What is your relationship with your parents like?
It’s easy to speak from a privileged point of having a great family background of love and support, but you can’t know what everyone else’s relationship with their families are like. Do you get along with your parents? Was there abuse or anything else that would heavily affect your emotional and mental health? If that’s the case, then moving back in obviously wouldn’t be the best for you. If you have enough put away or budgeted for you to simply move into a smaller, more affordable place, then that would be a better option than sacrificing your peace of mind. That being said, if you come from a peaceful, loving background, then your parent’s place is ideal to ease some pressure from your finances.
Are you trying to save money for a particular goal or project?
Moving back in with your parents could provide some much needed relief for you to have room to save money for a business venture or purchasing goal. If there is something specific and beneficial to your future that you would like to save for and are not able to do so because of your high rental payments, then the shift to your folks could assist. A lot of people are unable to save money because they are simply trying to survive and get by, so if you could manage to put something away for your future, then why not?
This doesn’t just relate to the emotional and mental side of things. Of course you need your breathing room, but this is more related to your belongings. Do you own a lot of stuff? Would it all fit into your parents place? If not, where would you put it? Does it make sense to pay for storage? If you live a minimalist lifestyle then a move will be much easier for you, but if you own a lot of random trinkets and large items, you have to take that into consideration before moving.
By the way, living with your folks is not an excuse to not contribute in some way. It’s only right that you provide some assistance where you can and not just leach off of them. But it will give you time to find your bearings and get your finances right while you’re in an environment conducive for that.