Once you’ve been on your own, the thought of moving back in with your parents may seem like a foreign concept. Even if you’re experiencing financial hardship, you may return home kicking and screaming. However, moving back home temporarily can be a good thing.
- Avoid credit problems. If you lose your job or experience other financial hardship, it can be difficult to pay your auto loan, credit card bills and rent. Fall behind on these payments and your credit score will suffer. Moving back home temporarily can free up cash, which can help you stay current on your bills.
- Save up cash for a house. Buying a house nowadays is harder than ever. You need a down payment, plus closing costs. Both expenses together can be well over $10,000. It’s difficult to save this type of money when all your cash goes to living expenses. But if you move back home, you can start a down payment fund and buy a house sooner.
- Help your parents with expenses. Maybe your parents are the ones dealing with financial hardships. If you move home and pay them rent each month, you can help keep their heads above water.
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