With my new job in another city and two hours away from where I currently live, I’ll be relocating in the next two weeks in order to be closer. I plan on living with a grandmother during that time who lives 40-60 minutes away (depending on traffic). It’s by no means an ideal drive, but with a 7 hour workday, I consider it not terrible. I have a cousin who commutes almost two hours both ways and has done so for the last four years. I know it won’t be forever, but the length of time I’ll do it could be up to 6 months. As I played with numbers last night, I realized it would be in my best financial interest to do this for a bit longer than a month because no rent means an extra $1000 or so a month.
a) Pay off more of my student loans
b) Money to put towards savings and retirement
c) Having flex money instead of penny pinching
For the last three years I’ve lived on my own, but during my 1-2 week breaks from school (we’re year round) I’ll stay with family or friends for a while and it’s fine. I’m someone who needs their alone time, but my grandmother is the same way which is why we do well together. I’ve lived with her in the past (my parents, brother and I stayed with her for 6 months while our new house was being built) and will be helping her with bills and groceries.
I recognize there’s a stigma (at least in the US) of living with family, but I ask why? In a lot of other countries, it’s not uncommon for adult children to stay with family until their late 20s or 30s. I was shown and brought up on the principal that family is always there when you need help. I’m in the same boat as many post-grads who are paying off their student loans and working out the schematics of their careers and future lives. If I didn’t have student loans, it would be a short stay. Due to having them, I’ll extend the stay, but start an time table of when to move. By then my student loans will have a huge dent and my savings will be pretty high. Just because I have money doesn’t mean I’ll spend it. Plus I’ll be side-hustling with babysitting, tutoring, freelancing and what not.
That’s enough financial talk for now. I think a geeky post is due in the near future! I pose a question to end things off;
Do you think there is still a stigma against adults who stay with family while working and saving money? Have you stayed with family for a month or more to get on your feet?