Nearly a quarter of millennials (22%) are living with their parents, and more than half of those living with them (55%) made the move in 2022, according to a December survey from PropertyManagement.com.
Many said they’re back home due to high rent, money concerns or job losses — and 9 in 10 say they would move out if they made more money.
“It can be very frustrating for the parents and the young adult to be in a more dependent position than what their age dictates,” says Mariana Martinez, senior family dynamics consultant and vice president for Wells Fargo Wealth and Investment Management. “It is useful to keep in mind that there were extraordinary circumstances that led them to their current situation.”
Here are some steps to help you find your feet again — on your own.
1. Get clear on what you want
“I ask every client I work with, ‘What are your goals, what are you trying to accomplish?’” says Angela Moore, a financial literacy educator and coach with Modern Money Education. “And most people do not know. They’re trying to wing it.”
Write down your intentions. Do you want to get an apartment? Buy a house? Do you want to stay in the same city? Do you want a better-paying job?
“When you write your goals down, it forces you to really think through them and be intentional about what you want to do,” Moore says.
2. Make a spending plan
Use whatever tool you like — an app, spreadsheet, etc. — to design a budget. How much do you have in savings versus debt? What are your monthly expenses? What needs to change to help you achieve your goals?
“Find out what you need to do and how much you’re going to need in savings or money or income to make the changes needed,” Moore says.
Use your circumstances to your advantage — but that doesn’t mean endless shopping sprees.
“I have a client who is in this situation and the allure to still live ‘the successful’ lifestyle is strong,” says Kyle Newell, a financial adviser in…
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