There is no shame in living with one’s parents. There was once a time where the prospect was met with laughter and ridicule, indicating as it did a lack of financial or even emotional maturity against the alternative of independent living. But this prejudice has slowly and quietly disappeared in the UK, as economic shifts made it harder and harder for many to move out – and even inspired some to move back in with their parents.
With costs rising as they are, and with wages still stagnant against high inflation, there is some logic to saving money and bunking in with family. However, that sense of independence can be priceless, particularly if you are finding yourself growing bored of curfews and restrictions in the family home.
Whether you’re gearing up for your first taste of independence, or gearing up for round two, here are some of the steps you can take to move from your parents’ home.
Your Saving Situation
The major benefit to staying with family is the complete reduction of outgoings. Without having to worry much, if at all, about paying rent, mortgages, utility bills and even shopping in some cases, you can keep all of any income you might be earning. As such, it might be the case that you already have some savings to consider.
Speaking of which – how much exactly are you bringing in each month? Living independently is a costly thing, and the amount you will need to be comfortable in doing so is high – necessitating a commitment to saving. It follows, then, that you maximise your earning potential to improve your saving potential.
Creating a Financial Plan
From here, you can start to figure out the numbers necessary to effect your move. These numbers will differ completely from region to region, with house prices and the cost of goods fluctuating across the country.
As someone with a job, you might be saving for your first property. Saving up for at least a 5% deposit will work in your favour; saving through an ISA can give you tax exemption on interest, meaning more of your savings are available to put down on a house.
If you are young, though, and moving out to university or your first job, it is highly unlikely that you will be saving to buy a house. As such, you will be renting – which means having six weeks’ worth of rent available for a deposit, as well as the first month of rent up front plus any administrative fees. Between this and the cost of utilities in your area, what will you need to get started?
Speak to Your Family
This is an underrated part of the leaving process. Your parents have been through all of this before – albeit in better economic conditions. Still, they will have a wealth of knowledge that could help you navigate the less obvious aspects of applying for a mortgage or speaking to a letting agency. They can also review your savings plan and help you adjust if necessary.