Moving back home...

[Taylor527]

I am having second thoughts about moving in with my parents. I am currently 10,000 dollars in debt and with the consolidation program I am on I am paying $347.00 a month towards my debt. It will take a long time for me to pay it completely to $0 that way. If I moved in with my parents I can pay that down probably alot quicker than if I moved in with my roommates.. But, I really don't want to live back at home... I love my parents - but it has been SO nice living outside of their home. We have gotten along better, I love my privacy, and it makes me feel good about myself because I feel more like an adult. Which at 21 years old - I think you should be. Anyway - they have pretty much stated they want me to move back, they thinks its the best decision, and would be upset if I didn't agree with them. At first I did, I thought it would really get my life in order. But now looking back and realizing what "moving in with my parents" really means - I'm having my doubts. I have mapped out all my expenses if I moved in with my 2 friends - I would have about 450-500 dollars left over after my bills. Which includes rent, electric, cable/internet, phone, credit card debt program, gas, and food. I personally am just not ready to give up... but on the other hand I don't want to let my parents down... I have a couple questions for you all. 1) What would you do if you were in m shoes? 2) Do you think I could pay a little more towards my debt while still living on my own with the money I have left over? 3) How do I even begin to explain this to my parents?

 

Thanks.

[CharlesF]

I think getting roommates is better than moving back in with your parents. It seems you could pay the debt down in less than 2 years if you make extra payments.

 

Here is another suggestion. Take a second job, maybe on the weekends or maybe the third shift. Your life will be hectic for a while, but you will meet more people and probably pay off the debt really fast. Even an extra $100 a week extra is about $5k a year.

[ftheunion]

sorry to hear.

 

if your parents are cool and are not strict, provide ample amount of freedom and food, then its not huge. If they won't think badly of you or talk crap for u failing or hold it against you then it wouldn't be a bad idea.

 

but it is so nice living on ur own.

 

I heard that Obama just recently paid off his student loans. So ya i dunno. Life is a struggle but if ur poor like me then living at home is a good option. i live at home wish i didn't but i am poor until college degree...

[Taylor527]

I was hoping to get more responses the just two..

[Girl79]

I think if it were me, I'd probably move back home and try to pay off as much debt as possible. You might have to suffer a little now, but it will be worth it in the long run if you can save a bunch of money and use it toward getting rid of your debt. An extra 400-500 a month is not all that much really, it would be tough to put any of that away for extra debt payments. You dont want to leave yourself totally strapped for cash, if say your car breaks down or some other emergency where you need cash!

[Ahhh]

I was in this situation after I graduated college. I decided to stay in my apartment with my roomates and not move back home. My parents kinda understood. I mean they weren't happy but they respected my desicion as long as I knew there would be no finacial help from them. I thought exactly the same as you did, wrote a budget, tried to save to pay my bills and get out of credit debt. Well 7 years later, I'm still in debt and can't save a dime. Looking back sometimes I wish I moved back home. I woulda saved a ton of loot and probally not of struggled so much when unexpected things happen like car breaks down, ect. as someone said. If you can bear it, move back with the folks for a while till you get secure. You got plenty of time to be on your own.

[Taylor527]

Thank you for those that did response. I took your advise and am moving back home. I will be able to pay off all my debt in a little over a year then I can start saving... looking at the budget I created for myself using Excel it looks like after 2 years of living at my parents I will be debt-free and have about 10,000 dollars in my savings account! Now looking at the numbers I realize i did make the smart decision.