Should I move back to my parents' house to save money? (payment, rate)
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Trust me...it's the last thing I want to do, but at the same time, the savings might be worth it. But I'm not sure.
I'm a 27-year old male and have been living alone for the past 3 years and generally prefer it that way. My lease ends on Oct 31 and at that time I will have about $25,000 in savings. My choices are either to (a) continue renting for another year, or (b) move back to my parents' house for about 9 months to save money. If I continue living alone and renting, I will have about $32,000 in savings after that 9-month period. If I choose to live with parents I will have about $43,000 in savings after that 9-month period. In other words, I will be $11,000 richer if I live with my parents during that period. I also have a $10,000 student loan I want to payoff, and I really want to buy a decent starter home (no fixer-uppers) as soon as possible.
The only good things about living with the family is that it can be nice to have people to talk with and play games with, play with the dogs, etc. And it's nice to come home to a cooked dinner every night, since I hate cooking. Also, my parents live in a much nicer town than the one I live in now. It is in a rural area, too.
Currently, my commute to work is 20 mins (19 miles roundtrip). Commuting from my parents' house to work would be 40 mins (59 miles roundtrip). I'm not too happy with the idea putting all that extra mileage on my car, but whatever.
Now, I would be living in the bonus room, which is a large, spacious room above a 3-car garage. It has its own heat/AC zone. But there is no door for privacy, so I would have to put a large quilt or something to cover the entrance to the room. This room is very far from everyone else's bedroom in the house.
One thing that would **** me off is every morning my dad wakes up and goes in the kitchen, turns the TV on and blasts FOX News while sipping his coffee and being angry at Obama (not that I like Obama). If I do move back there, the household will have 7 people living in it, ages 13 - 53. It's your typical rural wealthy white conservative Christian Republican household with a Chevy Suburban. Kinda drives me crazy actually. Everyone is so damn loud and noisy, too. And I'm gay, so meeting other guys for dating is going to be more difficult. But whatever.
Anyway, what would you do if you were in my situation? Obviously, if I moved back it would be all about saving money and NOTHING else.
So, the question is whether it is worth $11,000 to lose your independence and privacy, have no social life and have an increased commuting time. Only you can decide for sure, but I wouldn't make that trade mainly because you don't need to. It is not like you are out of options. So, what if it takes you a few more months to save. Losing 9 months of your own life for that is not a tradeoff I would make. Have you considered a roommate to help defray the lodging cost and save?
One thing that would **** me off is every morning my dad wakes up and goes in the kitchen, turns the TV on and blasts FOX News while sipping his coffee and being angry at Obama (not that I like Obama). If I do move back there, the household will have 7 people living in it, ages 13 - 53. It's your typical rural wealthy white conservative Christian Republican household with a Chevy Suburban. Kinda drives me crazy actually. Everyone is so damn loud and noisy, too. And I'm gay, so meeting other guys for dating is going to be more difficult. But whatever.
Anyway, what would you do if you were in my situation? Obviously, if I moved back it would be all about saving money and NOTHING else.
Thanks!!
your dad is the man and your family sounds great to me. if i were you, id move in with the family!
If your family issues are too big and you're not in a good place to deal with them, I would stay out of the house. If you live well with others, I'd strongly suggest moving into a multiple bedroom house or apartment and pick up some roommates. They should help you save at least $6K during the year, you'll have a little more privacy, and you can be closer to work.
My suggestion regarding your student loans would be to maximize every incentive offered. Some lenders will reduce your interest rate if you sign up for an automatic payment schedule and some give a discount after you make 12 consecutive on-time payments. If you have a lot of loans, I would change the payment schedule from the standard 10 year to the extended 20 or 30 year. With the reduced monthly payments, I would send an extra payment towards the loans with the highest interest rates. My wife finished law school 4 years ago with a debt of $230K and weighted interest rate of 6.26%. We now owe $120K with a weighted interest rate of 3.62%.
If your family issues are too big and you're not in a good place to deal with them, I would stay out of the house. If you live well with others, I'd strongly suggest moving into a multiple bedroom house or apartment and pick up some roommates. They should help you save at least $6K during the year, you'll have a little more privacy, and you can be closer to work.
My suggestion regarding your student loans would be to maximize every incentive offered. Some lenders will reduce your interest rate if you sign up for an automatic payment schedule and some give a discount after you make 12 consecutive on-time payments. If you have a lot of loans, I would change the payment schedule from the standard 10 year to the extended 20 or 30 year. With the reduced monthly payments, I would send an extra payment towards the loans with the highest interest rates. My wife finished law school 4 years ago with a debt of $230K and weighted interest rate of 6.26%. We now owe $120K with a weighted interest rate of 3.62%.
The only student loan I have is the $10,000 loan with an interest rate of 5.5%. The monthly payment is only $77. There are 17 years left on the loan. Other than that, I have no debt whatsoever.
Trust me...it's the last thing I want to do, but at the same time, the savings might be worth it. But I'm not sure.
I'm a 27-year old male and have been living alone for the past 3 years and generally prefer it that way. My lease ends on Oct 31 and at that time I will have about $25,000 in savings. My choices are either to (a) continue renting for another year, or (b) move back to my parents' house for about 9 months to save money. If I continue living alone and renting, I will have about $32,000 in savings after that 9-month period. If I choose to live with parents I will have about $43,000 in savings after that 9-month period. In other words, I will be $11,000 richer if I live with my parents during that period. I also have a $10,000 student loan I want to payoff, and I really want to buy a decent starter home (no fixer-uppers) as soon as possible.
The only good things about living with the family is that it can be nice to have people to talk with and play games with, play with the dogs, etc. And it's nice to come home to a cooked dinner every night, since I hate cooking. Also, my parents live in a much nicer town than the one I live in now. It is in a rural area, too.
Currently, my commute to work is 20 mins (19 miles roundtrip). Commuting from my parents' house to work would be 40 mins (59 miles roundtrip). I'm not too happy with the idea putting all that extra mileage on my car, but whatever.
Now, I would be living in the bonus room, which is a large, spacious room above a 3-car garage. It has its own heat/AC zone. But there is no door for privacy, so I would have to put a large quilt or something to cover the entrance to the room. This room is very far from everyone else's bedroom in the house.
One thing that would **** me off is every morning my dad wakes up and goes in the kitchen, turns the TV on and blasts FOX News while sipping his coffee and being angry at Obama (not that I like Obama). If I do move back there, the household will have 7 people living in it, ages 13 - 53. It's your typical rural wealthy white conservative Christian Republican household with a Chevy Suburban. Kinda drives me crazy actually. Everyone is so damn loud and noisy, too. And I'm gay, so meeting other guys for dating is going to be more difficult. But whatever.
Anyway, what would you do if you were in my situation? Obviously, if I moved back it would be all about saving money and NOTHING else.
That sentence says it all. You are an independent 27 year old man who does not NEED to live with his parents and clearly does not WANT to live with his parents.
If you do decide to move in with your parents, make sure there are no weapons in the house.
For your sanity, and that of your parents, I would not consider moving back in with them.
Keep moving forward on your savings plan, if it takes a year longer for you to reach your goal...so what.
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