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Are You Considering Moving in with Your Parents to Save Money?

There are various financial reasons that you may consider moving in with your parents for a short period of time. Usually it involves saving for a house or paying for college. It may be so that you can get out of debt more quickly. It can be very difficult to move into someone else’s household. It can also cause strain on an otherwise good relationship. If this is a choice that you feel you need to make here are five tips to help make the process more positive.

1) You need to sit down and set up boundaries. This includes respecting each other’s space. You may request that they do not come in your bedroom without knocking, or while you are not there. Of course you need to show them the same courtesy. You can also set up days to do your wash. You should take on some chores around the house. You may need to take turns cooking meals.

2) Set up a time limit for how long you will be there. If you know that you need to extend that time limit for any reason, talk to your parents immediately. This can help to make the situation more bearable. Many people become frustrated because the situation seems to drag on forever.

3) Offer to pay part of the utilities. If you will be sharing groceries you should split the grocery bill or pay for you share of the food. Your parents living expenses will increase while you are there. You do not want to add financial stress to their lives.

4) Do not take advantage of the kindness of your parents and assume that they will watch your kids for you. Do not invite your friends over without checking with them first. It is important to treat your parents with respect, as they are willing to make this sacrifice for you.

5) You need to be careful with your money while you are there. If your parents are willing to help you out, so that you can get out of debt and/or save up for a house, it is natural that they become frustrated if you are spending money like crazy. Now is not the time for a new car or hundred dollar shopping sprees. Use your discipline to take complete advantage of the money saving situation

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