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Yahoo
3 days ago
- Business
- Yahoo
Navigating Now: How to save for the future when you don't make enough today
Traditional personal finance goals can be difficult — if not impossible — to achieve on a low income. Just because you can't meet those goals doesn't mean you can't make goals that work for you. To save more money on a low income, adjust your goals, track your spending, pay yourself first and look for opportunities to further your education. For Andrea Schrag, a 45-year-old working mom in rural Kansas, saving feels impossible — because, for her, it is. Schrag is the only earner in her household, as her husband is a full-time student. Her job in food services, which allows her to work while her kids are in school, pays $1,200 a month. By using their existing savings from before her husband began school, student loans and food stamps, Schrag says her family is able to scrape by with nothing extra to save for the future. 'I've been in situations where we've been able to save money, and now we really just can't,' Schrag says. 'People assume it's because you're lazy.' Saving more, paying off debt and investing in your future are all key pillars of personal finance. But it can be downright impossible to do those things if, like Schrag, you don't make enough to both pay your bills and have any money left over to save. And saving may have become even tougher this year. Rising prices, tariffs, high credit card interest rates and expensive housing have all locked the lowest-income households out of the ability to build emergency savings and prepare in case of economic hardship. Experts predict the U.S. has a 1-in-3 chance of a recession in the next year, according to Bankrate's Q1 Economic Indicator Survey, and without the ability to save, many people will find it hard to recession-proof their finances. In today's economic landscape — marked by market volatility, inflation concerns and tenuous job security — financial decisions have never felt more consequential. Our Navigating Now series cuts through the noise with expert guidance and targeted advice for diverse financial situations —whether you're struggling to build savings amid rising costs, protecting retirement funds during market volatility or securing your income in an uncertain job landscape. Other articles in the series: How parents can shield their families from tariff-driven inflation How to protect your small business from the latest round of tariffs As they face a variety of intense economic pressures, Americans overall are feeling pessimistic about their incomes and future financial situations. At the end of 2024, nearly one-quarter (23 percent) of U.S. adults said they expected their financial situation to be worse in 2025, according to Bankrate's Personal Finances Outlook Survey. Low-income Americans feel worse about their situation than those in higher income brackets: 24 percent of people who make under $50,000 per year say their personal financial situation in 2025 will be worse, compared to only 20 percent of those making $100,000 per year or more. The problem isn't that low-income people just aren't working enough. Many full-time jobs just don't pay enough for many people to live comfortably. As of 2024, a full-time worker in the 25th percentile of income (or the bottom 25 percent of American incomes) makes $42,328 per year or less, according to the U.S. Bureau of Labor Statistics (BLS). That's $3,527 per month before taxes, but the average national monthly rent alone is around $2,000, according to Bankrate's Rent vs. Buy Affordability Study. After taxes, low-income workers have little money left over to pay for utilities, food and transportation. Nearly half (45 percent) of lower-income Americans can't pay their bills in a typical month, according to Pew Research Center. As a result, Americans' savings are suffering. Only 25 percent of Americans making less than $50,000 per year would pay a major unexpected expense, such as $1,000 for an emergency room visit or car repair, from their savings, according to Bankrate's Emergency Savings Report. That's compared to 48 percent of people making between $50,000 and $99,999. In today's economy, if you're a low-income person trying to save for the future, you're going to need to be creative in your spending and saving goals. Your goals might look different from someone else's, but that doesn't mean they're any less valuable. Bankrate spoke to personal finance experts to share how the lowest-income families can realistically save money for the future. If you find that: traditional personal finance goals feel unrealistic for your income level. Try: creating your own goals that work for you. One of the most common pieces of personal finance advice is to save three to six months of expenses for emergencies, like a medical bill or job loss. That's a great goal, but it may not be attainable for low-income Americans. For example, let's say you make $3,500 per month and spend $3,000 per month on necessities (rent, utilities, transportation and food). Six months of necessary expenses would total $18,000. If you're only able to save around $100 to $300 a month, depending on your discretionary budget, trying to save tens of thousands of dollars probably feels impossible. When your income is low and/or your necessities are expensive, it can be de-motivating to even try reaching a savings goal at all. '(Saving six months of living expenses) just seems so insurmountable. It's such an unrealistic goal that it can actually have the complete opposite effect for many people,' says Jesse Jurgenson, an assistant professor at the Texas Tech University School of Financial Planning. 'It becomes more deflating.' While saving six months of expenses might seem unrealistic (depending on your income and necessary expenses), that doesn't mean you should discount savings goals entirely. Setting a savings goal gives you a tangible figure to work toward, and it can give you an incredible sense of accomplishment when you achieve it. Telling yourself 'I just need to save more money' can be unhelpful and introduce unneeded anxiety because, with an open-ended goal, there's no end in sight. You'll never actually be able to complete the goal. Instead, setting a finite savings target makes it more attainable. 'Open-ended lean living can be maddening, so set a time or monetary goal,' says Bankrate Financial Analyst Stephen Kates, CFP. 'Make it achievable so you can meet it and then do it again. Set checkpoints to take a breather and seek help so you don't have to go it alone. Sharing costs and the challenge of saving can make the process easier.' If you struggle to save money, try setting a small savings goal, like $200 over the course of four months, to start. That amount may seem too small to be useful — it definitely won't pay all your bills if you lose your job. But it could still be a much-needed lifeline for a small emergency, like a new tire or a doctor's visit. Once you hit that initial $200, you can incrementally increase your savings goals. Try increasing your goal to $500 over eight months, then $800 over a year, then $1,000 over 15 months and so on. If during that time, you need to dip into your savings for an emergency, it might then take a while to meaningfully increase your savings back up to your goal — but that's OK. It's easier to save when you're doing a marathon, not a sprint. Your goal will give you a motivational boost to reach the finish line at your own pace. Jurgenson recommends giving yourself a reward whenever you meet a savings goal. Try rewarding yourself by making time for an activity or hobby you love, or by splurging for low-cost rewards like a movie ticket or nice drink. If you find that: there's no room to cut money in your budget. Try: tracking your spending for a while and taking the opportunity to make adjustments to your spending. Despite popular perception, many of the lowest-income American households likely aren't spending frivolously. With today's high cost of living, a household making a low income is likely spending every last dollar on their rent, transportation, food and other necessities. That being said, if you're a lower-income or middle-income household who's still struggling to save, there actually might be room in your spending to trim down to make more room for savings — you just might not know where at first glance. That's where thorough budgeting comes in. Even if you think there's no room to cut in your budget, give yourself the challenge to track every single transaction you make for one to two months. John Pelletier, director of the Center for Financial Literacy at Champlain College, recommends keeping a careful log of your spending for a short period of time to better understand your spending. Chances are, you might be spending more than you realize. 'People who do that type of budgeting exercise are generally surprised about where their money is going, (once) they keep track of it at that detail,' Pelletier says. Pick a set time, like once a week or once every two weeks, depending on your schedule, to sit down and go through your debit card spending, cash spending, credit card spending, Venmo charges, etc. If you pay in cash, keep your receipts. Log every transaction you make and label it as either a need or want. Needs are: Rent or mortgage payments, including insurance and fees Utilities, phone and internet Transportation, such as a car payment, car insurance, fuel, parking fees and public transportation passes Groceries, household necessities (like shampoo, toilet paper or cleaners) and pet necessities, like food Insurance premiums and health care co-pays Debt repayment, such as student loans and credit cards Wants are: Subscriptions and memberships (including gym memberships) Eating and drinking out, including alcohol and coffee Beauty, skincare and salon services Clothing and shoes Entertainment, such as movie or concert tickets Books, movies, video games and hobby items Travel expenses Gifts and donations While you probably can't change your needs immediately, this exercise will help you know where you can cut out spending on your wants. You might have subscriptions you pay for but don't use, or realize you were spending more on food out than you realized. See if you can cut at least $50 of that unnecessary spending from your budget per month — that's an extra $600 a year towards your savings goal. 'Saving on a low income requires making savvy choices about how and when you spend,' says Kates. 'No matter how much money you earn, the only way to save is to spend less than you take home.' If you aren't sure what to cut to make room for savings, consider picking one or two categories that are most important to you — for example, eating out and travel — and cutting down on spending outside of those categories. If eating out is more important to you than, say, beauty expenses, you can cut your beauty spending down while continuing to eat out every month. If you find that: you never have any money left for savings at the end of the month. Try: paying yourself first. Put aside money in a separate savings account, before paying your bills and other expenses. 'Paying yourself first' is a personal finance concept that, simply put, means you should put savings into designated account(s) before doing any spending. While it's common to only put money aside for savings when you have money left over at the end of the month, paying yourself first ensures your savings are a priority. To pay yourself first, determine a set amount of money that you'll put into savings. It can be as little as $30 or $50 a month. Overall, it should be a realistic amount you'll be able to reliably put aside every month. When you receive your paycheck, put those funds in your savings account first, before paying your bills and spending on anything else. (If you're paid biweekly or bimonthly, put aside half that amount each time.) Don't have a savings account? Take this as your sign to get one. Keeping separate accounts will allow you to put aside savings and forget about them. If you keep your savings in your checking account, you're far more likely to spend that money accidentally, according to Pelletier. A high-yield savings account (HYSA) can be the most optimal account to maximize your savings. In many ways, these savings accounts operate the same way as any savings account. The funds are liquid, meaning you can put money in and pull money out when you need it with just a few clicks of a button. The difference is that HYSAs earn more in interest every month when compared to a typical savings account with a big bank. The national average yield on a savings account is 0.48 percent APY, according to Bankrate. Depending on how much is in your savings account, they may only give you a few dollars in interest per year. Many HYSAs, on the other hand, pay over 4 percent APY. You can typically find higher APYs from online banks and credit unions, which don't have as high an overhead as brick-and-mortar banks, but are still federally regulated and insured. HYSAs can help your funds grow even faster than a typical savings account. If you find that: you just need more money. Try: looking for programs at your local community college to gain new skills and certifications and unlock your earning potential. Despite all of these tips, the simplest way to be able to save more is typically by earning more money. But that may be easier said than done if you already work more than one job, have explored gig work or have exhausted options for jobs you're qualified for in your area. If you're struggling to save more with your current income, you might want to consider taking the opportunity now to learn more skills that could unlock your earning potential later down the line. While you can upskill using free online courses using sites like Coursera or Grow with Google, your local community college may be one of your best opportunities to open the door to a well-paying career field for little or no cost, according to Jurgenson. Community colleges are a great resource for career certifications, pathway programs to a four-year degree or, in some states, an entire four-year degree for in-demand fields, such as cybersecurity or nursing. Naturally, the biggest roadblock to gaining an education is often the expense. But nearly three dozen U.S. states offer some form of free tuition. These programs often have income caps or require you to maintain a certain number of credit hours and a certain GPA, among other requirements, but if you're among the lowest-income households, it's very likely you qualify for them. Some states only offer free tuition for two-year schools or apprenticeships. The Washington College Grant, for example, offers funds depending on the size of your family, your income and the cost of the program. But unlike many programs, you don't have to attend college full-time, allowing you to work and go to school at the same time. If your state doesn't offer free college tuition, you may still be eligible for Pell grants, a federal program for low-income students. Pell grants offer up to $7,395 per year, depending on your aid eligibility, the cost of your program and whether you're a full-time or part-time student. Reach out to your local college's student aid office to learn more about eligibility for local programs and what aid you might be qualified for. You might be surprised what scholarships and aid is available for low-income students or students looking for specific degrees. Depending on your income and current life priorities, this advice won't be applicable to everyone. Take what you need, and if you can't follow all of it, that's OK. Above all, remember that personal finance is just that — personal. Your financial picture is yours alone, and only you can determine what is best for you. For more on introductory personal finance advice, consider these Bankrate guides: How to make a monthly budget in 5 simple steps How to fill out the FASFA for students What if you don't get enough financial aid for college Expert contributors to this article Bankrate interviewed three experts for their insights on saving money and meeting financial goals on a low income: Jesse Jurgenson, Ph.D., assistant professor of practice, Texas Tech University School of Financial Planning Jesse B. Jurgenson, Ph.D., AFC® an Assistant Professor of Practice at the Texas Tech University School of Financial Planning where he teaches students in the Personal Financial Planning undergraduate and graduate programs. He additionally serves as the Director of the Charles Schwab Foundation Personal Financial Planning Clinic which connects emerging Financial Planners with members of the community for pro bono financial coaching and education. He is an Accredited Financial Counselor (AFC®) from the Association for Financial Counseling and Planning Education (AFCPE) and holds multiple graduate degrees in Human Development and Family Science and Personal Financial Planning along with a Ph.D. from Iowa State University. Stephen Kates, CFP, Bankrate Financial Analyst Stephen Kates is a CFP® professional and personal finance expert specializing in financial planning and education. He is a Financial Analyst for Bankrate, providing strategic insights on economic trends, wealth management, retirement planning, and personal finance. With over 15 years of experience in the financial industry, Stephen focuses on creating targeted consumer finance solutions for individuals, families, and business owners. He leverages his passion for financial literacy by simplifying complex topics and making financial planning accessible to everyone. John Pelletier, director, Champlain College Center for Financial Literacy John Pelletier is the founding Director of the Center for Financial Literacy at Champlain College. Since its creation in 2010, John has been deeply committed to increasing the financial literacy of all of our citizens. The Center has been nationally recognized for its work by the White House, CFPB, NEFE, the FDIC and the national media for the Center's unique teacher training programs, research, and advocacy. Prior to working at the Center, John was chief operating officer and/or chief legal officer at some of the largest asset management firms in the United States.
Daily Mail
05-06-2025
- Business
- Daily Mail
I'm 24-year-old with £80,000 in savings - here are the things I'd NEVER spend money on so I can retire at 40
A young woman who is 'hoping to retire early' has revealed the items she would 'never' spend her money on. Mia Rose McGrath, who is 24 and has £80,000 in savings, hopes to retire by the time she's 40. She currently lives in London in a zone 2 flat that she shares with her partner and split the rent and bills equally. Mia hopes to 'soft retire' by the time she's 40 - meaning she will likely still do part time work or things she's 'passionate' about, but won't need to work full time to 'stay alive'. As well as having 'side hustles' which she credits with gaining her £10,000 in the past year, there are certain things Mia doesn't spend money on to help her save. She says she will rarely spend cash on things like takeaways and coffees - only having them when she's with friends. 'These are the things I just don't spend money as a financially responsible 24-year-old who wants to retire early,' she said in her TikTok video, which has racked up more than 500,000 views. The first thing on her list is takeaways - and she says she doesn't even have the Deliveroo app on her phone. However, she makes an exception if she's hanging out with friends. She explained: 'I won't get a takeaway if I can't be bothered to cook. If you can cook really good food, you just don't need to get a takeaway. 'And also, eating in the actual restaurant is so much nicer.' In a similar vein, she also doesn't usually treat herself to a coffee or a pastry - but still gets them with friends. 'I don't see the point of buying one every single day. They're four or five pounds sometimes. That really adds up,' she added. The third item on which she's unwilling to splash the cash is home decor and trinkets, instead collecting them over time when she's given them as gifts. Mia referenced the viral 'labubu' trend - 'monster toys' that have grown popular on social media - and said she would never be caught buying one. She also doesn't buy 'extra' make-up and skincare beyond the 'capsule' collection she sticks to. She said: 'I couldn't tell you the last time I tried out a new product. I really just stick to the same routine of the same essential products and I just top up when they run out.' When it comes to alcohol, Mia said the maximum she'll spend at a time is around £15. 'I'm just not a big drinker. If I'm out with friends, I'll probably just have one or two,' she explained. While some people praised her for her 'sensible' financial decisions, others were worried she's not having enough 'fun' in her 20s. Taking to the comments, people wrote: 'No hate, but what do you do for fun? There's a fine line between being sensible to save money and doing/ buying nothing. You should set some cash aside for treats'; 'Remember to enjoy life as well, I'm 31 and saved a lot during my 20s and now have £200k+ savings, does it make me happy, not really'; 'I thought this is normal... I guess I'm just poor lol'; 'At your age, you're going to make an incredibly big positive difference to your (early) retirement by investing with the savings you're making with these choices'; While some people praised her for her 'sensible' financial decisions, others were worried she's not having enough 'fun' in her 20s 'This is fantastic. I'm exactly the same. Most people love wasting money and they hate seeing others being frugal, because it illustrates their bad spending habits'; 'The amount of money I've wasted on takeaways just to feel awful after eating them anyway is scary.' In another video, Mia revealed there are some items she will splurge on. These include experiences, buying whole foods and renting a nice flat. She also revealed how she's managed to save £80,000 at just 24 years old, revealing she hopes to increase it to £100,000 this year. Mia said she always. 'pays herself first', paying money into her savings account at the start of each month She also credits her savings to becoming 'financially literate' and learning about the stock market. She said that she's spent time 'living below her means' and when she was living at home and had disposable income, saved it towards a home deposit. The financially savvy TikToker emphasised the importance of her side hustles - which include modelling, UGC, content creation and affiliate marketing. In addition, she's done two placements and has been working full-time, saying it took her around five years to reach the savings goal. Though she and her partner split their rent and bills equally - due to being the same age and earning a similar salary, she admitted other things have a 70/30 split. Mia believes the 'man should be trying to impress a woman a little bit more' as it keep the romance alive - for example, she will be spoiled by her partner for Valentine's Day and on birthdays.
Khaleej Times
29-05-2025
- Business
- Khaleej Times
Follow these steps to make saving a hard habit to break
From paying your credit card bills to going out for dinner with friends, we do many things on a monthly basis that have become habits – they are part of our routine. So why not treat saving money the same way? Turn it into a monthly habit, maybe at the end of every month or whenever your salary comes through. In a few years' time, you will be glad you did. Habit forming Let's start by being realistic. If you have never saved before, it can be hard to start. A bit like going to the gym. You need to start saving and then quickly turn it into a habit. And developing a new habit doesn't need to take that long. For some tasks, they can become a habit in a matter of weeks, others take months. For saving money, you could make a note in your phone's diary as a recurring monthly event. Then you will be sent an alert and reminder to take action. From a psychological standpoint, saving every month trains your brain to prioritise future security over current spending. It makes budgeting easier, and your savings become a non-negotiable 'expense'. Make it easy Like with all habits, if they are simple and easy, then we are more likely to stick to them. Even better, what if you could automate saving money? For example, you could set a limit on your current account of Dh5,000, so that any amount above this is automatically swept into a savings account and earns a high rate of interest. Check with your bank to see if this facility is available. LIV has a number of innovative savings accounts such as Goal and Money Ahead. With Goal, you can earn up to four per cent interest a year if you follow a few rules, one of them being you need to transfer your salary into LIV. The Goal savings account has an option called 'Set & Forget' which sets automatic rules where you save a fixed amount every day, week or month. This sounds like a great way to automate your savings in case you forget. Eighth wonder of the world When you save money you earn interest which leaves you with a bigger amount. And then you earn interest on this bigger amount, interest on top of interest, or compound interest to use the correct term. Albert Einstein famously described compound interest as 'the eighth wonder of the world,' adding: 'He who understands it, earns it; he who doesn't, pays it'. So you want to be the one earning it, not paying it. This example should help convince you: Let's say you save Dh1,000 a month earning an annual interest rate of five per cent. In just five years, this will be grow to Dh78,000 and in 10 years it will grow to Dh155,000. Without any interest being paid and then not compounded year on year, your savings would only be worth Dh120,000 after 10 years. Now you can see the power of compound interest. And when is the best time to start saving? Yesterday. And the second best? Today. People often regret not saving sooner, but almost no one regrets having saved early in the lives. Best accounts Now you have been convinced that now is the right time to save, the next task is to find the best savings account. Some of the higher paying ones will give you upwards of four per cent but you need to read the small print to make sure you satisfy the terms. Some involve locking your money up for a set period, which you should be comfortable doing as you are starting a new long-term habit. Others may require a minimum balance to qualify for the higher interest rates. Banks do summarise the benefits and T&Cs but you still need to read them. ADCB Super Saver Account pays up to five per cent, which includes a base rate and a bonus rate, but read carefully the requirements needed to qualify for the bonus as it includes minimum balances you need to maintain. Emirates NBD will pay 4.5 per cent on new money going into its Plus Saver UAE dirham account while RAK Bank is paying six per cent interest but this is only available for three months. A simpler savings account is offered by Wio Bank which will pay you 3.75 per cent with no minimum amount or lock-in period. If you can lock your money up then you will get a higher interest rate – rising to 4.5 per cent.
Yahoo
26-05-2025
- Business
- Yahoo
These 4 money habits can help you feel more secure, says this financial advisor
Young people can feel hopeless about saving money as living costs keep rising. A financial advisor says it's tough out there, but there are small changes you can make. Kate Norris recommends budgeting and paying yourself first to feel more financially secure. It's a tough world right now for young people trying to save money. Grocery prices and rents keep rising, and even fairly financially stable Gen Zers can feel hopeless and worse off than they truly are, thanks to "money dysmorphia." Many are "just trying to keep their head above water," Kate Norris, a certified financial planner at Sun Life, told Business Insider. "Sometimes at the end of the month, you've paid all the bills, the groceries, and there's not a lot left over," she said. "It is tough, I get it." Norris said there is a widespread lack of financial literacy among all generations, and not just Gen Z. When it comes to young people figuring out their future, she has these four key pieces of advice. Norris said her first piece of advice is to set up automatic payments to a savings account at the start of each month. "Once it's out of the account, you're less tempted to spend those surpluses," she said. "Don't overthink it — just get the money somewhere. You might need it in an emergency sooner than later." Norris said people of all ages can lose track of the money inflows and outflows to their accounts, which is why budgeting is essential. "You're like, oh, I budget $500 for groceries, and then it turns out it's $800, well, then we can't really do any cashflow planning or budgeting to know what's left over," she said. Many banks have services to help you budget, Norris said, and categorize your expenses, which can help you feel more in control. "Taking time to actually look at those three to six months of expenses and saying, Where is the money going? What am I spending?" Norris said. "Once you've created that habit early on, I think it sticks with you." Norris said it's a good idea to be very aware of consumer debt rather than just seeing it as a number you're disconnected from. People are drowning in car debt, for example, not realizing how much interest they are paying over time. "It's not just about your monthly payment — what is the debt? What does that debt mean for your net worth?" Norris said. "If you actually break it down, you could be spending $10,000 in that time period on interest." It's better to assess what the debt looks like over time for your long-term situation, rather than thinking about the individual monthly payments, Norris said. Many people struggle with delayed rewards, which can make saving money so difficult. "It's like we can't see that future we want, so we gratify ourselves now with what's in front of us," Norris said. "Or you set up Apple Pay and credit cards on your phone and it's just like tap, tap, tap." This is how people live beyond their means and fall further into debt, she said. You can take small steps toward being more frugal, and it starts with seeing your net worth grow, even if it's just by $100 per month. "This magic of compound interest and compounding growth says that if you just put $100 away today, that could be a huge amount at retirement," Norris said. "Versus if you start in 20 years from now, when you might have to save £1,000 a month." If you make these small changes, you can spend the rest of your paycheck "guilt-free," Norris said. "I think a lot of people are feeling a little bit in despair with the world and the interest rate and the economy. But our grandparents went through this, and it's a cycle, so keep pushing forward." Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-05-2025
- Business
- Yahoo
A Redditor Asks If It Makes More Sense To Live With Their Parents For A Few Years Or Move Out Sooner: 'We're Aiming To Save $200,000 Or More'
When is a good time to move out of the house? The answer varies for everyone, but some people stay home longer to save money. A couple finds themselves in this situation and currently lives in a private space on one of the parents' properties. The spouse who posted about it on Reddit makes close to $100,000 per year. The couple is maxing out their retirement accounts and is saving money to buy a house. "We're aiming to save $200,000 or more," the Redditor stated. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Hasbro, MGM, and Skechers trust this AI marketing firm — However, the couple is deciding if they want to save enough to pay off 50% of the property or make a cash purchase by living with the parents for a little longer. It is a private space, which is more accommodating than most set-ups, but is it still a good idea to drag it out? Redditors shared their thoughts in the comments. The benefits of free housing are undeniable. You can save money without having to worry about a mortgage. However, it can get more difficult when you want to start a family with a partner, and that's where the personal element of personal finance comes into play. "You are the only person that knows your parents and your partner. If you think you can live with them and not cause a rift between either the relationship with your parents, your partner, or with your parents and your partner then go for it," one of the top commenters stated. However, the individual also mentioned that housing prices can continue to go up while the couple waits. It's unlikely that they will go up higher than the amount that the couple will save each year by not moving out right away, but it is a factor to consider. Trending: Nancy Pelosi Invested $5 Million In An AI Company Last Year — It's a significant decision to move out of the house or stay put, and it gets more important when you throw in a partner. One commenter emphasized the importance of making sure everyone is on the same page before making a decision. "If you get along with your parents, your spouse gets along with them, and everybody agrees on what is expected then this is the best approach." Right now, it seems like everyone is on the same page. The couple and parents should regularly monitor the situation to see if it still works for everyone. If you agree on responsibilities, when the parents get to hang out with the couple, when the couple gets private time, and other details, it's easier to make it at home is quite beneficial if you can make it work. Not only will you save money, but the responsibilities may also be split up between the couple and the parents. For instance, it's easier to perform tasks like laundry, grocery store visits, and cleaning if there are four people involved instead of two people. "Living at home and keeping my costs low is what gave me the flexibility to choose my path in life," one commenter explained. This arrangement can make homeownership more feasible. Right now, the couple and parents seem to agree. The Redditor may want to re-explore this conversation if things are no longer working out or when the couple hits their target of $200,000 in savings. Read Next: The average American couple has saved this much money for retirement —? Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A Redditor Asks If It Makes More Sense To Live With Their Parents For A Few Years Or Move Out Sooner: 'We're Aiming To Save $200,000 Or More' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
