Millennials are still living with their parents, and a lot of them moved back home in 2022 because of inflation or mass layoffs that have been happening. Senior dynamics consultant and vice president for Wells Fargo Wealth and Investment Management is here with her tips to help millennials who want to move out of their parent’s house.
- Get clear on what you want. Figure out what your goals are so you know what you’re trying to accomplish, like if you want an apartment or to buy a house.
- Make a spending plan. Figure out your budget and how much you have in your savings vs. your debts. This will help you figure out how much you need and the changes you’ll need to make to get there.
- Build an emergency fund. Try and save three to 12 months of living expenses so you have a safety blanket, just in case.
- Brainstorm ways to increase income, if needed. This could be asking for a raise, taking on a side hustle, or finding a higher-paying job.
- Consider housing alternatives. You should consider things like having a roommate or living outside of a metropolitan area to help cut costs.
- Communicate. Make sure you have open and honest communication with your parents so they know your intentions.