Boomerang Kids: Steps to Moving Out of Your Parents’ Home

Moving-Out-of-Your-Parents-House

Not surprisingly, most young adults look forward to financial independence.  This desire to cut the umbilical cord of dependence upon their parents is also reinforced by their certainty that their parents are not going to support them forever.  In fact, most teens expect their parents to stop supporting them before age 25.  However, the desire to cut the cord and the actual “ability” to cut the cord have created a very different reality for many young adults – which has created a whole new phenomena: Boomerang Kids.

For example, many who have left the nest to go to college are now finding that they have to move back into their parents’ home after graduation.  This boomerang effect is becoming increasingly common. In a number of instances, many “return to the nest” for financial reasons. Young adults may decide to come home because they cannot afford high debt payments (students loans and credit cards) or because they cannot find sustainable employment.  Compounding the problem is the fact that their parents are not always on solid financial ground either. In a recent Charles Schwab survey, 93% of young adults said their family was impacted by the recession.  But the bottom line is: Even if you love your parents dearly, too much time together can strain your relationship.  Don’t be a Boomerang Kid.
So, what should you do if you want to cut the cord and move out, but you are not quite there yet?  Start planning today!  Here is a quick easy checklist of the first steps that you need to take toward independence from your parents and shedding your Boomerang Kid status:
  • Create a moving out budget.  This should not only be just the expenses related to your physical move, but also a budget to help you have enough on hand to afford everything from the first month’s rent to filling your refrigerator the day you move in.
  • Conduct research to find out anticipated expenses of your “new” life. Visualize what your independent life looks like and attach costs to all of the things, activities, etc that you have in your “new” life.
  • Always pay needs before wants. A word of caution – this means your current needs, as well as any projected needs.
  • Do not live a lifestyle you cannot afford – when planning for your ideal life, you need to be realistic. And then some.
  • Be willing to decrease your standard of living – your parents have spent many years building up to some of the material luxuries you’ve become accustomed to.  Now it’s your turn to start at the bottom and build up.
  • Take precautions to be ready for life events (i.e. buy insurance and create an emergency savings fund).

Here are some terrific additional resources you can use in planning your move out!