Moving Back Home? You're Not Alone
When you received your college diploma, you probably imagined a job offer and your own apartment weren't too far behind. But more and more these days, college grads are throwing their caps in the air – and moving back in with mom and dad instead of striking out on their own.
According to a recent CollegeGrad.com poll, 77% of college graduate job seekers moved back home in 2008. This is up from 73% in 2007 and 67% in 2006. One reason? The recession.
Graduating with More than a Diploma
The average student graduates with around $25,000 in student loan debt.* Add credit card bills, car payments and cell phone bills, and it's no wonder that many recent college grads are looking for a break. And with more competition in the job market due to the current economic climate, 20-somethings are finding it hard to get by.
If you're faced with the decision to move home, consider this:
• Free up extra cash. What you don't spend on rent can be saved for a down payment on a home, or put toward paying off debt.
• Think of it as temporary. Plan the arrangement with your parents and agree on a move-out date.
• Look on the bright side. Living at home as an adult will give you the chance to be closer to your family.
Rely on Us
Your parents may help you get off on the right financial foot, and so can SCCU. Open a savings account, money market account, or certificate of deposit with the money you save on rent, and you'll be on your way to moving out.
* Source: www.collegerecruiter.com.