While moving back in can provide a safety net for your kids, it can also negatively affect your finances. Here's how to coexist with the boomerang kids
When Amanda Claypool was 28, she left a government contracting job in Washington, D.C., and moved back to her parents’ house in upstate New York while she figured out her next step. Then the pandemic struck, and her temporary return lasted longer than she’d planned.When Amanda Claypool was 28, she left a government contracting job in Washington, D.C., and moved back to her parents’ house in upstate New York while she figured out her next step.
Stefanie O’Connell Rodriguez, host of Real Simple’s “Money Confidential” podcast, has noted the trend. “Even prior to this latest round of inflation, we saw a greater share of millennials moving back in with parents and staying at home longer. The pandemic accelerated that,” she says. Consulting a financial coach or adviser about your retirement readiness could help. Working up a budget to assess your current cash flow and how an additional houseguest would affect it can provide additional insight.
David Bredehoft, professor emeritus of psychology and family studies at Concordia University, St. Paul, suggests solidifying the ground rules into a formal contract. The document should spell out details such as who is doing laundry and paying for utilities and whether there are quiet hours or guests allowed.
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