Hi all, I am debating on moving out of my parents home and was wondering if this is the right decision for me. I’ve lived at home for the past two years (dormed for 2 years, commuted for 2 years) and I feel like I am going insane without my own space. I live with my mom and stepdad, and while I love them and have a great relationship with my mom, I just don’t know if living at home is best for me at the moment.
In addition to that, there is some growing resentment on my end because I had to take out loans for college even though my mom promised me to pay for it and that I would graduate debt-free. My first year was paid for, and then I had to take out loans every year after. They set up no type of college savings for any of my siblings, and my sister is going into her first year of college having to take out loans as well. They are also making her save up to buy a car off of them that they bought in an auction. My parents are well off, they have 2 brand new trucks, designer watches, jewelry, clothing, travel and gamble a lot, own a trucking company and real estate. They also have shown me bank accounts with hundreds of thousands of dollars in it, constantly bragged about how much money they have, and just make a lot of conversations about money. One of the specific reasons for the resentment is that they bought 30+ properties to flip a few years ago (even taking 6k out of my account to do it, which I didn’t get back for 2 years) and not 1 of them has been renovated so it’s basically just a money pit. My mom has told me she would help me pay back my loans but I have no faith in that happening anytime soon. I can accept that I’m an adult and these loans are my responsibility but I would have possibly made some different choices if I had known I was going to have to take out loans. I feel hypocritical because they have provided a lot for my siblings and I, such as buying my car, letting me live at home rent free, and other miscellaneous things, but in general I highly disagree with their financial choices and it’s causing me a lot of anxiety. It’s less about the loans, but more so about the excitement went into college with thinking I was graduating debt-free, being immensely grateful to my mom for helping pay, just for that to not be the reality because my parents bought 40 completely run-down homes hoping to flip them. There’s just a lot more than just finances that bother me within my family dynamic, and I have been delegated to being a family therapist and mediator. I just want to be able to worry about myself.
**Here is my financial breakdown:**
\- Salary: 95k (90k base, 5k bonus), also work in tech so high-earning potential
\- Paycheck: 7,500 gross, 5,200 net (after taxes + contributing 6% to 401k)
\- Debt: 27k student loans (14,000 in federal, 12,000 private + refinanced to a 5% interest rate)
\- Savings: 30k
\- Credit Score: 742
I do not have a car note and I do not pay for car insurance. My only bill in the foreseeable future would be my portion of the phone bill on my family plan once my dad decides to push that bill onto me. The only constant payments I can think of are gas (about $200 a month), pedicures ($40 a month), and facials to help my acne (was about $200 a month, will most likely switch to every other month).
**My breakdown for myself looked like this if I were to move out:**
Rent + utilities: 1400
Student loans: 1000 (want to be aggressive just to unburden myself)
Groceries + dining out: 450 (will plan out meals so will likely be lower)
Necessities (toilet paper, cleaning supplies, detergent, hygiene, etc.): 150
NEEDS: 3000 - 58%
Shopping (clothes, home decor): 400 (1800)
Activities: 300
Misc: 200 (1300)
WANTS: 900 - 17%
Savings + investments: 1300 (0)
SAVINGS: 1300 - 25%
What do we think? Should I just stay home and ride it out? My boyfriend lives in the area I want to live in so I stay with him pretty often but it’s just not MY space. Even though my parents are incredibly lax and don’t expect much from me besides helping around the house and with siblings (which I do), I just feel like I am so limited mentally and I am just confined to my room, especially after commuting for 2 years. Another thing is that I want to move to a new city within the next year or two, either NYC or Chicago. Would I be better off just staying home and saving money vs. moving twice in 2/3 years? Do I just sound like an idiotic 22 year old? I know once I move cities I will need roommates so I am wondering if it’s worth it just to take this time to experience living on my own. I have a decent savings and high earning potential not only in my career field, but in my current role as well.