Considering the dismal job prospects for Class of 2009-ers, it's no surprise that many recent college grads are turning to mom and dad for a place to stay. An
article in the upcoming issue of
Kiplinger's Personal Finance offered some tips for the parties of this arrangement, the so-called "boomerang" parents and kids.
The first item on the list was rent—parents and grads should agree on a payment plan, if any, from day one. It might seem harsh for parents to be charging their own offspring for rent (I know mine could never do it), but considering grads would be lucky to pay $500 a month rent in the real world, a monthly check to mom and dad for $250 or so is still a bargain. One good compromise is to agree on a monthly rent that the parents then deposit into a savings account, thus forcing junior to put some money aside for later.
Actually,
Kiplinger's recommends at-home grads and their parents have a discussion about
all of the former's expenses, from health insurance and student loans to food, gas, and entertainment. Ideally, parents and grads should come to an agreement about who will pay what, with the parents hopefully picking up some of the slack, especially for the biggies like insurance.
And then there's the really fun part: setting up house rules. I think this is the hardest part for most new grads to swallow; coming from a lax college environment, it's hard to adjust to a parent who doesn't appreciate the
feng shui value of empty beer bottles and pizza boxes (go figure). Whether parents want their kids to follow a strict chore regiment, or just keep the raging parties to every
other weekend, there's going to be something.
Could you handle a boomerang arrangement? How can grads and their parents make it work?
Comments (13)
I just wrote a blog about how I dont understand why so many people live with their parents and lack ambition... Regardless of how bad the job market is, there is something out there.
I have just graduated college. I have been out of my parents house since I left college. I found a job, worked through college, graduated in 4 1/2 years, and still don't have an "actual job" but realizing that having two part time jobs is the ticket to being able to stay out of my parents house. I know personally I'd die if i have to live with my parents. I honestly, think it's a matter of how much are you willing to do to be on your own. It's hard, but oh so much better. There are jobs out there, and you might have to settle for a minimum wage job like I have. I mean it's not forever, it just for now, the good thing is the economy will go up one day and then you can find an actual real life job.
I'm actually living at home with my parents right now. I graduated in 2009, and am taking a year off while applying to medical school. My plan was to get a job and an apartment while I was making some money for school. Well, the economy here sucks! Like everywhere, I suppose. I have yet to be able to find a job, I've applied to everything I qualify for in a 50 mile radius, and have only been offered three interviews....no jobs yet. I just signed up with the state's civil service, which will be nice when they finish checking my background!
@superfly1904@xanga - Congratulations on being so independent right out of college!
@der_lila_Stern@xanga - Yeah, but I think the -need- to get out of your parents house sort of depends on where your parents live. My dad lives right near DC, so I don't mind spending the summers at home since there's a lot going on.
That being said, I'll probably never go back since I have a place in NYC now, haha.
@enterthelabyrinth@xanga - Well it's sounds like you made a responsible choice under the circumstances. Have your parents been driving you crazy? (Or vice versa?)
@sarah - being at home during the summer when you arent in school is not the same as living with your parents.
I live with my parents and I hate it. But I just think of all the money I'm saving (I'm graduating from a 4 year university loan-free) and it's worth it to me. I do believe that the kid should pay something or they will never leave the house.
@sarah - Kind of. I never enjoyed living at home because my mother does not particularly like my company. Leaving was the best thing that ever happened to my sanity....But having to save up for medical school, my dad convinced me to live at home, rent free so I could earn some money to be put back. It was really hard (and still is) trying to live under someone else's rules when I have been living alone, in my own apartment for two years. The fact I can't come in at three in the morning without waking them up or the fact if my boyfriend comes over he has to leave by eleven is hard to deal with after having him spend nights and being up all hours of the morning studying and making Sheetz runs for coffee!
But I am thankful that for now, my parents are trying to take care of me while I work towards the goal of medical school.
You know what. My boyfriend and I live with his parents. Its nice, we don't pay for anything. But I feel guilty and I think we should. It's just our working schedule is ridiculous and we never know when we will have money. Maybe I should show this to my boyfriend so he can talk to his parents. I don't want us to make a huge commitment for paying bills, but maybe even one that states we give his parents money every month and then if we can't afford it, we write down why, and then they can either accept or decline. Look at me...coming up with good ideas already. I definitely think we should do more chores - it's something I'm working on keeping up with and making him keep up with too. The problem there is that his other 3 siblings don't do SHIT and the house is just....ugh. I wish his parents would set up a chore schedule for all 5 of us and make every one of us do them before we get privileges. Fat chance that will happen.
I already pay for my own bills, sometimes even my parents are borrowing money from me -__- I will probably move out as soon as I get a real job.
I live with my parents, but have given them most of my savings and continue to do chores -- like cooking and cleaning. Over the years (I stayed home for college, now I'm in grad school), I have slightly adjusted their view on things like a curfew (I dormed one semester last year), and what I can/can't do alone. Even though it's hard because they sometimes still treat me like a child, I am increasingly self-sufficient and they recognize that. It takes time, and gentle but assertive insistence on my part. Without my parents support, I'd probably be a beggar now. And this is coming from a girl who graduated near the top of her college class!! It's not my resume that's lacking, either. It's just so hard to find a healthy, well-paying job with benefits!
I'm 19, and I live with my parents still. I graduated high school in '08 and I am saving up the money to move in with my girlfriend at the end of January. I do pay rent, and I have since I turned 18 (NOT since I graduated; there was about a month overlap). I think it's only fair.