Millenials moving home
Wednesday 19 June 2019
Hey Millennials, this one’s for you – Moving back home to save for a deposit
We hear it time and time again: “It’s just too hard to get into the property market”, and a great solution for many young Aussies is to head back to the family home with the goal to save for a deposit. This might be a frightening idea for some after enjoying the freedom of living on your own but for those who are serious about saving, living with your parents again just might be your only viable option.
Although you spent your first 18 or so years of life under the same roof as your parents, going back after a taste of independence is always going to be rough, especially if you are coming back with a partner and maybe even a child. Family dynamics are a tricky maze to navigate and now that you’re an adult (who can do as you damn well please!), being conscious of living with others is a tough pill to swallow, especially if your mum can’t help but treat you like her baby (because of course you are and always will be), get ready for the Spanish inquisition every time you leave the house, come home or pick up a call.
The ultimate solution to minimizing the stress, still saving all the dollars you possibly can and keeping family relationships alive and well is dual occupancy living! A granny flat or separate section of the home with its own entrance, kitchen and living area will mean you can keep your independence, hit your financial goals and still be the favourite child 😉
It might be worth you setting up a meeting between your family and the We Develop team to run through the possibility of your family home being developed into a dual occupancy residence for $0. With the whole family on board and everybody getting a slice of the dual occ pie, it will most certainly be a win win win situation.
Top Tips for saving $ while living at home:
Stay in – This might seem obvious, but when we are used to having too much month at the end of the money and then suddenly having left over funds before the next pay day, it’s all too easy to book a weekend away or treat yourself to those Tod’s shoes that you have been eyeing off for months! Step away! Put that extra cash into a savings or term deposit account where it’s impossible to touch.
Mark your move out date in the calendar – whether you set a time frame for saving or a specific dollar amount you want to achieve, make sure everyone knows so they can support you to hit your target, write it on the bathroom mirror, make a dream board, scream it from the rooftops and then think about it every time you make a financial decision so you know you are staying on track.
Get a side hustle – If you want to get out the house, socialise and NOT spend cash then maybe a bar tender job on the weekends or taking on a few hours a week at your fave local café would help put some extra dollars in your account and keep you busy.
Leave us a few details and we will be in touch shortly to discuss how we could best help you.