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Living at home to save a deposit

by Leeds Building Society

Moving Back In With Parents

Many of us dream about owning our home but saving enough for a deposit when you’re paying rent and other living expenses can seem like an impossible task. One answer is to reclaim your childhood bedroom, grit your teeth and return to mum and dads. If you’re currently trying to decide whether or not to move home for a period of intense saving, give a little thought to these pros and cons.

The pros

You’ll save on rent - This is your primary motivation so talk to your parents about what 'board and lodgings' they’d expect from you. That way, you can calculate accurately how much you’ll save each month compared to renting a property.

Food and bills will be less expensive - Eating together and sharing utility bills always works out cheaper. However, it’s important that you ask your parents what contribution they’d expect in these areas.

Your incentive to save will be stronger - For most young people, returning home, even temporarily, will always be a sacrifice. Use that to strengthen your motivation to save and get a property of your own as quickly as possible.

There’ll be fewer temptations to spend - With no roommates to entice you into doing something and, potentially, a quieter community to live in, you’ll find it easier to resist unnecessary spending.

Your mum and dad may teach you budgeting tricks - You could use the time back at home to find out how your parents take care of their money and absorb any other words of wisdom mum and dad have to share.

The cons

You may feel like you’re going backwards - Moving back to the family home may make you feel your independence has been compromised but remember that it’s temporary. This could also be a chance to make your family relationships more rewarding than ever.

There could be practical challenges - Whether it’s trying to fit back in to your old room or an extra hour on your commute, there will be practical factors to consider whenever you move back home.

Your lifestyle may clash with your parents’ - Your late nights and their early mornings, your box sets and their documentaries… differences in lifestyle may make it challenging at first, but a few compromises can see you through.

Depending on your personal circumstances, moving home could be the ideal solution to navigating the current housing market, saving money on rent and securing the finances to make your first step on the property ladder. You should seriously give it some thought.

Ready to start saving for a deposit?

Budget with our Savings Calculator

This guide is intended as a summary only and does not constitute legal or financial advice given by Leeds Building Society. No reliance should be placed on this guide and you must make your own decisions, we recommend that you seek independent advice if you have any questions or queries.