Each situation is personal to the person living it. However, if you are asking yourself “at what age should your parents stop supporting you?” I think its time to take a deeper dive.
Lets be real. It would be awesome to just stay at home for as long as they’d let you to live the easy life. No rent. Certainly some home cooked meals. It sounds pretty nice. Unfortunately, you probably look like this
It would be pretty easy to stay at home as long as possible wouldn’t it? Its time to look at yourself in the mirror. Do you think that’s the right decision for you? Deep down do you think you can do better?
In this post we’ll dive a bit deeper into some various situations and age ranges to get a better answer to these questions. However, in the end, this is something you probably already have an answer to.
The bottom line is that you’ll know if its time to move out. If its still a bit hazy then lets dive right in.
Age ranges to consider
I like to say that personal finance is more personal than finance. Therefore, each situation is different. However, I do think it’s possible to paint some broad brushstrokes. Let’s take a look at some age ranges to get a feel on when it’s most appropriate to move out of the house.
You are growing up and are still, technically, a child. Now is not the time to move out. I am empathetic for anyone that has to grow up too fast and live on their own during this period of life. However, if you have the option to continue living at home, I’d recommend it.
The earning ability of someone without a high school degree is limited and it would be a hard road to start living on your own at this stage of life.
If you are in this age range you should be in one of three camps.
Camp #1 is that you are in college or getting some type of education after high school. If/when you graduate you either have a job or are looking for one. If you are in this camp whether you live at home is a personal decision.
The safe route here would be to live at home until you have a job and have a bit saved away so you can get your own place with some cash in the bank.
Camp #2 is that you elected to not get any education after school and are putting in the work to save up money to get your financial life started on the right foot. If this is you, nice work. Taking this path isn’t easy but is definitely doable.
Keep living at home as long as you are being productive, working towards your goals and your parents are ok with it.
Camp #3 is filled with people that either have a job or have the ability to get one. On top of that, they aren’t chasing any dream or ambition. They simply are just enjoying the easy life.
If you are in this camp its time to pick yourself up off the couch, look yourself in the mirror, and put together a plan to move out. If you aren’t taking advantage of the golden opportunity you’ve been handed you might as well just move out.
If you are 25 or older and don’t have some extenuating circumstance your parents should not be supporting you. You should be on your own being an adult.
At this time of life you’ve been out of college for a few years and have your feet underneath you. Its time to bite the bullet and move out. I can just about guarantee this is what your parents are thinking
Special Circumstances to consider
The only special circumstance I can think of where you may want to live at home a little longer than you could is if you are chasing a big dream. Maybe you want to pay off all your debt, save up for something big, or are starting your own business.
There are two requirements here. The first requirement is that you are actually hustling. You aren’t laying on the couch watching tv. I’m talking about the hustle where you are working longer and scrimping and saving to go after your dream. The other requirement is that your parents support you in your mission. They aren’t letting you live there because they feel obligated or guilty.
Mooching off your parents because you are too lazy. This just isn’t going to fly. You have no excuse at this stage and, if your parents won’t do it, you need to take the initiative and go out on your own. It certainly won’t be easy for you but it’s a necessary step in your growth.
At what age should your parents stop supporting you
We’ve discussed several different scenarios, walked through different stages of live and what just isn’t going to work. Here are three boxes that, if all are checked, you definitely need to move out. Not only for your parents sake but for yours as well.
- You have a full time job
- You could live on your own but choose not too
- You aren’t saving up money for some specific reason
Its time to make a call
Now that we’ve dug deeper into a few different areas it’s time to make a call. Do you think you should move out? If you think you should, are you able to?
Regardless of where you are at, it is time to start planning now. Even if moving out of your parents is a few years into the future, start putting money away, getting a game plan together so you can start off in the real world on the right foot.