Attention Millennials! Surviving the Boomerang Effect: 101
Whatever the reason for the “boomerang” trend, millennials have to be prepared for at least some time back in the home nest before we are financially secure to spread our wings and fly on our own.
You just graduated. You are looking back (perhaps a little hazily) on the past several years with nostalgia as you realize that the days of waking up in the late afternoon and football tailgates are now in your rearview. Real life has begun.
As reality sets in, you start to realize the freedom from the clutches of parental control you have enjoyed for several years as an undergrad and away from home has been pulled from beneath you. Recent grads are walking into a completely different situation as they leave their campuses for the last time with graduation tassels securely on the left side of their caps – back home; to their parents chagrin.
As a child of a boomer and recent college graduate, I have noticed that my peers have received a slightly bad rap in the media, being described as “perma-children” who are looking for a free ride and do not contribute to the household. While admittedly there are those out there who never plan on moving out, there is another entire group of us who wish to move out as quickly as possible. We just can’t. The current climate – growing student debt and an underwhelming market for entry level jobs in positions related to their degree – has made the “boomerang” trend of the children of baby boomers coming back home after graduation a norm.
So, if it is inevitable that my generation will be moving back home after college, how can we lose that “entitled” stigma and coexist with those who raised us until we are ready to venture out on our own?
Tip #1: Save
Living at home can offer many advantages, but the one that is most important for millennials who are looking to move out quickly is the ability to save as much money as possible. For those who are fortunate enough to find immediate work, get a grasp on your finances by budgeting in order to have an idea when you will be able to live independently. This will set you up for success on your road to independence and indicate your intention to start life on your own.
Tip #2: Have an Exit Strategy
One of the biggest stresses for recent grads is adjusting back to living home after several years of becoming used to a certain lifestyle. Alleviate some of that stress by creating a plan based on your budget to set a goal when leaving would be feasible. This is great opportunity to explore whether buying or renting your first place would be best.
Tip #3: Do Your Share
Whether it is completing the list of chores your mother has kindly (and frequently) asked you to get done, or contributing financially as much as possible after careful budgeting, it will show a growing maturity and someone who understands that they are no longer dependent on their parents for everything.
Whatever the reason for the “boomerang” trend, millennials such as myself have to be prepared for at least some time back in the home nest before we are financially secure to spread our wings and fly on our own.
Header images via All That Bara and The Daily Touch.
dank nugsApril 16, 2015
True as or average day lives