Are you working hard and saving for your first home? Then we hope you get on great with the parents! The real benefits of living with Mum and Dad have been revealed, and it turns out the amount of dollars you can save is a whopping $24,300 per year. If you’re serious about saving, then you’ll want to read on.
The dollars (and benefits) have been broken down for the first time by Finder, and show that parents are finding ways to help their kids save their deposits, rather than actually paying it for them.
The data shows that adult kids, in a year, can save as much as:
$6,344 on food
$2,358 on utilities
$380 on fuel, and
$15,000 on rent.
All this is possible of course, provided you knuckle down and make a few sacrifices (let’s not revisit the smashed avo on toast debate).
But it’s not all about you. Parents are lessening the financial burden of having their adult kids at home, by charging board and splitting bills.
So, if you want the Mum and Dad Hotel to continue, we suggest you not only help with expenses, but also contribute your time and effort to the arrangement, such as:
Wash the dishes
Cook dinner a few times a week
Do your own washing (and offer to do Mum’s as well)
Walk the dog
Clean the house, or
Mow the lawn.
Yep, this is the stuff that parents of adult kids want help with. They don’t want to derail your savings plan (let’s face it, doing so will only result in you staying longer). Rather, they just want some contribution to the bills, and to the daily workload. In other words, they want a mutually beneficial arrangement.
Everyone’s a winner. Makes sense to us. Check out more great tips from Finder on how to save for a house deposit.
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