Move back in with mom?
Here’s the deal:
Finished undergrad at out of state school in 2005 at age 21
Moved in with mom and started teaching in public school full-time.
Stayed with mom two years, paying her rent, also saved and bought new car cash.
Moved out in Feb 2008 to an apartment.
Started grad school part-time in summer 2008. Still teaching full-time. Student loans piling up. No credit card debt to date.
I’ve run the numbers and if I move back in with my mom (paying her rent) I can pay for grad school as I go and take out no new loans. I could also pay down the current 25K+ debt and be debt free in 3yrs. If I stay an extra two years after that, I could be debt free AND have a nice 30% down payment on a house. But by then I’ll be 31. I’m worried about the stigma of living at home for so long. I can afford my apt. I can afford my debt but if I stay put the house gets pushed back several more years and I’d have school loan payments well into my 40′s/50′s. What would you do?
If your student loans have low rates keep them. If your future degrees will increase your income the debt won’t feel so large in another decade.
Being your mom’s roommate is fine but you could find a person your own age to roommate with. If your mom needs the money you might move back to help her. As for the stigma tell them you are supporting your mother or living there to help her out or because she is lonely.
You might both cramp each other’s style so you need to talk about it. My little brother will be 60 tomorrow but mom lives with him and his wife because she is lonely living alone. Nobody thinks anything about it. Mom’s boyfriend stays with her for a week several times a year. She was told when invited she could have sleepovers.
Renting vs. buying a home (part 2)