Many College Students Moving Back Home This Spring

(EstateNewsWire.com, April 13, 2013 ) North London, UK -- There are many college graduates who will not be scrolling through Craigslist ads and social media sites to find new roommates for the spring, as many simply will be returning home.

While the economy is on an upturn from its plummet starting in 2008, the job market is still tight as ever, and many areas are still not going to see growth to handle the influx of graduates who are prepared to work, but lack necessary experience. Thus, many will be opting to move back home in the spring comes to a close. Simply put, many have little option other than finding their way back home.

Financial experts are now stating that young adults can utilize their return home as an opportunity to focus on the payment of debt as well as savings plan execution.

"Because you're not paying rent [or are paying low rent to your parents], it's a chance to make sure you quickly get on the right financial foot," says Alexa von Tobel, founder of LearnVest.com, an online provider of financial-planning services and education for young adults

The first thing that has to be done is, of course, the dreaded conversation about expectations and overall plan. Financially or otherwise, it is important to have a plan, says Meg Jay, who is a psychologist out of Charlottesville, Virginia, and author of “The Defining Decade: Why Your Twenties Matter, and How to Make the Most of Them.” There needs to be an agreement on bills paid, how to handle the debt accrued from schooling, and how much ought to be set aside for savings. Having a timetable for moving out is also important as well, says Jay.

All of the planning allows for one to feel in control and gives the parents an understanding of the independence of their child, who is in the fledgling years of adulthood. It also does a magnificent job of lessening any tension that can come from either side regarding the moving back in.

When it comes to deciding such numbers as bills and savings, the employment situation is, of course, key. Figuring out how to find employment that can pay for all necessary items such as bills, while also affording more common-place luxuries like mobile phones is all up to the employment scenario of the child.

John Schuller came back from Illinois State University in December in order to save money following his graduation. He began working at a Chicago immigration firm a few months later and pays expenses that include membership at a gym, as well as registration and insurance on his motorcycle. He will soon begin to make student-loan payments once his grace period finishes.

Schuller, who is now 22, states he puts gas in the family car and fixes household appliances when on the fritz in order to help pay for his portion of living at home. He also is known to pick up a tab or two when the family eats out.

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