When we are young everyone expects us to not have any money and to chose the cheaper options out there. Eventhough you might be tempted to spend more money, it’s better for your future to keep it lower. In most situations it’s not advised to listen to others on your spending. At a younger age everyone tells you to spend less and to save your money. This is one of those situations where it pays off to listen to them.
As a young adult consider staying with your parents for a couple more years. Yes it looks very interesting to have your own house and to have all the freedom you would want. However if you are able to stomach it enjoy being around your parents for a while longer. Everyone knows it financially a blessing to maintain with your parents. But nearly no one realises the huge impact of it untill they get to live on their own. Their is not only the cost of the rent or your mortgage. There are also the general costs of living like electricity, gas, water, entertainment and so on. Not to mention even all the unexpected costs that can arrive.
Real happiness is cheap enough, yet how dearly we pay for its counterfeit. – Hosea Ballou
Home sweet home. Sharing a roof with your parents allow you to live extremely frugally. You can contribute a small portion to the family expenses. But the biggest thing is the standard cost for the essentials. Every house is connected to the grid and has basic accomodations. However despite a possible minimalistic use of them you have costs that you can’t go around. Even without any water use you still have to pay a bill. (in most countries)
Maintaining your current lifestyle also allows you to take more risk from time to time. You can go ahead and move to a different job when your costs aren’t so high yet. You can even attempt to go and put some money into investments. Yes, you can lose a lot of money this way, but there is also a potential nice profit. Only invest the money you are willing to lose and this amount will be higher when you are living with your parents. This allows you to become even more financially independant later in life.