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A 2 point plan to escape your parents' basement

A 2 point plan to escape your parents' basement

Posted on: March 12, 2015
Author: Staff
There are cost benefits to living with your parents, but wouldn’t it be awesome if your social life was not dinner table conversation? The key is to remember that your parents ultimately want the same things you do—for you to be successful and financially independent. Here’s how you turn that common goal into an escape plan.

 

  1. Set a goal.

    The best way to show you’re serious about your financial independence is to commit to a savings goal—whether that’s $800 for an apartment damage deposit, $4K for tuition, $2K for car insurance, or a bigger goal like a down payment on a home. Show them you know what you want and have a plan to get there.

  2. Ask for a savings match.

    Explain the reality to your parents that while you are committed to your savings goal, the difference between the amount of money coming in and the amount going out means it will take a while to get there. If they are willing to match your savings you can reach your goal in half the time.

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