You’re done with school. Where do you go now?
I was chatting with my cousin yesterday about living options. He’s finishing his program in December and for the first time in his life has no reason to stay in the college town. He’s not sure what to do next. We went over all of the options and at the end of the conversation I felt that I had a good article that I could write out of it all. Yes, personal finance bloggers are weirdos like that!
Let’s look at your options for where you can live after you’re done with your studies. I’m going to highlight the good and the bad for each option.
Move back home.
You can swallow your pride and move back home. You can go back to your old room with your parents, assuming that this option is even still available. Your room might now by a billiard hang out for your dad and his buddies.
The main benefit is that you can save money. If you have student debt or any credit card debt, you can pay it off much faster by paying ZERO for rent. Just saying! Your love life would take a hit, but you would save more money. How badly do you want to save money?
The biggest setback here is that it might be very difficult for you to become adjusted with life back at home. You can’t make noise late at night. You can’t come home whenever you want. You have to answer to your parents. For most 24 year olds that’s just too much stress to deal with.
The trade-off can be very tough here depending on your personality.
Find some friends to share a place.
Do you have any buddies eager to move out? You guys can grab a place together. You can rent a slick pad close to the entertainment district and live well.
This is a sweet option because the party never ends. You guys can live it up and continue having fun. Who has time to go back home? You guys will have a blast with this option.
The obvious downfall from a personal finance point of view here is the money spent. You have to spend money on rent, utilities, and your own food. You’re also going to be tempted to go out more often and spend money. How many bachelors actually prepare their own food?
You can search online for jobs in different parts of the country so that you can setup base somewhere else.
This is a phenomenal alternative because you get to start off fresh again. You can move somewhere and be a new person. You can start a new routine and create a whole new social circle.
The flaw with this is the expensive moving costs. It’s not cheap to move across the country. Startup will be pretty expensive.
The other setback is possible loneliness. Now you’re going to be away from your family and friends. You might miss them more than you think.
Where did you move to after college? Did I miss any options?