Living with your parents after marriage is probably one of the best ways to help you save money. 

You’re finally married and ready to start your life as a husband or wife. But let’s face it. Living with your spouse is expensive, and the cost can add up fast.

Even if you have a stable job, your entry-level salary and lack of savings might make it challenging. 

Live with Parents After Marriage to Save Money?

One solution is to move back in with your parents. It might not seem attractive to newlywed couples eager for independence, but living with your parents can be one of the most cost-saving decisions you can make at this point in your life.

This article looks at how you can save money by living with your parents and how much money you can save. 

Living with Parents After Marriage to Save Money

Should I live with my parents to save money?

Well, it’s not wrong to live with your parents to save money. You’re not alone. Forty percent of young adults in the US have lived in multigenerational households. 

One of the most significant benefits of living with your parents is saving more money. You will save on renovations, utility bills, rent, shared grocery bills, etc. 

But of course, you must provide for the household expenditures. Fortunately, you don’t need to spend as much as you would if you were by yourself or your spouse. 

If your spouse is out of a job and struggling to pay debts or if you’re experiencing financial difficulties, living with your parents could be the solution. You can think of it as a stopgap agreement until you get back on your feet. 

How can I save money living with my parents?

If you want to save more money, it can help if you take a wide-angle look at your family finances and assess your spending habits up close. 

Adopting more frugal practices and looking for ways to cut back on your most substantial expenses means you have extra money to save. 

  1. Create a family budget together.

Saving money does not mean you end up more in your savings and checking account. It also offers you a chance to teach your children crucial personal finance lessons. 

One way to help establish financial literacy is to make budgeting a family affair. 

Sit down as a family and talk about your savings, income, and expenses each month. You can also talk about credit and debit cards used at the meeting. 

  1. Cut your grocery bill.

A 2021 survey found that the average family of four with two kids under five years old spends at least $599 to $1,169 per month on food at home.

Families with two kids between the ages of six and eleven spend between $687.40 and $1,370.10 per month.

Depending on how much you spend at the grocery store every month, there might be room for savings. A few ways you can cut your spending on food are:

  • Create a shopping list
  • Read sales flyers
  • Use a cash-back app 
  • Stop going to the grocery when stressed or hungry
  • Start a meal plan 
  1. Cut back on subscriptions.

Audible, Spotify, HBO, Disney+, and Netflix: it’s easy to let the number of subscriptions your family has multiply.

One or two of such services won’t break the bank, but the costs begin to add up as you add more.

  1. Save on celebrations and parties.

Planning for gifts helps set a budget to prevent overspending on holiday-related events, decorations, and party expenses.

You can always opt on the DIY route for decorating to trim costs and give your family’s holiday décor a more personal touch. 

  1. Go thrifting.

There are many things that there’s little need to purchase anything brand new.

That is good news for your family budget, as purchases at secondhand and thrift stores are more likely to cost less than new merchandise. 

To save money on kids’ shoes and clothing, purchasing secondhand makes sense.

It is likely your 3-year-old will outgrow an expensive pair of sneakers before the second wear. So, why pay the total price? 

How much can you save while living with your parents?

It will help if you consider these factors to determine how much you can save by living at home with your parents: 

  • Your commitment
  • Your living arrangements
  • Your income and expenses 

Keep in mind that there are many variables for you to answer the question of how much you could save when you live with your parents.

Here are some of the frameworks that will enable you to compute your estimate. 

Your commitment 

That is the one you should control. It’s probably the one you like the least because it is all about self-denial, self-discipline, and sacrifice. 

You need to forge most of life’s small and big pleasures to maximize your savings. You no longer can buy things on impulse or treat yourself on a whim.

You will need to follow the plan below:

  • Evaluate your present spending habits
  • Determine where you can cut back
  • Remove wasteful spending
  • Monitor your outgoings
  • Set goals for your savings
  • Track your progress over the milestones you set yourself
  • Make a feedback loop that allows you to adjust your goals based on reality 

Your arrangement

You can total the amount you pay to your parents every month to your fixed outgoings or tally.

Most parents ask for nothing—not even a contribution to the food bill—but there are times that you might need to pay your total share toward housing and living expenses. 

The reason does not matter at all. The total you pay your parents is a fixed outgoing, which suggests it will influence your debt-reduction and savings targets. 

Your income and outgoings

A married couple with a higher income can save more. But that’s not always the case.

The difference between your income and fixed outgoings identifies your capability to save. 

For instance, fixed payments are outgoings that minimize your leftover amount for savings. 

Are you paying out enormous sums every month on student loans, auto loans, a personal loan, or minimum payments on store? Then your progress will be slower. 

It may help if you suspend your savings goals and take time out to pay down debts. It will not just increase your capability to save more for later, but it will enhance your finances. 

How much money should a married couple have saved?

Most average couples get married at the age of 27 to 29. At this period, how much should couples have saved? 

Generally, it’s better to have at least the equivalent of your annual salary. For instance, let’s say you earn $60,000 every year. In that case, you should strive to put away $60,000. 

But keep in mind that this figure should include cash savings, matching funds from your work, retirement account contributions, or any savings you’ve invested elsewhere. 

That’s a good rule to follow, but everybody’s situation will differ. Still, before you plan on getting married, it will help if you open up about how you wish to spend on your wedding and whether you’d like to purchase a home immediately. 

You may determine how much more you wish to save based on those expenses. You’d also like to discuss how you’ll combine your finances with your partner.

Would you like to keep them separate or have a joint bank account? 

Most money conversations are, no doubt, not fun or simple. Nonetheless, they are integral.

In the end, discussions about finances are the leading predictor of divorce in many countries. 

Meanwhile, are you trying to save earlier or later than an average couple? Then your saving goals will look different.

Here is our short guide for how much you must have saved at different ages: 

  • By age 45 – Save four times your annual salary
  • By age 40 – Save three times your annual salary
  • By age 35 – Save twice your annual salary
  • In your 20s – Save 20% of your entire gross pay  

Q: Do you save money if married?

Yes. Because of the financial and legal ties that marriage creates, monetary honesty and openness in the relationship are more crucial than ever. 

Financial planning before marriage may help surface and solve some of the concerns that could start disagreements in the first place.

Planning and financial literacy are needed for most couples, not only those with substantial assets or income. 

Q:  How can I save money after getting married?

There are many ways you can save money after marriage. Weigh all your options and determine which method works best for you. 

You may want to consider opening a joint account, connecting your funds, or continuing with separate accounts.

It will be a personal decision, so consider the options and choose which works for your lifestyle. Here are some tips for you to consider:

  • Say goodbye to debt
  • Cut down on your grocery budget
  • Cancel memberships and automatic subscriptions
  • Cut ties with cable
  • Spend extra or unexpected income smartly 
  • Minimize energy costs
  • Check your insurance rates
  • Eat at home 

Q: Should I pay bills and rent when living with my parents after being married?

No matter where you live, you must do your part to support the system by paying bills, doing chores, or contributing. 

Married couples who do not have goals and do not contribute to the household do a disservice to the family who support them. Also, they can drain their parent’s bank accounts or postpone their retirement. 

Final Words

Are you still not confident about where to begin when saving money and becoming a frugal family? Don’t be afraid to take baby steps. 

Begin with one money-saving tip and do that for the full money. When you get familiar with it, add another money-saving technique.

Keep going until you have incorporated all the tips that work for you. 

To encourage and inspire yourself, consider how you can use the money you save with your partner.

Maybe you can pay off debts, save up a down payment for a home, start saving for your child’s education, or improve your family’s financial stability.

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