How can we save for a house and pay off debt while living with parents?

D

darknomads

New Member
My partner and I decided to move in with my parents, and they’ve been kind enough to welcome us openly. With our rent increasing and living expenses becooming too costly, we felt it was no longer sustainable. As a couple, we’re debt-free, but personally, I have $37,500 in debt—$15,000 from student loans and the rest from credit card mistakes. Our plan is to stay with my parents for up to three years. I earn $3,600 a month, while my husband makes $2,500 monthly. He’s paid weekly, and I’m paid semi-monthly. We own our cars outright and don’t have children. I’m curious how we should approach the first few months. I’m grateful my parents don’t expect rent or utility contributions. Our main goals are to save as much as possible for starting a family and buying a house, while also paying off my debts quickly. I’d appreciate any guidance in the comments!
 
Live below your means to afford a house and kids. Cut all non essential expenses. Focus solely on paying off debt. Put every extra dollar toward debt. Once debt is gone, start saving for a house down payment.
 
Here's a thought: figure out how much you're saving by moving in with them like, rent, utilities, internet, the whole shebang. Then, take that total and split it into three parts. Throw 60% at your debts, 30% into a savings stash (which can grow once those debts start disappearing), and keep 10% as wiggle room for when life decides to throw you a curveball. Trust me, having a little cash on hand for stress eating pizza or a much neded video game break can be a lifesaver!
 
Based on the limited information you've given, it seems like you could potentially live on your husband's salary for monthly payments, gas, groceries, etc., and use yours for debt payment and savings. A rough calculation suggests that putting $3,000 a month toward your debt could pay it off by June 2026 (or sooner wtih lower interest rates), with $9,000 saved in the process. Once the debt is paid off, you could direct your entire check toward savings, potentially adding $32,000 by the end of 2026. Have you considered any other strategies or would you like to explore more options?
 
I wonder if, even though your parents mentioned you don’t need to pay anything, their water and electricity bills might go up a bit with you there. It might be worth considering helping them with those expenses. After all, raising someone for 18 years comes with its own set of costs, and I can’t help but think that not contributing at least a little might leave me feeling a bit guilty.
 
I’ve found that giving a portion of what I have, even when it’s har d, opens doors for more blessings. If you’re able, consider giving 10% to your parents to help with things like food, hydro, or taxes. If they’re hesitant to accept, maybe you could give it to a church or another cause that feels right. I’ve also learned to ask God for ideas on how to increase my income so that one day I can bless my parents even more abundantly.
 
My husband and I have done the same, and it's been a big help. We cover rent and utilities to support my mom. With a baby on the way, we thought about moving but decided to stay. It's a sacrifice, but it will pay off when we buy a house in a couple of years.
 
You could pay off your debt in a year.
I’d give your parents some money to help with their increased expenses.
Start adding to your savings again.
 
Let me be clear: a budget has been a game changer for us. With a combined take home income of $6,100, you and your partner are in a fantastic position. Living at home is a significant advantage don’t underestimate that.

Here’s the bottom line: your credit card debt must be paid off as soon as possible.?As for the student loan, the approach depends on where you live. In Canada, student loans come with zero interest it’s essentially free money, so I wouldn’t recommend paying it off aggressively; just stick to the minimum payments. In the U.S., there’s been talk of $10K student debt forgiveness, but don’t count on that happening within the next four years.

Lastly, don’t forget to show your parents some appreciation. Whether it’s cooking dinner or doing something thoughtful, it’s important to give back. Life is about balance, and giving doesn’t always have to involve money.
 
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