Financial experts give tips on how parents can help young adults save hard-earned money
Financial experts suggest that young adults should prioritize saving for future rent and building a safety net of three months' worth of living expenses. The report highlights the importance of strategic financial planning for those in their 20s living at home.
Why it matters
Provides actionable financial advice for young adults navigating the high cost of living and economic independence.
MONTCLAIR, New Jersey (WABC) -- Some of the financial decisions you make in your 20s will probably be questionable, while others are smart, but you need a successful plan in saving and maximizing your hard-earned cash.
"There is no shame in bringing home a hard work paycheck," Personal Finance Expert Farnoosh Torabi said.
Torabi said living at home could be a smart or terrible move. She says, make it smart. Work the numbers backward. Plan on $2,000 a month in future rent after you move out with a roommate paying the same.
"So $2,000 a month, you don't have to have all the months saved up but you want at least the first month and a safety deposit which is usually a month and a half so that's $4,000 to $5,000 right there, just to have a place... of course you need a job too," Torabi said.
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