Transcript for Career expert shares tips for millennials who moved back home to save money
But now we have our series "Ready to relaunch." With so many young adults moving back in with their parents to save money during the pandemic we're bringing expert tips to those whose professional have been put on hold and Rebecca is back with that. Good morning again, Rebecca. Reporter: Hey, robin. That's right. And as we know, millions of Americans have had to adjust and re-examine their lifestyles as a result of the pandemic and nearly 27 million young adults have now moved back in with their families and their parents. That is the highest since the great depression, but we're here with some tips to help you get you and your family back in the game. As a writer foreen vogue," John spent his days traveling as a fashion er. With remote flexibility, he decided to relocate and found a dream apartment, but then, everything changed. We had shut down because of the pandemic. A lot of my work was, you know, cut and there were a lot of budget cuts so it was a difficult time. Reporter: Rather than moving into his own place he decided to move back in with his parents. It's a growing trend among millenials and gen Z. 52% of young Adu resided with one or both of their parents in July, up from 47% in February, higher than any previous measure in history. I wasn't expecting to be with my parents for that long. It was only supposed to be for two or three months and changed overnight. It's been eight plus months now. Reporter: Finally jean-luca started preparing to move out. One of his major considerations in taking the plunge, budget. Patrice Washington says, that's an important consideration before moving out. You want to make sure that before you venture back out there, you're doing it with a clean slate, as much savings as you possibly can have but absolutely the minimum amount of debt, because if not, all we're create something a revolving door where the minute something happens, you pack it on up and come back home. Reporter: So how could you avoid that revolving door? Tip one, aim for ten months of savings. Savings is a muscle that we all have to build and so if you have to start at $20 a week, don't laugh at that. Create small milestone goals. Reporter: Tip two, don't rush it. For many, it could take at least 12 months to just make sure that you have adequate savings, that you pay down debt and that you are truly prepared to go back out into the world. Reporter: And tip three, create a realistic budget. Look at all the line items of things you owe right now but also what you want to be paying for in the future, such as a new apartment or home then make sure you start saving for that today. Reporter: And three apps to help you do just that, mint, good budget and true bill, robin. Those are three good ones. Okay, Rebecca, thank you. Have a great day.
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