This post was written in collaboration with MyJar
More and more people in their late 20s and early 30s are still living at home with their parents. It’s a growing trend to fly the nest and go off to university, only to return a few years later due to financial reasons.
There is nothing wrong with being a close family and if you’re short of other options, staying at home can give you the breathing space to save up.
However, it’s not an option that appeals to everyone, especially to parents!.
Untying the family apron strings
The ‘bank of mum and dad’ has been growing in importance for a number of years. The opportunities presented to the Baby Boomer generation saw ample employment opportunities and affordable properties – things that are no longer available to many of their children. So it makes sense that they should pass on the good fortune.
While being free from reliance on your parents, standing on your own two feet and being financially independent is not always easy, in the long-run it might stand you in very good stead.
For some people, getting another loan at favourable rates from their folks just isn’t an option. While it is great to know you have someone to fall back on when times get tough or obstacles appear, if you don’t have that safety net it can be worrying.
This is where short-term cash advances from MYJAR come in. If you can’t or don’t want to borrow from family, having the option to get small loans until payday might be a solution for you.
MYJAR specialise in short-term cash advances at reasonable rates. Borrow £100 and pay £120 back 18 days later at a representative APR rate of 3943%. It’s easy to register and once approved, getting your loan couldn’t be simpler. Returning customers can even get up to £500 to cover themselves until payday.
Separating family and finance
The bank of mum and dad can be a great option for some. However, if you want to keep finance and family separate (often a very good idea) or if you want to make it on your own, then having a fall back option like a MYJAR loan is a very good idea.
Whether it’s for a family emergency, a repair or a purchase at the end of the month, you can borrow the small sums you need without the nagging phone calls from mum and dad about whether you’re eating well enough!
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Emma @ Make Money Without a Job says
True financial independence is really important for all, saving especially.
Pauline, this post made me think. For sometime now, I’ve been concerned about the fact that our children (I am slightly behind the Baby Boomers generation) don’t have the same opportunities we had. I am convinced that we, your parents, have to do all in our power to help you start well in life. Haven’t figured yet how this is going to work out in our case but am thinking about it.