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Financial experts give tips on how parents can help young adults save hard
- PERSONAL FINANCE
Financial experts give tips on how parents can help young adults save hard-earned money
ByMichelle Charlesworth
Thursday, August 20, 2026
Michelle Charlesworth gives young adults tips for saving while living at home.
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.
Also, you need at least three month’s salary saved as a safety net.
“I would recommend having two to three months of your bare-bones living expenses shored up, tucked away so lets say that’s another $6,000 or $7,000, and you’re looking at, collectively, $10,000 to $15,000 to feel comfortable enough to go out there,” Torabi said.
Failing to plan is planning to fail.
And it can be done! Eyewitness News talked to a 26-year-old in Montclair who has a full-time job and eight side jobs.
“I’m a full-time artist, comedian, actress, singer, and on top of that to supplement rent, I do bartending, serving, I teach Sunday school, a run youth program, and help out at elementary schools,” Sierra Joy said.
Joy also watches dogs and has three guy roommates and pays $1,100 in rent.
Here’s advice to parents with 20-somethings-maybe consider this.
You can watch Michelle Charlesworth’s full report in the media player above, which includes advice for parents with 20-something-year-old children.
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