DEAR HARRIETTE: I just learned that my job is not going to go back to being in the office until at least mid-2021. I have been living at home with my parents for months now. While I don’t want to keep living with them, I think I should give up my expensive apartment and find something much more affordable. One of my friends just moved back to her hometown and got a nice, affordable apartment. I’m thinking of doing that. I know that it might be hard getting a new place sometime next year, but I think I would be smart to save some money. Do you think this is a good idea? -- Moving and Saving
DEAR MOVING AND SAVING: You are part of a growing trend right now of people reassessing their living circumstances and finances in the face of the coronavirus. You should assess a few things: 1. Do you think you will be able to keep your job? 2. Will you have to work in the same town as your job whenever the physical office reopens? 3. What is the going rate for apartments in the vicinity of your job? 4. Can you live in a more affordable community and manage the job commute when you have to go back? 5. How long can you and your parents feel comfortable with you staying at home and saving money?
After analyzing those points, strategize on your next steps. A move that isn’t too far from your place of work -- meaning within 1 1/2 hours -- could be a great way to save money and still be viable to continue on the job for the long haul.