Interrupter CheckmarkInterrupter IconFacebookGoogle PlusInstagramGroupRamsey SolutionsTwitterYouTubeExpand MenuStoreCloseSearchExpand MenuBackStoreSign in

Ask Dave

Moving in With Mom

Ann and her husband are considering moving in with Ann's mother-in-law in order to pay off their debts more quickly. Is it a good idea?

QUESTION: Ann in Tampa and her husband are on Baby Step 1 and have a 2-year-old. They’re considering moving in with Ann’s mother-in-law in order to pay off their debts more quickly. They make about $2,000 a month and they have $50,000 in debt, the majority of which is student loans. Is it a good idea?

ANSWER: That would be my last choice, just so that you guys could maintain your independence, your dignity and those kinds of things. But if you have to in order to get things moving, you can do that. You don’t need to talk about buying a house until you clean up the mess you’ve got. You need to rent something as cheaply as you can and clean up the mess.

If he can get his income moving, I would prefer that you guys maintain your own residence. I think it’s better for your marriage and it’s better for everything. But if you have to move out for a little while, then that is all right. But make it for a very limited time and a very specified time. I would make it for a maximum of one year and a minimum of six months.

Write that down with your mother-in-law. Then you guys get on a killer budget and knock out a bunch of debt and pile up a bunch of savings. Then get yourselves an inexpensive rental at the end of that time. By then your husband’s income should be stabilized and increased.

But don’t make this a permanent thing. I don’t want you to look up two or three or four years from now and still be there. That is not a good idea. Give yourself a self-imposed deadline and write a date down on an agreement that you are going to move.