RESOLVING THE LEDGER
This is one outlet's own report from ABC7 New York — the article as it was filed. Other outlets are covering the same event; open the full story to compare every source side by side.
See the full story · 1 sourcesPERSONAL FINANCE Financial experts give tips on how parents can help young adults save hard-earned money By Michelle Charlesworth Thursday, August 20, 2026 9:39PM 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.
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.
AIPROPX is an independent multi-source news index — we track, compare, and connect coverage from across the web into one place you won't find anywhere else.