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Hey, Millennials: It’s Time to Leave the Nest

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For the first time on record, living with parents is now the most common arrangement for people ages 18 to 34, an analysis of census data by the Pew Research Center has found.

To that point, about 33 percent of all millennials live with their parents, slightly more than the proportion who live with a spouse or partner. It's the first time that living at home has outpaced living with a spouse for this age group since such record-keeping began in 1880.

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When it comes to leaving home, millennials apparently need some extra help these days, says Rianka Dorsainvil, a millennial certified financial advisor who helps her millennial clients navigate through their financial life and focus on investing for the future. The owner of Your Greatest Contribution has some solid advice for those young folks looking to leave the nest.

First, she recommends that millennials form good bill-paying habits by paying their way within the family household. She urges these young folks to create a realistic budget and spending plan, listing what they will need to spend on rent, groceries, transportation, etc.

It's also key to pay down any debt, such as student loans or credit cards (this will also boost their credit score).

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