If you still live with your parents, make sure to follow these 3 money rules

When should you get off of your family's phone plan?

Living with one's parents is now the most common living arrangement for young Americans.

Millennials are also staying at home longer: In 2016, 36 percent of graduating seniors planned to return to the nest for a year or more after graduation.

There's nothing wrong with moving back in with your parents. In some cases, it's the smart financial move. "Living with my parents was one of the best decisions I could have made financially and career-wise in my 20s," says CNBC Make It reporter Marguerite Ward, who says the arrangement saved her $47,000 and helped her pay down her student loans.

If you find yourself back home, be sure to follow a few guidelines, advises personal finance expert Suze Orman.

Here's how this college grad saved $47,000

In a 2016 blog post, she provided her "house rules for boomerang kids." Here are three of them:

1. Pitch in financially

"There is to be no freeloading," writes Orman. If you're living at home, contribute to household expenses on a regular basis.

Have a frank conversation with your parents about what is expected of you and come up with a arrangement that seems fair and works for everyone. Next, to keep you on track, Orman recommends setting up an automatic transfer from your checking account to your parents' for the same day every month.

2. Shop for health insurance

Even if you're 26 or younger and you can stay on your parent's health insurance plan, that doesn't necessarily mean you should.

"Shop for a policy through the ACA program," encourages Orman. If it's significantly cheaper than having you stay on your parents' plan, consider the switch. Plus, you're going to have to figure out how to navigate health care coverage eventually. You might as well start researching now.

Here’s what you need to know about your 401(k) when you get a new job

3. Start saving for retirement

Retirement may seem too far off to think about, but the longer you wait to start saving, the more you'll miss out on compound interest, which is what can cause your wealth to snowball over time.

Enroll in your employer's 401(k) plan and contribute at least enough to get the full match, if your company offers one.

If you don't have the option of contributing to a 401(k), there are other ways to save for retirement, such as contributing to a Roth IRA, traditional IRA or any normal investment account.

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