Moving out from your parents’ home is a big decision. Not only will you be living alone, you will be bearing all the costs of living alone, including rent, groceries and utilities, on your own.
Before you decide to move out, you should make sure that you can sustain yourself financially on your own. This requires making two budgets, one based on your savings and one based on your monthly income.
The moving out budget (savings) – moving out raises significant costs. First, you will need to pay a deposit in addition to your first month’s rent. Deposits are usually equal to a month of rent. Second, moving itself is costly, especially if you have to rent a truck or if you are moving a great distance. Third, you will need to stock your new home with the basics, everything from toilet paper to spices. This will be significantly more expensive than your average shopping excursion. You will need to have saved up enough money to cover these costs if you decide to move out.
The monthly budget (income) – your monthly budget should include rent, groceries, personal expenses (nightlife, coffee, dining out), gas, parking, insurance and any other costs that you can think of. These should add up to be less than whatever your income is.
If you have enough money saved up to cover your move, and if you make enough money to cover your monthly expenses, then you are ready to move out on your own.
Click here to learn more about moving out on your own.
