Moving out of the house after living with your parents

Moving out of the house after living with your parents

Congratulations. You are now an adult. You have all the major items checked off: Graduating from college. Check. Given up a diet of pizza, beer, and that unidentifiable cheese snack. Check. Move out of your parent’s home. Whoa. Not so fast. Feeling like you’re not quite there yet? Don’t worry, that’s totally natural. While it’s exciting to think about moving from your childhood home, there’s a lot of other things to consider first – and sometimes, the expenses involved can outweigh the benefits. So before you do anything, consider the main points – where, when, how much and can I manage? Consider where you’re going to live? How much living on your own cost? And what about all the costs, including money for moving companies?

Prepare to Launch
Before you take the giant leap, you’ve got to have all the bases covered. The last thing you want is to make the big move, and then end up back at your parent’s pad before you know it.
• Job. Yep. This one is fairly standard. But also consider your pay, is it enough to pay rent and live? If you haven’t been paying rent at home, it’s going to come as a big shock to have to shell out most of what your earn on rent. Do up a budget and decide how much you can afford. And stick to it.
• Back up. So you’ve got the job and decided on your rent budget, but have you got a back up plan? What would happen if you lost your job, or if an emergency were to happen or you had an otherwise large and unexpected expense? Consider creating a nest egg for yourself. Put something small away while you’re living at home, so you have something that you can fall back on in leaner times when you eventually move out. Maybe don’t have that coffee to go every day and all of a sudden you’re saving.
• Bills. Ah, yes. Those monthly bills. Not only can you rest assured that you will have them, but if you have been living with your parents, chances are, you haven’t been responsible for them – familiarise yourself with them now – they’re going to become an important par of your liffe. And don’t forget those pesky student or car loans – they still have to be paid too.
• Roommates: Have you gone through enough money yet? If living on your own doesn’t seem feasible, you might have to get a roommate or two to make ends meet.

Finding a Place
No that you have your budget tucked up in your mind, it’s now time to look for a place to live. If you are already familiar with an area, you already have a good idea of where the good places are. If not, check in with a local estate agent, or do a bit of your own homework. Check out local amenities and consider the pros and cons of living in a good area that’s quite central, or an area that’s less central but will cost on transport.

Develop Good Money Habits
Start a savings account now and put 10 percent of everything you make in it. Having enough money in the bank to pay your rent will make life so much easier, but you also want to have a life. Budget budget budget. Be smart with your money. Don’t spend more than you should on anything and be careful of credit cards. Be smart about money before you make a move will teach you great money habits and ensure you have a solid credit score when you need it.

Last, but not least…

Be Resourceful
Don’t feel the need to spend money on everything, including eating out, buying new furniture – don’t forget, recycle and reuse before you buy something new. Take a step back and think do you really need it? And if you do, budget it for.