Follow our handy guide to moving out of your parents’ house
Everyone has to leave the nest eventually. However, it can be difficult to decide when to make the move out of your parents’ home, especially during these crazy times. Are you really ready to learn how to live on your own, and how do you know that you have enough money to afford your monthly rent and living expenses?
Whether you’re leaning towards living in the city or a small town, read on to learn what you need to know about moving into your own place as a young adult. In this guide, we will discuss the steps to budget How To Move Out of Your Parents House:
- Examine your finances
- Make a monthly budget
- Determine how much to spend on rent
- Check your credit score
- Save for a security deposit
- Budget for furnishings and moving costs
At what age should you move out of your parents’ home?
You’re not alone if you’re living with your parents. Many adult children move back home after college to save money while they look for a job and pay down their student loan debt. However, every young person eventually wants to move out of the family home and into their own apartment, so it’s always smart to start planning the moving process early.
While each person and situation are different, many people think that it’s best to move out of your parents’ house between the ages of 25 and 26. However, don’t get fixated on these numbers. They’re only meant to serve as a guideline. You may be ready to move out at a different age.
How do you know if you’re ready to move out?
More than your age, your financial situation and ability to support yourself will determine the best time for moving out of your parents’ house. For example, if you are carrying a ton of debt, it may not be the right time, as you need to be ready for any unexpected expense of living on your own.
Before you move into a new apartment, it’s a good idea to make a budget. It sounds boring, but it’s very important. To start, you’ll want to know your monthly income after taxes. This tells you how much money you bring home each month.
Next, you’ll want to understand what your monthly expenses will be. Most people tend to underestimate how much it will cost to live on their own in a new place. For example, you won’t just be paying your rent. You’ll also need to pay your utility bills, cable and internet, renter’s insurance, groceries, and many other miscellaneous fees. You’ll also want to have extra money to do things like eating out or going out with friends.
In addition to these monthly expenses, you’ll also have to pay moving expenses. Your moving budget will be determined by if you plan on moving yourself or hiring a professional mover. Keep in mind, even moving yourself will require purchasing moving boxes, renting a truck, possibly renting a storage unit, and so on. You’ll also want to factor your security deposit, which could be as much as 2 months rent, and the cost of furnishing your apartment into your moving costs. How much does it cost to furnish an apartment anyways? Understanding the answer to these types of questions is crucial in creating your budget.
Finally, we recommend setting aside extra money in a savings account to serve as an emergency fund. You never know what can come up in life, so it’s best to be prepared. Having a safety net can be crucial in the event of an unexpected job loss or medical emergency.
All these costs can seem overwhelming at first, but there are ways you can save money. For example, you can get a roommate or two to help reduce your rent. Additionally, you can go thrifting to find furniture for your apartment. It also doesn’t hurt to ask your family and friends for hand-me-down furniture.
What do you need to know when moving out of your parents’ house?
Besides being able to support yourself, you’ll want to have basic knowledge about finances before you move out of your parents’ house.
First, you’ll want to understand that a credit card isn’t free money. It’s money you’ll have to pay back, so only borrow what you can afford to repay. And be sure to make at least the minimum monthly payment on time.
You should also know what your credit score is and what factors influence it. Your goal should be to work towards a good credit score. Everyone from landlords and mortgage lenders to credit card companies will consider your credit history before working with you.
Finally, you should know that an apartment lease is a legally binding contract. As a result, you should read it so that you understand what you’re signing. Whether you’re signing a year-long lease or an agreement for a short term rental, you’ll want to know the basics. These include when your monthly rent is due and your options for how to get out of a lease.
Knowing these financial basics will help you make smart decisions and avoid unnecessary stress as you strike out on your own.
A coliving space is a great option if you’re moving out of your parents’ house
You can find our coliving spaces in popular cities around the United States. By renting one of our spaces, you can enjoy city living for an attainable price by renting a private room in a beautiful, shared suite within a friendly home. Best of all, each space comes equipped with everything you need. Explore our coliving spaces to find your new home today!