- Start saving early and budget for moving expenses, rent, security deposits, and all the other fees associated with moving based on your monthly income.
- Plan to move your belongings and set up your utilities (like internet or electricity) on the first day of your lease.
- Prioritize stocking up on essentials like toiletries, groceries, and cleaning and maintenance supplies when you first move in.
- Stay in touch with your parents! They might be able to assist you with your move or finances, plus support you emotionally while you adjust to living on your own.
Budgeting Your Money
Draw up a realistic monthly budget based on your income. Start by calculating how much you'll need for monthly essentials like rent, utilities, car payment, insurance, groceries, medical expenses, phone, transportation, and so on. Then, calculate how much you spend monthly on non-essentials like entertainment and new clothes. Add those numbers together and compare them to your monthly income. Can you easily cover those costs with your current income? When you're setting your budget, look over your bank and credit card statements for the past year or so. Take a good look at your spending habits, then look for areas where you can make small changes. Remember, most people don't overspend their budgets by hundreds or thousands of dollars—they usually overspend by $5 here and $10 there. If your monthly income isn’t sufficient, you may need to get a second job or find a new job that pays more. In general, your monthly income should be about 3 times the cost of your monthly rent. If your monthly income covers expenses but you don't have any money leftover, you won't be ready for an unexpected expense or emergency. If possible, reduce some of your non-essential expenses. Don’t forget to factor in expenses that are automatically debited each month. For example, streaming services (like Netflix and Hulu), Amazon Prime membership, gym membership, Spotify, and so on. If your budget is looking tight, you may need to cancel some of these.
Work out a ballpark figure for moving expenses. Moving can be an expensive process and the amount of money you need for the first month will probably be significantly higher than your budgeted monthly average. Research everything ahead of time so you can start saving money for those expenses. For example, you may need to get a rental truck to transport your stuff, hire movers, or pay for a storage unit to hold your belongings for you.
Set aside money for rent, security deposits, and utility setup. Many landlords expect a security deposit or ask for the first and last months' rent upfront, so you'll need to be prepared for that. If you have a pet, you may need to pay the landlord a pet deposit. In addition, you may also have to pay things like utilities setup, HOA fees, and other expenses. Since you haven't moved out yet, you won't know exactly how much to save for utilities, rent, and deposits. Check out apartments to get an idea of rent and deposit costs and use that number. Estimate high to err on the side of caution. For utilities, you might ask your parents what they pay or call the utility company for an estimate. If you're planning to buy a house, save up enough money to make a significant down payment and cover at least the first month of a mortgage payment. Typically, you need a down payment of at least 3% of your target home price. Some lenders require 5% or more.
Establish your credit so you can be financially independent. Before you live on your own, make sure that you not only have established credit, but that your credit score is good. To establish credit, you might want to consider getting a credit card. Research different types, and pick one that is best for you. Pay your credit card bill on time each and every month to establish good credit. Landlords will check your credit history when reviewing your rental application. If your credit is bad, or if you have no credit at all, they may not rent to you. To build more credit, you can ask your parents to put your name on one of the household bills. For example, if your name is on the cable account, that can help to establish your credit. This is especially important if you're planning to buy a house. Lenders will check your credit history before deciding if they want to work with you.
Start saving money to build a financial cushion for yourself. What will you do if your car breaks down? What’s your plan if your boss cuts your hours at work? Unfortunately, these things happen, so it's important to have emergency funds set aside. When you are first setting out on your own, your goal should be to have at least $500-$1,500 set aside in case of emergency. The recommended amount for most emergency funds is enough to cover 3 to 6 months’ worth of expenses, but you can start small and work toward that. Keep adding to your emergency fund even after you move out. For example, choose an amount that you can afford to set aside every month, like $20, and add it to your list of fixed expenses. That way, you're putting a little aside every month in case of emergencies. If you don’t already have a savings account, consider opening one so you have a place to put the emergency funds. You’re less likely to spend this money on other things if you keep it separate from your checking account.
Organizing the Logistics
Find a place to live that’s within your price range. Start by considering a location: do you want to live near work or school? Next, choose what sort of home works for you. Are you an apartment person or do you prefer to rent or buy a house? Once you narrow down a few options, schedule an appointment with the landlord to view the space. If you're having a hard time finding a place that you can afford, consider living with a roommate. Splitting costs can save you a lot of money. Keep in mind that you'll need to learn to compromise with a roommate and split up the chores and other responsibilities fairly. Don't forget to factor in safety concerns. You can always scout locations at night and on the weekends to see what kind of activity goes on in the area. If things feel sketchy near a potential place, keep looking.
Look over the space carefully before agreeing to anything. Don’t sign a lease agreement until you view the space, confirm it has the amenities you want, and report any damages, like cracks or leaks, to the landlord. Tell the landlord you want the pre-existing damages noted in your lease agreement so you won’t be responsible for them later. Open all of the cabinets and closets and check for rodents and rodent damage. If you're buying a house, ask the realtor to give you a thorough tour and look for any issues or damages.
Agree on a move-in date with your landlord and sign the lease. Confirm the length of your lease with your landlord and make sure it's clearly written on the lease agreement before you sign the papers. If you’re able to choose your move-in date, consider moving in at the first of the month. If that’s not an option and you have to move in mid-month, see if you can negotiate a pro-rated rent price so you don’t have to pay a full month’s rent. Pro-rated rent means that you only pay for the amount of time you're actually there. For example, if your monthly rent is $1,000 and you move in mid-month, pro-rated rent would be $500 because you're only there for 2 weeks of that month. Do not hand over any rent or security deposit money until you sign the lease. Once your payment clears, the landlord will hand over the keys. Keep in mind that there’s no law requiring landlords to give pro-rates, but most will honor this, especially if you ask about it specifically. If you're buying a house, work out your move-in date with the mortgage company.
Set up your services and utilities after you sign the lease. Ask your landlord which utilities you are responsible for, since some may be set up for you and included in your monthly rent payment. Once you sign the lease or sign off on the mortgage, go ahead and schedule any services and utilities you need, like internet and electricity. Be sure to tell each company your move-in date and schedule everything to be on before you get there with all your stuff. You may be required to put down a deposit with a utility company if you’re a new customer.
Come up with a plan for moving your belongings into your new place. If you have a lot of stuff and can afford to hire movers, you’ll need to hire them ahead of time and schedule the service. Renting a moving truck is also an option if you need to move a lot of big items. If you don’t have a lot of stuff, you can transport everything in your car or borrow a friend’s truck. You may want to enlist a few friends and family members to help you so you don’t have to carry everything yourself.
Change your address with the post office to forward your mail. Go to the post office or check online to fill out a change of address form so your mail will start arriving at your new place. You can usually choose a start date for that or make it effective immediately. You may also need to officially change your address with important accounts, like your bank, as well as with your workplace.
Get a new driver's license that reflects your updated address. Take care of this after you have officially changed your address with the post office. Head to the DMV in person or check out your state’s DMV website to find out what you need to do. In some cases, you’ll need to do this in person, but some states allow you to do it online. You might need proof of your new address to make this change. Most DMVs will accept a utility bill in your name, but check your state's specific requirements.
Make a plan for handling responsibilities and emergencies. You are responsible for everything at your new place, including chores and cleaning duties. Make sure you know how to do basic cleaning and laundry before you move in. Be prepared to handle all of the financial basics, as well, like how to write a check and pay your own bills. Make sure you have a good system for tracking expenses after you move into your new home. That way, if you're coming close to your budget, you'll know you need to cut off some spending so you don't get into a hardship. Create a plan for handling emergency situations like a flat tire or an accident. You can talk to your family and friends if you need help coming up with solutions. It's a good idea to create a plan for things like home fires, natural disasters, break-ins, and evacuation.
Furnishing Your New Place
Stock up on cleaning supplies. It’s a good idea to clean your apartment thoroughly before you move into it. You’ll also need cleaning supplies on hand to keep your place tidy after you move in, so go ahead and stock up. Make a list of everything you need and hit the store. Basic cleaning supplies include: All-purpose cleaner Glass cleaner Disinfectant wipes Toilet bowl cleaner and a toilet brush Dish/dishwasher soap and sponges Broom (for hard floors) and vacuum cleaner (if your new place has carpet) Trash cans and trash bags
Gather basic toiletries to fully stock your bathroom. Since you’re not used to thinking about buying these things yourself, it’s easy to forget crucial stuff like toilet paper. You will also need towels, wash cloths, a shower curtain, and a bath mat for your new bathroom. Other bathroom basics include: Toothbrush and toothpaste Hand soap Shampoo and conditioner Body wash and face wash
Invest in home maintenance items to be prepared for anything. Living on your own means you have to be ready to take care of accidents, emergencies, minor repairs, and so on. Start by buying a basic toolkit or create your own. Include a hammer, flathead and Phillips head screwdrivers, and a small assortment of nails and screws. You should also get: A first aid kit A sewing kit Fire extinguisher Power strips Plunger Light bulbs Smoke alarms Batteries
Get everything you need for your kitchen area so you can make meals. You will be preparing your meals yourself, so be sure to get a microwave, toaster, coffee maker, can opener, basic utensils, and a small assortment of pots and pans. You’ll also need plates, glasses, bowls, and mugs for your food and beverages. If you’re worried about cost, thrift stores can be a great place to pick up kitchen supplies. You may want to buy: Storage containers for leftovers Paper towels Aluminum foil Blender Tea kettle Mixing bowls
Buy new furnishings or go thrifting to buy any furniture you need. Furniture can be expensive! You may have a few things that were already in your bedroom, but chances are your apartment is going to need some furniture that you don’t already have. If money is an issue, check out thrift stores for furniture. Furniture items you might need include: Couch Coffee table End tables Entertainment unit or TV stand Area rug Lamps Kitchen table and chairs Bookcase Bed frame and mattress
Go grocery shopping for the essentials. After moving your furniture and boxes, you’re going to be hungry. Go ahead and grab some basic food items so you don’t move into a new place with a completely bare cupboard. You can stock up on more stuff later, but you should consider moving in with essentials like: Cereal and milk Fresh fruit Loaf of bread Canned soup Frozen pizza Microwaveable snacks Salt and pepper
Communicating with Family & Friends
Talk to your parents about any concerns or needs you have. You’re going to be living independently for the first time in your life—it’s exciting but can also be a little overwhelming! You may be unsure of certain things you need to do during the moving process or need to ask for financial assistance to make everything happen smoothly. Be sure to sit down with your parents well in advance to discuss everything. Are they going to be helping you financially? Will you still be free to come over and do laundry? If you need help, don’t be too proud to ask your parents for it. Chances are, they will help you with whatever you might need.
Set up a support system with your friends so you don’t feel alone. Moving out can feel like a lonely experience. Before you go, make sure that you have a support system in place. Invite some friends over for an unpacking and pizza party. Plan weekly group grocery shopping trips together or set up a weekly game night so you can check in with each other regularly.
Make a visitation plan with your family so you can keep in touch. Moving away from your parents and siblings for the first time can be emotional and even a little scary for you. Don't forget that it's also a pretty emotional time for your parents. They may be worried that they won't see you much once you get your freedom. Ease their minds by making a plan for how often you will visit and call home. For example: Will you still come over every Sunday for dinner? Or will you call every Sunday night but only see them on holidays?
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