Moving out of your parents' house is a big step, and it requires a lot of preparation. To make sure you have enough money to cover all the expenses associated with moving, it's important to save up in advance. Financial experts recommend saving three to six months' worth of living expenses before you move, so you can handle any unexpected costs that may arise. To calculate how much you need to save, start by tracking your current expenses.
Even if you're still getting financial support from your parents, it's important to understand what you're getting into. Life has many hidden costs that most young people don't consider until they're responsible for paying the bills, such as the price of toilet paper and streaming media services. When it comes to furniture and household items, you don't need to buy everything at once. Take your time to visit thrift stores and garage sales and pick up non-essential items such as side tables, mirrors and lamps over time.
Renting a fully or partially furnished apartment can also be a good idea, even if the rent is a little more expensive. In addition to rent and furniture, there are other expenses associated with moving that you need to consider. These include the cost of a moving truck, the first and last month's rent, paying the security deposit and purchasing packing materials. It's also important to create an emergency savings fund in case of unexpected expenses.
Financial expert Lindsay Dell Cook recommends saving four times your monthly rent plus other living expenses such as utilities, food and other costs. This should give you enough money to pay the security deposit (usually one month's rent), the first month and the last month's rent, which are often required in advance. Keep in mind that simply multiplying your monthly rent by the number of months on your lease will not give you a complete idea of how much money you need to move. Prices for furniture vary considerably, depending on quality, design, size, etc., and there are always unexpected costs such as flat tires or stolen laptops that can add up quickly.
When it comes to the question: “How much money should I save before I move?” , the cost of renting is enormous. Cook says customers tend to underestimate how much it costs to move from their parents' house to their new digs. To make sure you have enough money for all your moving expenses, create an adequate budget and start saving as soon as possible.