You are not alone if you recently graduated from college and are unsure of your next step, moved back in with your parents to save money while you are working, or are staying with family because the COVID-19 pandemic derailed your plans.
A significant decision is to leave your parents’ home. You must carefully consider the effects of moving out. Your first foray into the real world, where you will have many responsibilities like paying for food and bills, cleaning up after yourself, and cooking for yourself, will be influenced by your budget, career, and level of maturity. The following advice will assist you in determining your readiness.
From personal financial literacy to having tough conversations, let these 11 tips guide you.
Table of Contents
1. Are You Leaving For The Proper Reasons?
Most likely, you’re only staying at home as a temporary measure. Your objective, have you attained it? Have you paid off that student loan, discovered the inner peace you were looking for, and accumulated that nest egg? Ideally, you’ll move out when:
- Rent and other debts can be paid on time because you feel prepared financially (more on that later).
- You believe you’ve achieved the maximum amount of personal growth, and you’re prepared to take on fresh obligations and challenges.
- In your current living situation, you don’t have access to experiences, friendships, or connections that you want.
- Your family is establishing a boundary that you are not yet ready to follow.
- It’s time to move, your instincts tell you.
If you know deep down that you’re not ready, think about taking a little more time…
- Although you’re momentarily fed up with your family, you don’t have the means or the proper plan to leave.
- You don’t want to feel left out because all of your friends are getting apartments.
- Your spouse is adamant about wanting to cohabitate.
2. Are Your Parents And You Emotionally Prepared?
Nobody really knows what they’ll experience in the future. However, discussing with your parents what it will be like to be independent can help you emotionally get ready for this significant life change. Spend some time mourning your youth, building up your self-assurance for the future, and discussing the transitions you’ve gone through with friends and family.
3. Do You Have A Place To Jump To?
After determining that moving out is the best course of action for you, make sure you have a plan. Having a thorough plan will help you transition successfully, whether you’re starting graduate school, a new job, or moving across the country to pursue a big dream.
But not every rental market is created equal. Rent in a suburb or smaller city like Columbus, Ohio, or Salt Lake City, Utah, will be less expensive per month than in San Francisco or New York City. General expenses like sales tax, the cost of eating at restaurants and taking Ubers, and renters insurance can vary by city, too, so make sure you do your research. This will help you determine if you can afford to live alone, or if it makes more sense to save money by coliving with roommates.
Bungalow is a great option for living with roommates. Bungalow makes city living more affordable by offering shared homes in ten American cities for less money than single housing options in the same neighborhoods, as well as the best roommates to share them with.
4. Can You Maintain A Budget?
How do you calculate what it will cost you to live? A personal budget! Budgets keep track of your monthly income and expenses. Expenses can be divided into two groups: fixed and variable. Every month, fixed costs are the same. Expenses that vary from month to month are referred to as variable expenses. Decide how much you can spend in each category based on your current or projected income before signing a lease and beginning rent payments.
Some examples of fixed expenses:
- Rent
- Utilities
- Car insurance
- Car payment
- Health insurance
- Student loan payment
- Gym membership
- Subscriptions
- Transportation pass
Some examples of variable expenses:
- Groceries
- Restaurants
- Clothing
- Entertainment
- Fitness
5. How Are You Going To Pay For Your Move?
When you sign a lease, most landlords require at least first month’s rent and a security deposit. Some require first and last month’s rent, and in some cities, you might end up working with a broker, which means an additional fee. In addition, you’ll probably need to furnish and furnish the apartment with other necessities like cookware and other supplies. Before making any long-term choices, take the time to calculate the realistic cost of this move and make sure you have the money. Many landlords also demand a specific credit score; do you know what it is?
6. Do You Currently Have A Stable Income And Enough Money?
Once you’ve estimated your new situation’s monthly cost of living, multiply it by four. You need to save that much money before you’re actually prepared to move out. You’ll have enough money left over to pay for your moving costs and to keep two to three months’ worth of emergency savings in your bank account. Experts recommend keeping 6 months’ worth of living expenses in your emergency fund, but when you’re just starting out, 2-3 months should be sufficient. While working, you can continue saving.
7. Have You Sought Advice From Your Parents On How To Become An Adult?
Here’s one more thought to consider if you’ve agreed with everything else on this list. We often don’t realize as children how much of what our parents do on a daily basis that we don’t see. Suddenly, you might find yourself wondering how to unclog a toilet, or which cleaning solutions can actually disinfect, or what an insurance deductible is. Take advantage of the wonderful opportunity to learn from people who have years of experience being an adult by living with your parents as an adult. Set aside some time to ask any questions you may have.
A thrilling (and frequently anxiety-inducing) step in your life is leaving your parents’ home. Make sure you have everything in order financially, that you are emotionally prepared, and that you have taken advantage of your time with your parents as much as possible before deciding to move.
8. Seeking Assistance For The Transition
Whatever your situation, getting ready to move into your own place is a major life transition that is filled with stressors, new obligations, and exciting changes. It is normal and expected that you will look for a lot of support when making this choice. Family members and friends, particularly those who have already gone through the transition of moving out, can offer insightful counsel. You can get a sense of your starting costs and requirements by using helpful checklists for household necessities. While all of these are significant, practical tools to have on hand as you prepare to live independently, you shouldn’t overlook the importance of taking care of your mental and emotional wellbeing throughout such a significant life change. A great, proactive way to support yourself throughout this time of transition is to connect with a mental health professional. BetterHelp’s online counseling services can make a huge difference.
Regardless of the emotions you might feel about the prospect ofmoving out—guilt over leaving family members, anxiety about the future, fear of the unknown, uncertainty over your decision making—speaking with a licensed counselor can bring you clarity and confidence. Being convenient, adaptable, and cost-effective, online counseling is a fantastic choice for someone who is about to move out on their own. When you work with a therapist or counselor through BetterHelp, you won’t need to schedule in-person appointments or deal with traffic and waiting areas.
9. You Are Accountable For Your Spending.
Not only do you have income coming in, but you’re also managing it in a way that demonstrates that you have your priorities in order and are capable of making sound financial decisions. When you are responsible for paying for your home and living expenses, you must pay your debts before adding any extras.
10. You Can Take Care Of A House.
The ability to maintain a house in a livable state should be something you already know or are working to acquire. This doesn’t necessarily imply that you must be skilled at doing major repairs or renovations to your house; rather, it just means that you should be able to complete your chores, keep your house clean and organized, and create a system of organization that keeps it safe and functional.
11. Emotionally, You Are Self-sufficient.
You should have faith in your ability to make decisions on your own when making them. Close family and friends can be a great resource when making important decisions in life, but you must be prepared to take responsibility for your choices and all that results from them. You must accept your role as the householder and take ownership of any issues that arise in your new home. Even if loved ones kindly offer to assist, you will need the emotional maturity to refrain from completely depending on them to resolve problems for you.
