December 1, 2020 2 min to read
Essential things to know when moving out for the first time
Category : Home and Garden
Yes, that time has finally arrived. You are moving out.
You are ready to move into a place of your own and make one of the biggest transitions of your life, and you might be wondering where you should begin.
Independence surely feels great but savouring that newfound freedom can be more expensive than you might think.
Luckily, there are tons of helpful mobile apps, websites, and online budget calculators that can make managing your finances less daunting and enjoyable.
But as easy it can be to get carried away with dreams of not competing with a curfew and living on your own – the reality is that moving out is a greater challenge than you’d think and a major achievement simultaneously.
We are not trying to dissuade here, but rather prepare young adults moving out for the first time, to be more responsible and face the hardships of transitioning from mom and dad’s home to their own apartment.
1. First Things First – Figure Out How Much Rent You Can Afford
Typically, the biggest hurdle to moving out that adults face is being able to get their first flat. Apartments can be quite costly as well as the necessary supplies to furnish a home completely.
Not to mention that it doesn’t even include moving costs.
First, you will need to assess your income. How much do you bring in every year, with any salary, interest, dividends, support, or other means of income included?
Normally you should expect to spend nearly 60% of your budget on the top three items such as transportation, housing, and food.
Avoid exceeding this number, as you will also need money for emergency funds, entertainment, credit card payments, and retirement plans, insurance, and all of your other monthly expenses.
Moving expenses should not be excluded. Even if you cut back on as much as possible, you will still face costs associated with your move.
You should save up enough to cover your first month’s rent as well as cover the security deposit on your new apartment.
Expect the unexpected when moving out of your parent’s house.
For one, you should save for and consider the inevitability of surprises.
No one loves unexpected expenses, neither do you, so it’s best to be prepared for them. Save up as much as you can -$240 is an ideal amount to shoot for, but more is always better.
2. How Does Your Credit Score Look Like?
If you’re just moving out, there is a small chance that you will have an established credit score and history. Typically, we can establish a credit history when we…
Continue reading the article and learn more about moving on Daisy Linden’s blog.