couple moving boxes

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.
 
 

You may also like these articles

  • Creating artistic landscapes with decorative pebbles
    When we purchased our first home on the Gold Coast, we knew we would enjoy the lovely sub-tropical weather throughout the year. This also started our endeavor to create a stunning garden without spending tonnes of money. Of course, we inherited the garden from the previ...
  • How to organize the cleaning of your kitchen
    Keeping a clean kitchen can appear to be impossible, but don’t feel intimidated- there are simple, cheap, and fast ways to keep your kitchen clean.Here is a complete list of the chores necessary to keep your kitchen looking perfect, accompanied by the time it takes to d...
  • 11 incredible benefits of a humidifier
    Have you wondered if a humidifier would be a good addition to your household? The answer is yes. After all, humidifiers have been known to help reduce the risk of influenza transmission, let you sleep better, and offer tons of other benefits.What does a humidifier do? I...
  • How to save for a house in 9 easy steps
    Owning a house is everyone’s dream, but how are you going to save for this house? There are many ways you can save for a house, however, discipline is crucial.Even if you decide to get a mortgage or a loan for a house, you’ll still have to pay a down payment in cash.Wha...

Leave a comment