Do you finally think that you’re ready to embrace your independence and move out of your parent’s house, or even purchase your first home?
There are a lot of things to think about than you probably imagined.
Here are all the things you need to consider before taking the leap:
Financially Ready
The first big question to ask yourself is, are you financially stable to make this move?
Sit somewhere quiet to go through your weekly and monthly expenses against your income. You need to see how much you can comfortably afford, while maintaining a healthy, consistent savings.
Fixed Expenses
Once this is added up you will then want to calculate your fixed expenses.
These expenses include things like your rent/mortgage payments, monthly loans, car insurance and car loans, credit card(s), phone, internet, utilities, cable, and any other type of bill or payment you will be paying every month.
Personal Expenses
You will also want to figure out how much you spend per month on food, entertainment, clothes, gas, and personal shopping.
Do not underestimate the amount you spend on your food and entertainment. You still want to preserve your lifestyle (at least to some extent) when moving out.
Moving Costs
Next, you need to calculate your moving costs. You might discover additional fees when you relocate, such as pet and rent deposits (these depend on the type of lease you have.)
Utility deposits for power, heat, cable/internet, and also the price of national moving services. And don’t forget things like buying a sofa or bed!
Add It All Up
Now you’ve done all the technical stuff, add up all of your monthly costs and decide whether or not you can survive month-to-month on your own.
If you can, add up all your moving costs, and see if you have enough money saved to afford them.
If you can’t – be patient; moving out before you are financially ready can lead to a lifetime of debt, and that’s definitely not something you want!
And who said it can’t still happen? You might not have enough money to do it on your own, but you could always get a roommate!
Talk to your friends, see if anyone in your circle is looking to move out too. You can even put up ads to finding the ‘perfect roomie.’
Friends
Do you know anyone that lives where you’re planning on moving to?
It can get real lonely if you’re moving to a new area you’re unfamiliar with.
If you don’t know anyone who lives there, many millennials will frequent the same coffeeshops each morning, or bars/restaurants in the evening.
You can have a chat to the locals and potentially make some new friends. (You could always take a friend with you if you’re too shy to do it on your own!)
Goodbyes
When should you leave? It’s all about knowing when you’re ready.
Have you done the last things you wanted to do before you go? Have you said goodbye to everyone?
If you’ve done everything you wanted to do, then it looks like you’re ready to be a grownup…
Now the adventure truly begins!
