Congratulations! You are now officially and adult ready to move out of your parents’ house. But, before you take plunge, there are several things you need to and consider.
Prepare for Takeoff
The key for a successful move out of the house of your parents is looking at the bigger picture. See to it that you have all your bases covered on things like job, money in the bank, bills, and roommates before you make any big decisions.
Come up with a budget of your expected expenses every month before you start packing your bags. The secret here is to not only consider your grocery bill and rent, and make sure you understand how small expenses can add up in time.
Search for the Right Neighborhoods
During your search, make sure you keep your set budget in mind. Avoid falling in love with a place when you haven’t checked its price tag if you don’t want to be disappointed. Try to spend some time in the potential neighborhood. Whether you grab a cup of coffee in the nearby café or walk down the streets, you can get a feel of the neighborhood and determine if you will like the entertainment options as well as the neighborhood’s overall landscape.
Always think of safety. When you don’t feel a bit safe when you walk alone at night, you might want to think again. While it is tempting to go for cheap rent, it wouldn’t be worth the money if you live on the edge each time you step outside your home.
Set Ground Rules
Discuss guidelines with mom and dad. Talk to them and establish the responsibilities you will assume from the get go. For instance, will they continue paying your phone bill after you move out? Can you come over to the house on weekends to do your laundry? Check all your candidates for roommates. While it seems like the safest choice to move in with your best friend after you graduated from college, the roommate you choose must be stable enough. Make sure that they work with a feasible budget and a good backup plan in case disaster happens.
Form Sound Money Habits
It is one thing to have enough cash in the bank for your rent payment and entirely a different thing to ensure that your budget is sustainable. For this, you can start your own savings account where you will put away 10 percent of everything that you make. For instance, if you made $300 for this week, set aside the $30. If your grandpa gave you $30, set aside $3. This 10% might seem small enough but the interest will surely accumulate after some time. Make sure that you also avoid spending more or too much than what you have. Don’t accumulate debts with your credit card that you cannot pay back. Try building a healthy credit score instead.
Finally, being resourceful involves things such as shopping at thrift stores, buying used furniture, cooking your meals, biking or walking to places instead of riding public transit or spending on gas, and repurposing your items of throwing them and buying new ones.