How Much Money Do I Need to Move Out

( Sample Article) By Adulting Shouln't Suck

By Shubham AnandPublished 4 years ago • 4 min read

So, you're thinking of moving out? But you're not sure what it entails? Don’t worry. We are here to help you.

I understand how you feel because I've been in your shoes. At the age of 18, I moved out of my house. I didn't have a job and didn't make any plans or preparations. I was simply fed up with following the rules and I wanted to be a free birdie and fly around on my own.

But, in retrospect, I wish I had prepared and planned my journey rather than simply winging it since I wouldn't have had to eat top ramen for two months and it would have been a lot simpler for me. So you don't repeat the same mistakes. We'll discuss several important actions you may take before moving out, such as how much money you should set aside to ensure a smooth transition.

Because we believe that Adulting Shouldn’t Suck. And that is what we aim to do at Adultfinancialskills.com. We teach you what you need to know about your finances using words you can understand without boring yourself to death.

Let's get started.

Don’t Move Out If You Don’t Have To!

First and foremost, if you don't have to, don't move out. If you're in a decent place right now and your parents aren't trying to kick you out, simply stick with them. We understand. You want to get out of here as quickly as possible. It can give you independence and makes you feel accomplished, but it also comes with a lot of responsibilities, and if you're not ready for them, they can cause huge embarrassment.

You can use this time wisely and effectively plan your next moves. If you believe your parents will not allow you to stay for that long, consider giving them small amounts of money you earn. That will help you keep your independence. Now, take your time and look for a permanent job. Consider buying a good car or simply some money for the future.

Of course, staying at home may not be a possibility for everyone, but if it does, you may want to take advantage of it for as long you can. This will ensure that it works out better for you in the long term. Besides, eviction, or being kicked out, can stay on your record for up to seven years. And if you have to move back in with your parents, you'll have to do it feeling like a failure.

And that's not what you want.

What Should You Be Saving For?

Second, before you consider how much money you should set aside; understand what you should be saving for. In simple words, how much will you have to pay to acquire those keys in your hands?

We've included a few of the most relevant ones below:

1. Rental Application Fees: That's around $25 to $50 for each place you apply for.

2. Security Deposit: It is usually paid separately from your first month's rent and ranges from $300 to $1,000.

3. Moving Expenses: A U-haul, which costs roughly $100, is one example of this. You also have to factor in the cost of gas. Then there are the boxes and packing tape, which range in price from $25 to $100.

4. First Month's Rent: It depends on the place you choose to live.

5. Bribe: It can include things like pizza for your pals as a thank you for helping you move your belongings.

6. Power Connection: It might cost anywhere from $50 to $100 just to be powered on.

7. Cable & Internet Connection Fee: that might cost anywhere from $30 to $100.

These are things you have to pay for just to move out. So, in the end, that might cost anything from $1000 to $3000 just to get your hands on the keys. Worst of all, it excludes furniture and other products for personal needs.

There is a workable alternative. If you share a room with someone, the costs can be slashed in half. And while that may make things easier for you, who want to live with a roommate?

Do you?

Save up to 3 Months of Expenses

Finally, let's get to the bottom of your question, "How Much Money Do I Need to Move Out?"

According to a solid rule of thumb, you should save up to three months' worth of expenses before moving out. So, if your monthly rent is $1,000, you'll need at least $3,000 in the bank before you can move out. But keep in mind that you'll have a lot more expenses than that. Cable, phone, renter's insurance, car insurance, and other expenses will be incurred. When all additional expenses are included, according to us you going to need much more than to survive these first initials 3 months.

NO “ONE SIZE FITS ALL”

So, regrettably, there is no specific amount of money that everyone can save to successfully and conveniently move away. It will be different for everyone depending on factors such as the cost of living, where they are now, where they wish to live, and whether they will do it with or without a roommate. However, we sincerely hope that armed with this knowledge, you will be able to take one step closer to living your dream life.

In summary, the best thing you can do is conduct extensive research. Check your social circle to see whether you have any friends with whom you'd be prepared to share a room. Finally, keep in mind that if you find yourself in a good situation, just sticks in there for a bit and save some money.

Because, at the end of the day, there is no such thing as too much money saved.

Start Your Moving Out Journey with Adultfinancialskills.Com, Today.