Moving out of your parents' house can be a scary decision, and you want to make sure it's the right move for you and your parents. To help you make the best move, you’ll need to consider all the new expenses you’ll deal with once you’re on your own. So, what does it cost to move out? We did some research to find out.
How to save money when moving out of your parent’s house
It gets very expensive living on your own when you’re single, but there are ways you can cut your costs, including:
- Getting a roommate
- Downgrading to a smaller apartment like a studio instead of a one-bedroom
- Requesting budget billing on your utility bills.
- Changing your cell phone to a prepaid plan with a fixed amount of data. You or your parents can check how much you typically use on their previous statements and use this information to find a prepaid plan that costs less but still gives you enough data that you won’t go over your limit.
- Consolidate credit card debt so that you’ll pay fewer variable interest rates and yearly fees
- Buy furniture and appliances second-hand at thrift stores or garage sales
- Learn how to cook instead of ordering take out
What you’ll need to save before moving out
The amount of money you’ll need to save depends on a few factors:
- The cost of living where you’ll be moving
- How much help you can expect from your parents
- Whether or not you have a steady stream of income now or will soon
To ensure you’ll be able to live on your own successfully, you must have a nest egg set up before moving out that covers both the bills you’ll owe for the move as well as an emergency fund that covers at least six month’s worth of your bills should something unexpected happen.
A few costs you’ll need to account for during your move include:
- Set up fees or deposits for utilities
- Security deposit and first month’s rent for your new place
- Moving fees if you’re hiring a company or plan to rent a moving truck. If you’re renting a truck, factor in the deposit, rental fee, gas, and mileage that you’ll be charged.
- Your first grocery run. You’ll need to stock up on essentials like spices, condiments, toiletries, light bulbs, etc.
- Towels, sheets, curtains, or blinds
- Cleaning supplies
- Appliances like microwaves and toasters
- The first month’s bills for your utilities (electric, gas, water, though some of these may be covered by your rent.)
Once you factor that into your moving budget, give yourself an additional $100 or so to account for any extra fees or other supplies you might need. Once you have that number, you’ll know how much you need to save before moving out.
The bottom line
It’s a massive step for anyone to finally move out of their parent's house that has both financial and personal benefits. It is a lot more work than you might expect, and the costs can be high, but with a bit of planning and budgeting, you can take that next step easily.