Do you want to move out of your parents house but don’t know how? Are you getting pushed by your parents to move out? Well, you are not the only one out there and I am sure first thing you are going to do is get online and type in: “how to move out of parents house?” Well, I am here to get the process easy on you with what you are looking for as you transform.
You spent a lot of time in that family house and you want to move on. You most likely haven’t used a laundry that you actually had to pay for because you had free laundry your whole life.
I agree that it must be scary but you must realize that you are making a huge step in life by moving out of your parents house. You might be pressured by your parents to move out but your parents are afraid of this as well, but they realize that this step will only make you a better person and knowing how to manage your finances is crucial.
Ok, let’s jump into this.
1. Setting Your Budget
This is important, you need to have every financial need figured out. Write this on paper and then add everything up and you still need to make sure you have money left over. Having a roof over your head will most likely cost more than 50% of your total income. Do you love to grab fast food from your favorite place? Go out to movie every two weeks? Well, you will have to factor this in because every little thing now matter.
Example: If the rent is $800 per month, you will most likely be required to present the proof of your income because a landlord most likely will not accept you if you make $1,000 or even $1,500, so you need to be smart about this. You also need to consider deposit which might be another $800 in this example. Want me to sweeten that deal? Well, some landlords (in fact that is becoming common) might even require you to pay first month ($800), last month ($800), and deposit ($800). So, you are looking at $2,400 to just move in. As a student that is a lot of money.
See my post on making money as a student while working towards a degree.
2. Practice Your Financial Responsibilities
If you are given a time frame or thinking on doing the move in the near future then try and practice new financial responsibilities. After you have set your budget, try and stick to it. If you want you can even pay the rent to your parents those months before you are planning to move out.
3. Credit Score
This is also becoming very common and I don’t blame landlords on doing this. You will get asked to check your credit score, I had to log in and show my credit score in front of my landlords for the place I was renting. I use Credit Karma for almost everything that relates to my credit score including checking my scores, chances of approvals, improving my scores. If you don’t have a good credit score or never really had a credit, you could ask a trusted family member or friend with better credit than yours to help you with the rental application.
Refer to my articles on building a great credit:
Building a Great Credit as a Student Tips & Tricks
Simple Tips on Student Budgeting From a Student
Habits to Develop Early in Personal Finance that Will Make You Wealthy
4. Costs of Moving
This is another cost that you might not take factor in. Cost of moving can be very costly if you are moving in a city away from your home. But, If you are moving from your parents house, then you will most likely get helped and not have to worry about repaying to your parents other than maybe a lunch or a dinner which will be very nice of you to appreciate the help you have gotten 🙂
5. Time to Start Emergency Fund
If life went just how we wanted without curbs along the way it would of been much easier. What will you do if your car breaks down? You lost your job because you overslept after that party you attended last night? Unfortunately, these things happen.
My advice is to have $1,000 in emergency fund to start with. Then, contributing to it every month will only help you out more in any type of emergency. Things just happen unfortunately, be prepared!
Now, let’s talk about this on emotional side. Why? because it is rather a large change and you need to be prepared not just financially but emotionally.
1. Different Feel
Be prepared, because living on your own for the first time will make you a little nervous because you are taking this big responsibility and change. That is absolutely normal! You need to make sure that you are comfortable with where you will be living now and being secure in important. What helps you? I know for me knowing neighbors makes me feel much safer.
2. Plan on Visiting!
Hey! Moving out doesn’t mean that you are never welcomed back for a visit stay. Plan on visiting your parents for holidays, special occasions, birthdays, etc… whatever it is, you should still visit you old place because they are your parents still! Work out the plan when you want to visit and go with it.
3. Communicate to Stay in Touch
Good for you, this is pretty simple this days. Considering that everybody has phones this days. Texting to each other or using Facebook, Skype or any of the communication methods just to stay in touch.
This touch will help you to always be connected to your parents even if you are far away.
Are you looking for a new phone plan? I have a post on best plans for students.
lastly, and this one is my favorite. Get excited! Moving out for the first time is scary, but think about all of the great benefits you are about to experience. You can do whatever you want that you haven’t done at your parents house or weren’t allowed to. Do you feel like spending your whole day home watching movies? Listening to your favorite song on repeat? Now you can, and nobody will bother you! (just watch the volume in respect for the neighbors 🙂 )
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Richard Barnett is a student majoring in finance, entrepreneur, marketer, content writer, budget traveler, and financial blog “Student Money Adviser” owner. You can read more about me here.
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