Moving out on your own is a momentous occasion. It’s also something that’s become harder and harder for people to do on their own. While you might feel ready to fly solo right now, the truth is that you do need money before you can move. What’s difficult to figure out, though, is how much money you need to save before moving out. There’s a lot of different suggestions out there, all of which are built on sound logic. Instead of providing a solid number, it’s better to think of the costs that are related to moving. You might be surprised by how much it can cost.
Look at Your Costs
The cost of moving might be higher than you think. At a bare minimum, you’re looking at a month’s worth of rent as well as any deposits that are necessary for moving in. You may also need to pay a deposit on your utilities. It’s likely that your costs will include the new things you’ll need for your place, including furniture. You should also add in the price of moving, even if it’s only paying your friends in pizza for helping you move some boxes. All of this should function as your basic savings foundation. If you don’t have this, you won’t be able to move on to anything else.
Be Realistic About Your Needs
Once you move out, you’re going to be truly on your own in terms of your daily needs. Make sure you calculate in the cost of buying groceries, doing laundry, and any other things that you’re able to do for free right now. There are no free rides once you are on your own, but it’s easy to forget the costs you take for granted today. Add up the cost of at least one month’s worth of these expenses and throw them into your overall savings fund for your move.
Pay Attention to Emergencies
It’s also recommended that you have a legitimate emergency fund. The Balance recommends that you have at least a thousand dollars in savings before you move out. That amount might need to be higher if you live in a major city, so stop to think about what kind of emergency could seriously harm your finances. In theory, it’s a good idea to have at least one month’s rent put away – two is better, one one month will give you the breathing room to find solutions to your other financial problems.
Adapt Before Moving
Assuming that you are living on your own right now, it’s a good idea to start putting your theoretical budget into action. Try to spend a month or two living on the budget that you have set up. You can fund your emergency fund with anything that’s left over – assuming that there are, in fact, leftovers. You might find that your initial budget was far too low and that you’ll need to redo your math before you can successfully move out.
At the end of the day, figuring out how much you need to save before moving is a personal choice. The more you can save, the better chance you’ll have to weather any emergencies. If you need to get out, get out – but remember that you can only stay on your own as long as you have the money to do so.