As you enter this new chapter, there are important things to think about and practical steps to make this transition smooth—every decision matters, from managing finances to choosing the perfect place to live.
But don't fret. We've got you covered!
Below are 5 tips to prepare you for the road ahead and maximize your newfound freedom.
Talking to your parents and involving them in the moving process can make the transition smoother. They can share advice from their experiences, help you think about important factors you may have missed, and offer emotional support as you take this significant step.
Before taking on the financial responsibility of living independently, assessing your financial situation is crucial to ensure a smooth transition. Some of the things you need to consider include:
Review your monthly expenses, income, and any debts you may have. It'll help you set a realistic budget for living on your own. Practice budgeting while still living at home.
You'll learn about your spending habits, and it'll show you how much money you need for essentials like monthly rent, groceries, utility bills, and transportation.
You can explore side hustles or freelance work to supplement your monthly income and save for unexpected expenses. Creating multiple sources of income can provide you with financial stability and flexibility as you adjust to living independently.
Start saving for a cushion fund to cover emergencies like unexpected car repairs or medical bills. It's recommended to save at least 3-6 months of your living expenses. Consider opening a separate savings account for this fund to avoid using it for non-emergency expenses.
Having a credit card can help you build a credit history, but it's essential to use it responsibly. Avoid overspending, pay your balance in full each month, and always maintain a good credit score.
A solid credit score is crucial for future financial goals, like securing a mortgage. Typically, lenders ask for a minimum credit score of 580 for a home loan. For the most favorable loan terms, aim for a score exceeding 720.
Moving out of your parents' house involves a lot of logistics, so it's great to have a plan in place. Here are some things to consider:
While you may be excited to start this new adventure, you may also feel anxious or sad about leaving the comfort and support of your family home. Consider journaling or practicing mindfulness techniques to cope with any stress or anxiety that may arise.
Remember, it's normal to experience a range of emotions during this transition.
It's easy to procrastinate when it comes to moving out, but setting a date and committing to it will give you a clear timeline and motivate you to get things done. Mark the date on your calendar and start planning for the move.
When searching for a place to live, prioritize budget-friendly options that align with your desired location and safety requirements. Determine if you're renting an apartment or buying a house.
But, regardless of which options you choose, here are some factors to consider when looking for a place to live:
Look for rental listings online or talk to a real estate agent. A real estate agent can be your best source of information about the local rental market and help you negotiate better lease terms.
Visit potential properties and inspect them thoroughly before committing. Ask questions about security deposit, take photos, and read the lease agreement carefully.
Moving out comes with various expenses, so create a budget to cover these costs, which can include:
Consider getting roommates to share costs and reduce the financial strain of living independently. Splitting rent with them divides expenses, making it more budget-friendly for both.
Having roommates also provides companionship and support as you navigate this new chapter of independence. Be open to compromises and communication to foster a positive living environment and a successful living arrangement.
Once you've found a place to live and set a moving date, it's time to start the actual move. Here are some things to keep in mind:
Check with your landlord about the responsibilities and costs for each utility. Some of the common utilities to arrange include:
Purchasing renters insurance protects your belongings from unexpected theft, fire, or natural disasters. Some landlords might request its inclusion in the lease agreement. However, even if they don't, it's a small expense that can save you thousands of dollars in the long run.
Compare renters insurance quotes before purchasing to find the best coverage for your needs and budget.
Make sure to update your mailing address with your new address before moving out. You can do this in person or online by submitting an official change of address form to the post office. Also, remember to update the following:
Check whether you can stay on your parent's plan. Otherwise, look into different health plans to find one that fits your needs and budget. Understanding the coverage options, deductibles, and copayments will help you make an informed decision.
If you have a job, ask your employer if you qualify for an affordable federal health insurance plan.
Prepare the items you need to make living independently more comfortable.
🏠 You can buy some of these items secondhand on Facebook Marketplace or a local thrift shop to save money, or ask your family and friends if they have any spare furniture you can borrow or take with you.
Some essential furniture you'll need includes:
Stock your kitchen with the following essentials:
Keep your new space clean and organized with these items:
Some other items you may need include:
If you have a pet, research and prepare for their transition. This can include any potential pet restrictions or requirements at your new residence, updating their tags with your new address, and ensuring they are up-to-date on vaccinations.
Now that you've settled in explore your new neighborhood to get to know the area and feel at home. Some of the things you can do include:
Embarking on the journey of living independently is a crucial step toward self-reliance and personal growth. It involves meticulous planning, smart budgeting, and a willingness to adapt to new situations.
Remember, the goal is to find a place to stay and create a home where you thrive, learn, and evolve. Embrace each challenge as an opportunity to learn and equip yourself with life skills that will serve you for years.
So, celebrate every victory, learn from the setbacks, and embrace this new phase of life as a monumental milestone on your path to self-discovery and maturity.
Ready to take the leap into independent living with confidence? Doing Well is your ally in navigating the financial intricacies of this exciting journey.
We understand everyone’s financial circumstances are different, so we'll work with you to create a personalized plan that sets you up for success. We're here to help with any questions you have — book a free consultation call with us today!
