Skip to main content

How To Move Out




Don't get us wrong. We're not knocking living with your folks, especially when you're trying to save for a future goal or you simply like living at home (hello, home-cooked meals). But if you want to move out for good, here are some practical tips:

Know The Costs Of Moving Out
It's not just rent. Before you sign a lease, ask the landlord for a full rundown of utilities and fees. Some of these, like parking and trash, could be the same each month, while others (water, gas and electric) depend on usage. Ask your landlord or the utility companies for average monthly bills based on prior tenants.

Don't forget things you might take for granted at home, like internet, cable, phone and laundry. Not to mention the hidden expenses that you won't even think about until they come up (wait, you need renters insurance?).

Before you move out of Casa de Mom and Dad, start a list of all the household items you use in a day - from shampoo to ketchup - and consider that once you move out, you're going to have to buy these things for yourself. (Or steal them from your parents' house when you're home doing laundry because you ran out of quarters.)

Create a Budget
Get real about your current and future income and expenses. This will help you figure out how much you need to save up before moving out, and how much you'll need to keep up with costs. If you don't know how much you spend on groceries, keep track of your food spending for a week (and don't forget to count meals you eat out of your parents' fridge as items you will have to buy).

Reality check: If you've done everything you can to plan and save up cash for moving out but you're still coming up short, it is best to wait until you're more financially secure.

Make cuts. Look for savings when setting up accounts and services.

Try bundling. Some companies offer deals on combined services such as cable, internet and phone. Ask for a new customer discount, such as a reduced rate for the first 6 months.

Avoid peak moving times. Try not to move out when everyone else is going back to school or visiting your area for vacation. That's when moving company costs, retail prices and rents on apartments skyrocket.

Slash costs for furniture. Do you really need new furniture, or can you scrape by with what you have? Shop used, look for freebies on community message boards, and ask for hand-me-downs.

Get a roommate (or 2, or 3). Living with others is a great way to cut expenses on rent, utilities and food. Make sure you have the same expectations, and you will save a ton of money.

Save Up
Increase hours at work or take on a second job. Use the extra income to build the savings you need to move out, and keep saving so you can deal with unexpected expenses and emergencies.

As always, we've got your back.

Comments

Post a Comment

Popular posts from this blog

What Are The Best No Annual Fee Travel Rewards Cards?

Do you refuse to pay an annual fee of $95 or more for a credit card? No problem - you can still earn fantastic travel rewards with these cards that, in some cases, can be worth more than cash back.  Everyone loves the idea of travel hacking their way across the globe. Trouble is, many of the best travel rewards credit cards have annual fees of $95 or more, and most don't love the idea of paying an annual fee to earn "free" travel. Fortunately, there are plenty of good no annual fee travel rewards credit cards. These cards are perfect if you want to pocket points toward a free vacation but don't spend enough - or don't want to spend enough - on your cards justify an annual fee. In some cases, you might just be against the idea of paying an annual fee on principle. Either way, consider those top travel reward cards that do not charge an annual fee. Best no annual fee travel rewards credit cards BankAmericard Travel Rewards Credit Card Card...
Post a Comment
Read more

5 Ways Higher Interest Rates Could Impact You

The Federal Reserve has raised its target interest rate after five years of record lows. This means you may be at risk of paying more interest on your mortgage, private student loans and car note if you're looking to buy. Here's a roundup of what this means for you. 1. You could see more return on your savings. Let's start with the good news. Your savings account, money market and Certificates of Deposit could start increasing at a higher interest rate. More money in your savings account is great news! But keep in mind that you won't necessarily see this effect immediately, interest will accrue visibility and compound over time. 2. If you plan on buying a car, your payments could be costly. If you're looking to buy or lease a new car, make sure you pay close attention to your interest rate. The higher your interest, the more expensive your car note will be. This is because when you finance a car, you're borrowing from the dealership or loan vendor. Esse...
Post a Comment
Read more

Protect Your Money: What The Fiduciary Rule Is And Why You Should Care

A fiduciary, in short, is a financial advisor that's bound by ethics to act in your best interest. Without a rule in place, your money could go towards padding the pockets of financial firms instead of your own. Here's what you need to know about the fiduciary rule.  The fiduciary rule may seem boring (and maybe it is a little) but it's extremely important for anyone who has a retirement account. Recently, the Trump administration has halted the rule from being enacted -- which would allow investments professionals to make financial decisions on your behalf that aren't necessarily in your best interest. Read on to learn more about the rule and what to look for in the upcoming months. What's a fiduciary? A fiduciary is a general term for someone (or some company) that is obligated to have trust and show good faith to others -- typically its clients. This includes being ethical and making decisions (or acting) in the best interest of others. So what do...
Post a Comment
Read more