Are you thinking about moving out of your parents’ house / college dorm and living on your own? Yay for independence! The entirety of your life has been leading up to this moment. Your parents have worked hard all these years preparing you for a life on your own as an independent adult.
Living on your own comes with many benefits. Instead of having one room to call your own, you have the whole place. You make the rules. Responsibilities are taken care of on your schedule, in your own way. You are becoming your own person.
Whether you are moving out of your parents’ house or moving out of the college dorms, here are things to consider and prepare before living on your own.
Get Ready
Before leaving the protection of your parents, make sure you are ready: mentally, emotionally, spiritually, financially – all the “-ally’s”! Set good habits in place such as completing tasks on time which will help you pay your bills.
It’s time to take ownership of your self discipline and responsibility for yourself in a big way.
Keep the lines of communication open between you and your parents. They are one of your greatest sources of wisdom and encouragement during this time. Being independent doesn’t mean that you can’t take help or advice. You’ll probably need it now more than ever!
Take them apartment hunting with you because they may think of questions you forget to ask. No one else wants to see you succeed as much as they do because as big of a momentous occasion as this is for you, it is equally for them. They have spent your entire life giving you the tools to lead an independent life.
One big way to lead an independent life is to practice intentional living and set intentional goals. Watch this video to see how:
Financial Health
Another way to get ready is to work on your financial health.
#freedomisnotfree
You don’t want your parents footing your bills if you are living on your own. You can practice paying bills by offering to contribute to the household expenses. If your parent’s won’t take money, put that money away towards future rent and a security deposit.
Before you leave, you need a steady source of income to cover all of your expenses. The goal is to be self-sufficient.
Plan Ahead
Whether moving out is years away or independence day is coming ever so quickly, save, save, save! What items do you need in your new place? All that stuff in your parents house is your parents’. They may be open to letting you take some things with you but don’t just assume.
Logistically, you may not even be able to take a lot if you are moving far away. Have a conversation with your parents now about what things they want to keep around and what things they are willing to part with.
What big purchases do you anticipate in order to make living on your own a reality? Do you need to buy a car, furniture, kitchen utensils, etc.?
- Related: Budget Friendly Apartment Essentials
If you will be renting an apartment, save for a security deposit – usually in the amount of first month’s rent that is required along with your first month of rent.
While your room and board is covered, pick up an extra job to save as much as you can for these purchases and in case you run into emergencies.
Start learning how to meal plan now because it’s something you’ll probably be doing for the rest of your life. Luckily, I have a very thorough post + video for how to meal plan on a budget with lots of tips for beginners!
- Related: Easy Meal Planning on a Budget
Have an emergency fund
In your quest for independence, have an emergency plan that is not picking up the phone and asking the ‘rents for rent money. Create a buffer – an emergency fund – for yourself. If you are just starting out, save a starter fund of $1,000. Check out this post where I dive into emergency funds for beginners. Here are some tips on quick ways to save.
A good goal to work towards is a fully funded emergency fund of 3-6 months of expenses. You most likely don’t have a family depending on your income so 3 months is a safe bet but your $1,000 starter fund should be sufficient. Your expenses are the lowest they’ll ever be for the rest of your life.
Create a Budget
All of your expenses are now solely on you. Make a list of your anticipated expenses every month and leave room for the unexpected ones. When creating a budget, put your income at the top. Then, start subtracting your savings and spending. If you give or tithe, take that out first. Next, PAY YOURSELF. Put money away into savings – emergency and retirement.
If you have any debt, calculate your monthly payments. The rest can be separated into categories that cover all your living expenses.
New expenses: rent, utilities (water, electric, gas, trash, internet), and groceries.
Check out my video on how to save money on your heating bill:
If you have any debt, try to pay that off as fast as you can and avoid going into more debt.
To avoid debt, you need to live within your means which means: live on less than you make. If you bring in $1,000 each month, you must live on $1,000 or less. If you bring in $10,000 each month, you must live on $10,000 or less.
Budgeting takes a little while to get the hang of so don’t get discouraged! It’s okay to start small by tracking your spending to see where your income goes before you have a clear idea of how much you need to budget for each category. Stay flexible and remember to revisit your budget monthly.
Search for an Apartment
Now that you know how much you have coming in each month, you know how much you can spend. A general rule is to spend no more than 25%-30% of your income on rent or a mortgage. Dave Ramsey suggests no more than 25% of your take home pay.
After browsing rental listings, you will soon get an idea of what kind of place you can afford (how big, what amenities, etc.) You may not be able to afford the penthouse suite on your first venture out and that’s okay. If a cozy studio apartment is what fits in the budget, then great!
- Related: 18 Ways to Stay Warm Without Turning up the Heat (apartment friendly!)
Things like a dishwasher and in-unit washer/dryer are premium items and the cost of rent will reflect that. If you can’t find any places you like in your price range, you might consider getting a roommate.
When touring rentals, make sure to ask lots of questions. Here are 15 questions to ask before renting an apartment.
Watch my video!
Head over to my Etsy shop and grab your checklist to print out and take with you on apartment tours! As a thank you to my readers, I’m offering a 10% discount when you use the code: READER or use this link!
Living on your own is much more than supporting yourself financially. It means taking ownership and responsibility for who you are as an adult. It’s the major step of self-sufficiency.
Get ready by making a plan, creating a budget, and having an emergency fund in place before you search for an apartment. Keep the communication open between your parents and you because you will still need advice from time to time.
And finally, enjoy your independence!
What’s next?
Read my next post in the apartment hunting series: How to Rent Your First Apartment
Have an apartment AND a toddler? You are not alone! Check out my YouTube channel to see how we manage apartment life with a toddler:
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very helpful than you so much