“When you’re safe at home you wish you were having an adventure, when you’re having an adventure you wish you were safe at home” – Thornton Wilder
When I moved out of my parents’ house a friend of mine gave me a stern warning, “When you move out, never look back, if you fail to make it on your own and decide to move back home, chances are, your family will never respect you.” Those words have stuck with me ever since.
Moving in by yourself is one of the most exciting events in one’s life. The thought of finally being responsible for yourself and to live by your own rules is in describable; however, moving out before you are in a position to support yourself can be disastrous. Below are a couple of things to consider before you move out of your family’s home.
Can you cover your bills?
You will probably move out when you have a secure source of income, though this isn’t enough. You need to sure that what earn is enough to sustain you. Write down a monthly budget that includes the extra expenses that you will be taking on once you move out. These include:
- Utility bills
- Transport costs
- Food
- Rent
- Savings
Considering the fact that you might not be sure how much you will spend when you move out, set some money aside for any emergencies.
If you are currently working but staying at home, chances are a large portion of your salary goes into entertainment and other costs. You can be sure all this will end once you get your own place. Formulate a budget that you will use when you get your own place and live by it for the next two months before moving out. This will give you a realistic feel of how things will be like once you get your own place, plus can be a determining factor if you are prepared to move out. Trust me, moving in by yourself isn’t a walk in the park.
Are you in debt?
One of the biggest mistakes you can ever make is to move in by yourself having not cleared your previous debt. With the added expenses that come with getting your own place, chances are you might not be able to pay down your debt. Consider staying at home so you can pay back the entire amount you owe others. To make this successful, formulate a debt payment plan and set a realistic deadline for when you should clear your debt.
It wouldn’t be fun to move into your new place, a few days later, debtors are knowing at your door demanding for their money, it can be a frustrating experience.
Have an emergency fund
Before you move out, make sure you have some emergency money. Based on the fact that moving out is a sign that you are seeking some independence, it won’t be ideal to go back to your family for handouts when emergencies arise. Set aside some emergency cash for any fixed expenses that might arise. If you have a reliable source of income, you should be able to have at least a month or two worth of savings.
Factor in the deposits
At the least factor in one month rental deposit, one month rent and electricity deposit which at most times need to be paid up front before you move into a new place. There are situations where a landlord can ask for up to 2 months deposit in addition to the first month’s rent, be prepared for such expenses. You will need to make sure you have enough money on hand to cover these bills as well before you move out otherwise you are going to start out on the wrong foot.
Moving out is a sign of maturity, do it in a mature manner.