If you can’t wait to move out of your parent's home and start living on your own, you’re not alone. Moving out can be scary. It is completely normal for every young adult to crave their own space. The question is are you ready to move out? Living alone brings with it many things the biggest being financial responsibilities. We are going to look at the next stage of your adulthood. Young adults are waiting longer than previous generations before moving out on their own. One of the largest advantages of moving out on your own is independence. While you may have some form of independence at home, your parents will still be your parents. They instinctually will want to fix any problems you have or check in on you. This can rob you in way of being able to solve problems on your own. Independence is amazing but enjoying that newfound freedom can be more expensive than you might think. The most important thing you need to know before you move out is whether can you pay your bills. You’re going to have to create a detailed budget to determine what your living costs will be. A budgeting app can help you. You’ll have to pay a separate bill for electricity, gas, water, cable TV, and internet. Internet and cable usually have set rates, but with electricity, water, and gas, you’ll have to pay for what you use. Most people pay around $50 to $100 on their utilities. It is also important that you establish emergency funds. It’s difficult to save when you’re living paycheck to paycheck, but even saving just $5 a week is better than not saving at all. An emergency fund is a money you can use if you have an immediate and unavoidable expense, like a broken-down vehicle or medical costs. Another big mistake young adults make when first moving out of Mom and Dad’s is not saving any money before moving out. Moving out on your means that you’re officially an adult. When you move out into a new apartment, you’ll have to pay a security deposit on new apartment. Typically, it’s one month’s rent. Living alone can be very expensive, which brings up the option of living with roommates. If you’re going to share your apartment with a roommate, you might be able to cut down on certain costs, like rent. Paying bills late is also common among the newly independent. Avoid this nasty habit by setting up reminders on your smartphone or using an online calendar to alert you a few days before bills are due. Paying bills on time shows the banks and your creditors that you’re responsible. This will help you prove that you can meet your minimum obligations. If at all possible, pay the full credit balance. This will improve your credit score and make it easier to obtain credit in the long term. Moving out on your own can be fun and exciting, especially if you are prepared to put in the time first. Don’t be afraid to do your research and ask people for their experiences. A great way to get started is to practice. You can get a bill in your name while you live at homes, such as your cell phone or car insurance. You can also start by practicing paying rent, either to your parents, or if they’re kind enough, keep it in savings account for a rainy day. Buying essentials long before you move out, and gladly accept any hand-me-downs given to you. Such as kitchen supplies, bathroom supplies, etc. This will make it easier once you do move out, so you don't have to buy as many supplies. Becoming an adult means leaving the world of your parents and starting to make your way toward the future that you will share with your peers. -Alison Gopnik
0 Comments
Leave a Reply. |
As a mom of three boys who go to public school I started to notice that some things were not being taught in detail so I decided to create lessons for them. Many of these lessons cover science, history and of information about Paganism. I share crafts for the all different holidays and cultures as ways that they can learn and have fun at the same time.
Archives
November 2023
Categories |