Moving out’s such an exciting time. But there are some things you need to figure out before moving out, like making sure you have enough money to do so. To help, “Elite Daily” reached out to “Credit Karma” and “Chase” to learn from them how much you really need to save before you should move out.
- Have at least three to six months’ worth of living expenses saved up. Not only do you need to be able to cover rent/mortgage but also a security deposit or building fee, utilities, and so on.
- Have moving expenses and an emergency fund. The one-time moving expenses should include security deposits or down-payment, moving costs such as movers, transportation to get you to the new place, furniture you may need, etc.
- Work with your location. Think of how you’ll be getting from place to place, prices at the local grocery store or dining out, parking at your new place, gas prices, and so on.
- Start a personal budget now. Figure out how much you need to save for your move and divide that by how many months you have until you want to move out so you know how much to save each month.
- Sell things you don’t need. Like small kitchen appliances, furniture that’s outdated, used books or clothes you haven’t worn.
- Don’t rush into furnishing your new home. Furniture’s expensive! Buy things you need right away, like a bed, but any decor or accent furniture can wait.
- Ask your friends and family for help. It doesn’t hurt to ask and it doesn’t have to be financially – ask them to help you move so you can save on movers.
- Make sure to shop around for a moving company. You want to get the best one for you budget, so get different quotes.
- Prioritize your job search. If you don’t already have a job you should make sure your emergency fund is longer.
Source: Elite Daily