Yearning to get out of your parents house and find a place of your own? This week, I'm going to discuss how to make sure your plan to launch doesn't backfire.
It's time to get out... out of your parent's place that is. Trust me, they are probably just as excited. Let me share with you how to crush moving out of your parents and some of the costs to consider when doing so. Also, there is a downloadable checklist including a cost tracker, so make sure you grab it. There are three major areas of expense when getting your own place: new regular expenses, items you need to acquire and one-time expenses. \
When getting your own place, your regular cost of living is going to go up. This shouldn't paralyze you from making the leap to independence but, if you aren't prepared, it can really throw you off. Of course, there's the cost of rent moving forward. There are also things like utilities, groceries, and possibly subscription accounts like Netflix. Make sure to count these new costs ahead of time and put them in your budget. Oh yeah, a budget. You're doing that, right? If not, you really need to. Once you are on your own, you'll definitely need to track every expenditure and maintain financial responsibility. Need help putting a budget together? Contact me and check out my previous Savvy Saturday video, "How to Build a Strong Budget that Actually Sticks."
This list can be quite lengthy and will vary based on your possessions. Some examples are things like a couch or television stand and odds and ends like a toaster or trash can. The point is, as you get your own place, you will definitely need to acquire some or all of these items. Be sure to download the available checklist and cost tracker in order to track what items you'll need.
Lastly, one time expenses. This includes things like a moving truck or the security deposit at your own place. However, it also includes items you may not expect: a broker fee, application fees for places like apartments and much more. Personally, I recommend finding a small rental space above someone's garage so you can save up money in the meantime. It makes for less cost and less hassle and still provides you with your own place. Just a sidenote. If you've been considering moving out to purchase a house, stop! Watch my previous video, "Should You Rent or Buy?" When deciding to move out and get your own place, these are just a few of the things to consider. So, make sure you've left no stone unturned. Not only aim to find more money to fund your dreams but do so while accomplishing your goal of living on your own.
Question: Do you want to break free and get your own place? Do you need help crushing it in the process? Let me help.
Additional Action Items: Download the free checklist and cost tracker so you have all things considered. Come join my FREE Facebook community, the “Strong Together Money Community,” to stay informed and encouraged as you grow in your financial and independent journey. Check out my free e-book to gain additional tips on how to save. Not sure how to break free of that cable bill without feeling like you're missing out? You can cut those costs and still keep your content! For more information, check out my Cable Cutting Academy today!