How to Prepare to Live on Your Own

Moving out on your own can be scary, especially if you are not prepare and don’t now what to expect.  One of the biggest reasons why people move back in with their parents is because they run out of money.  Unlike being back in your dorm room, you’ll be responsible for nearly everything.

When you decide to move out on your own, you’ll feel like you’re on your own. Most of the times, this is indeed the case.  When you step into your first apartment for the first time you will likely have a sense of emptiness.  This will likely be due to the lack of furniture in the apartment.  However, you will realize that you have something of your own, your own place and space.

To avoid the turmoil of moving back in with your parents or having problems with your place, it is wise to understand a few things before actually making the decision to move out.  The following are four things that you should consider.

1. Know Your Living Expenses

Living on your own involves more than paying rent each month, so estimate how much your monthly expenses will be.  Your monthly expenses will include water, electricity, gas, cable, phone service and other expenses.  In order to protect yourself from potential harm, you should consider buying renters’ insurance, having a security deposit with your landlord, estimate how much you will spending on groceries and other expenses.  These expenses can add up quickly and it is important that you have a clear idea of all of your costs before moving out on your own.  

2. Establish a Budget

Before moving out on your own, make an effort to familiarize yourself with common household expenses.  Establish a budget to set aside money necessary to pay for utility services, groceries, cable other household expenses.

3.  Find an Apartment

Compare average rents for different desirable neighborhoods, paying close attention to the costs.  Weigh everything included in the cost of rent like utilities, appliances and other things, to your take-home pay.  Weigh the cost of rent plus associated fees against your take-home pay. Once you’ve done this, you’re going to know whether you’re ready to make the leap.

4. Establish an Emergency Cushion

When your are taking on the burden of your own place, it is important to have a cushion just in case your estimates were wrong.  Sock away some extra money to take care of potential emergencies.