Not surprisingly, most young adults look forward to financial independence. This desire to cut the umbilical cord of dependence upon their parents is also reinforced by their certainty that their parents are not going to support them forever. In fact, most teens expect their parents to stop supporting them before age 25. However, the desire to cut the cord and the actual “ability” to cut the cord have created a very different reality for many young adults – which has created a whole new phenomena: Boomerang Kids.
- Create a moving out budget. This should not only be just the expenses related to your physical move, but also a budget to help you have enough on hand to afford everything from the first month’s rent to filling your refrigerator the day you move in.
- Conduct research to find out anticipated expenses of your “new” life. Visualize what your independent life looks like and attach costs to all of the things, activities, etc that you have in your “new” life.
- Always pay needs before wants. A word of caution – this means your current needs, as well as any projected needs.
- Do not live a lifestyle you cannot afford – when planning for your ideal life, you need to be realistic. And then some.
- Be willing to decrease your standard of living – your parents have spent many years building up to some of the material luxuries you’ve become accustomed to. Now it’s your turn to start at the bottom and build up.
- Take precautions to be ready for life events (i.e. buy insurance and create an emergency savings fund).
Here are some terrific additional resources you can use in planning your move out!
- How to Move Out on a Shoestring Budget
- 4 Things to Know Before You Move Out of Your Parents’ House
- How to Create a Moving Budget
- The Art of Manliness’ Heading Out on Your Own Series
- Moving Out of Your Parents’ House