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How to Know if You’re Financially Ready to Move Out


You’ve been looking around for a new home for a while now. At last, you’ve found an apartment that you love. The neighborhood seems great, there are washer and dryer hookups in the place, it’s got a nice kitchen, and it’s pet friendly!

The question is, how much should you save before moving out? Do you make enough money to be able to pay for this place? The last thing you want is to have to break your lease early.

That has a bunch of negative repercussions that you’re not ready for. We can tell you how much you need to save. Grab your calculator and factor in the following expenses.

Paying Rent

When renting an apartment or home, you have to take a look at your monthly income. The basic rule of thumb is that you should make more than three times your rent. This means that if you’re going to spring for an 800-dollar rent, you should be making at least 2,400 dollars a month.

If you make any less than that, you’ll be constantly stressed about paying your rent and other expenses. Another thing you’ve got to consider is that most landlords will ask you to provide the first month’s rent plus a security deposit.

If you want to move a pet into the picture, you’ll have to pay a pet deposit. Most of the time these don’t come cheap and a pet fee will get tacked onto your rent each month.

Moving Trucks Don’t Come Cheap

Unless you’ve got good friends, you’ll have to pay for a moving truck. You may spend up to 150 dollars to move your things across town. The prices will get a little more expensive if you’re planning on moving out of state. Especially where moving that pet dog to the new place, and you have to hire a reliable pet transport service. You will find many of them on Shiply who are ready to satisfy your needs here.

If you want to have the entire service where the movers come in and pack up your things, that will cost you about 400. It’s pricy, but worth it if you have a bunch of family heirlooms that you’re taking with you.

Keep Your Other Expenses in Mind

It’s not enough to be able to pay your rent each month. There are also utilities. You’ve got to be able to pay to keep your power and water on.

You’ve also got to be able to afford your groceries. Another reason why you want to make sure your income is three times your rent is so you have some extra income wiggle room to take part in activities that you enjoy.

If you can’t pursue your hobbies because you don’t make enough money, that will depress you. Then there are your pets. You need to make enough money to feed them.

Hidden Expenses

It’s a good idea to get to know the area where you’ll be moving to. There are a lot of hidden costs that you’ll come across in your neighborhood.

For example, public transportation costs vary from city to city. Your apartment might have parking garages where you can put your car, but you’ll pay for it.

Most apartments will also force you to get renters insurance. Insurance will only cost about 20 dollars a month, but 20 dollars is 20 dollars.

If you’re moving out of one apartment and going to another, you should call a professional end of tenancy cleaning service. This will ensure that you get your security deposit back so you can spend it on the expenses for the new place.

How’s Your Credit?

Your landlord will absolutely check your credit score before you move into a place. They want to get a feel for your money spending habits before they hand you the keys to an apartment.

If your score is looking a little low, it’s a good idea to get that in check before you move into a new home. Try tackling some of your credit card debt or work on your student loans.

Funding Your Furniture

Unless you want to sleep on the floor for a while, you’re going to need some type of furniture. If you don’t have the money to go to a home furniture store or if you don’t want to open a leasing agreement for it, there’s one other option. You can get inexpensive furnishings from thrift stores.

You can find tons of hidden gems and only spend about 1000 dollars on everything you need. Other house basics such as light bulbs and cleaning supplies you can get for around 100.

Are You Open to Bringing in Another Person?

If your eyes are bugging out of your head at some of these prices, the only avenue you have to go down is getting a roommate. Signing the lease with someone with better credit than you will up your chances of getting a place.

You’ll also have someone there to help you with all the expenses, including utilities and rent costs. They may even be willing to assist you with pet needs and groceries.

The only thing we recommend is drawing up some kind of contract before you move in together. This will cut down the possibility of you getting into a fight that can’t be mended.

How Much Should You Save Before Moving Out and Getting a Place of Your Own?

Are you planning on moving out on your own? Between rent prices and other expenses, it’s not the easiest thing for you to do. You may end up having to get a roommate so you can live comfortably.

If you don’t want to have roommates, make sure that you have the credit score and income necessary to stand on your own two feet before you take the plunge. How much should you save before moving out? That depends on where you go.

Now that you’ve moved into your new house, it’s time to make it your own. Check out our blog for the latest home improvement ideas.

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