MoneyMatters101.com Home
Information about renting

Pros/Cons Of Lease
Lease Mineral Rights
Living On Your Own
Month To Month
Rent A Room
Rent Vacation Home
Rising Rents
Professional Renters


Email Us



Moving Out And Living On Your Own

For any young person, moving out of your parents home and making it on your own is commendable, but there are many things to think about before doing it.

As far as young adults are concerned, things are no different today than they were twenty, thirty, or forty years ago. Many young people, especially those just out of high school or college, want to get away from their parents as soon as possible. In fact, some start dreaming of the day they can move out way before they actually graduate.

Children start craving their independence at a young age and the sooner they get it, the better they feel about themselves. They want to rent their own apartment or house and start living their lives as they see fit. But without a doubt, renting is more than just a notion. It can be expensive and a very stressful experience.

There are many things to consider, especially since rent and utilities are so high today. Think about it. Your parents probably want you to move out just as much, or more, than you do. Indeed, they do! But they don't want their home to be a revolving door. Once you are gone, they want you to stay gone. So do them, and yourself, a favor. Save, plan, and make sure you can handle the monthly expenses.

Although there is nothing wrong with getting your own apartment, there are consequences that come with making such a move so take a moment to look at the pros and cons of renting to see if you are ready. You may not want to continue living with your parents but it may be your best option for now.

A little patience can go a long way in making sure you have a successful transition from living at home with your parents to moving out and living on your own. It is a big move and should be treated as such. There are some very important points that should be considered before making such a move.

  • Are you making enough money to pay your rent, pay bills, buy food, gasoline for your car, and pay for other expenditures. Although some months may be shorter and others longer, think of a month in terms of thirty days. Thirty days may seem like a long time, but when the rent and bills come due on the first of each month, you will come to realize how short a month actually is.
  • Do you own a car and have a car payment? You have to get back and forth to work so a car may be the greatest asset you can have when you move on your own. A car is a big expense, especially if there is a monthly payment. And remember, the car has to run properly so there will be maintenance costs such as oil changes and tune-ups, tires, anti-freeze and coolants, and more importantly, gas. Depending on how far you live from work and the amount of driving you do, you will have to fill it up on a regular basis. You will also need to have auto insurance.
  • Do you have furniture or will you have to buy some? Furniture can inexpensive or very pricey. You may need a bed, sofa, television, pots and pans, forks, knives, spoons, dishes, glasses, and other eating utensils.
  • Do you know how to cook? Cooking is a very useful skill when you move into your own apartment because eating out every meal becomes very expensive.
  • Can you make a budget and stick to it. Learning to make a realistic budget is very important when you have to depend on yourself to make ends meet. Without a budget, you may find yourself overspending and broke before you get paid again. Making a budget is one thing, but sticking to it is even more important.
  • Do you have a backup plan? If you run into financial trouble, can you move back in with your parents or someone else.

It is commendable for any young person to want to be independent and have their own place to live. But in today's rough and tumble economy, it is also a good idea to set goals and make realistic preparations before moving out on your own.

Book of the Month

Book about investing

Advertise on MoneyMatters101.com



Accessibility Policy| Terms Of Use| Privacy Policy| Advertise with Us| Contact Us

Use of this web site constitutes acceptance of the Terms of Use.

We are looking to create more mutually beneficial partnerships. If you are interested in partnering with MoneyMatters101.com, send us your proposal.


Link to MoneyMatters101.com