Moving out on your own for the first time has its fair share of financial and logistical challenges. The principal budgetary concern most people consider when choosing to move out is the cost of rent. However, the price of rent is just one of the many expenses one must consider before leaving the nest. There are several other costs to consider when moving out.
This post discusses some of the costs you need to consider when planning to live an independent lifestyle away from home. It includes everything from basic necessities to miscellaneous fees and pet care when you’re calculating your moving costs.
General household items — like basic furniture, cutlery and cans can easily be overlooked when moving. It’s important to bear in mind that every year people spend a significant amount of cash on household equipment and furnishings such as appliances, furniture, housekeeping supplies and other miscellaneous home goods. A significant number of first-time movers are surprised by the supplemental home necessities they need once they move to a new place.
While people focus on major appliances such as a microwave, washer/dryer, toaster and fridge, seemingly minuscule expenses such as picture frames, curtains, rugs and other items can quickly add up to your expenses.
Chances are you budgeted for primary utility bills, like electricity and water, but you likely didn’t anticipate added fees such as new-customer activation fees, garbage removal charges and even city-imposed charges that can increase your monthly costs. These costs can squeeze your budget and make a living on your own much tougher.
Before settling on a specific area, do some research and find out the basic costs an average resident can expect to pay. Work the expenses into your overall projections to determine whether moving to a specific area is sustainable for your budget.
Eating out can be quite costly but dining at home is not cheap either. Nonetheless, eating at home is still more cost-effective than eating your meals at a restaurant. The trick is to cut costs on food by taking advantage of tech tools such as loyalty rewards programs and coupon apps that offer discounts on purchases as well as fresh food options at discount retail stores. When shopping for groceries, for example, working with a list helps but be sure to research printable coupons from manufacturers and grocers for potential double coupon opportunities.
Moving into your new premises with your pet can bring you a lot of joy, but be prepared for the costs involved. First, you should be prepared to limit your housing options. Not all property owners allow pets and those that do ask for a hefty deposit and additional charges in addition to your base rent.
Like any major decision in life, moving out on your own has significant financial implications. Knowing the costs to consider when moving out can help that go beyond getting moving supplies and costs to hire a moving company. Do plenty of research on how to cut costs and make sure you save for the move. You want to seriously consider your budget and plan your move so you can avoid a paycheck-to-paycheck lifestyle.