How to Save Money to Move Out
Moving is both physically, and financially, exhausting. Whether you're venturing out from your parents' house or saying goodbye to a longtime roommate, it's natural to have doubts about your ability to make it on your own. The cost of moving, plus the starting expenses involved in securing a place to live, may make your head spin. The more you plan and save now, the more in control you will feel when it's time to move out.
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Instructions
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Set a savings goal. Knowing how much it will take to get started, and having that money, will make your transition much smoother. Obtain a rough estimate of expenses including your monthly rent/mortgage, utility bills, cable and Internet, phone expenses, car payments, entertainment and any other bills that will be your sole responsibility. Add the cost of movers, security deposits or down payments to this total --- this is the bare minimum you will need for your first month on your own.
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Set aside a portion of each paycheck immediately. The amount you save per check depends on your savings goal and your desired move-out date. If you have massive amounts of debt or other financial responsibilities, you may have to put aside less than you'd like; the key is to put a portion of each check in a savings account immediately, so you don't even miss the money.
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Use your current situation to your advantage. Bankrate.com recommends seriously paying down (or paying off) your debt before transitioning into a financially independent situation, because getting started living on your own may make it nearly impossible to throw large sums of money at credit card debt and student loans.
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Live cheaply. Liz Pulliam Weston of MSN Money recommends not being in such a rush to achieve "adult" status by buying a car you can't afford or eating out every day. Instead, live like a broke college student. The less you spend on momentary thrills and unnecessary luxuries, the more you'll be able to set aside for your move --- and for your longterm goals, like obtaining a mortgage or saving for retirement.
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Avoid buying new things; instead, shop creatively. Visit thrift stores and use online trading communities like Craigslist and Freecycle.org to find items you need. Trade in old clothes for new fashions at participating clothing stores. Check out books and movies from your library rather than buying (or renting) new ones.
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Cut moving costs by packing yourself, or having a friend with a truck help you transport your items. If you don't have a friend with a truck, consider a do-it-yourself moving company that allows you to rent a truck for the day. Also, give away or sell as many old items as you can before moving day.
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References
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