Growing up, nothing is more exciting than the thought of moving out. The freedom you get and that sense of independence are all too thrilling. But, if things were possible to achieve that quickly, the world would've been a much more fun place.
The reality is that there are plenty of things you need to consider before signing a lease and getting the keys to your own place. These considerations include your finances, your requirements, and the basic necessities that come with having a place of your own.
So how much money do you need before moving out? The most straightforward answer is that you should have three months' worth of expenses covered. For that, you'll have to understand your expenses and how much money you make every month. You also have to take into account certain costs that may count as miscellaneous costs such as moving, buying furniture, etc.
Calculating Your Definitive Amount
Everyone has their own thing going on, which means your finances might not look the same as your friends'. This means that you have to determine your own "3 months of expenses". Calculating this shouldn't be a hassle. Just take into account your monthly food, utility, rent, and entertainment costs. Start by making a list and taking a month just to get a precise figure. The last thing you want is to be broke after just a month of moving out.
What Is the Average Moving Expense?
According to mymovingreviews.com, the average moving expense per hour per mover is about $60. If you're moving locally within the US, here's what average moving costs come to as per apartment size.
- The average studio/1 bedroom apartment moving cost adds up to $480
- The average two bedroom moving cost adds up to $1080
- The average three bedroom moving cost adds up to $1680
- The average four bedroom moving cost adds up to $2160
- The average five bedroom moving cost adds up to $3600
With these costs, you’ll have an estimate of the amount of money you need for moving and related bills.
With this information, you should start looking into saving as much money as you can before you go house-hunting.
Remember that the more you save, the less time you have to spend worrying about bills and rent.