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How Much Money Do I Need To Move Out?

Thinking about moving out? One of the first items to think about and plan for is how much will be needed to move.
How Much Money Do I Need To Move Out?

"How Much Money Do I Need To Move Out?" is one of those questions that first come to mind when thinking about moving out. To be perfectly honest, there is no one set amount that one needs in order to move. There are, however; guidelines that one should keep in mind when it comes to setting aside money to move out. Be aware that it’s advisable to save enough money to sustain yourself for at least two to three months. Once you start your own budgeting and saving, it’s best to have at least eight months to 1 year set aside for emergencies.

To make sure that enough money has been saved to safely move out, it is important to have a target number to aim for. In order to have a targeted number, a moving out budget needs to be created. To have an accurate number, you will need to get some essential information in order to meet the savings’ goal.

Getting The Required Information

The first pieces of information needed to know have to do with the house or apartment that is being moved into. It is important to know exactly how much rent is owed monthly, how much the security and, if there are pets, how much the pet deposit is. Ask the leasing agent for the average utility and cable/satellite bill is for the area. This information becomes important when you start to work on your own personal budget, too.

When it comes to utilities, each utility company sets up new accounts differently. One company will require a deposit, while another will not and it won’t be the same for everybody. By overestimating on the utility costs, it allows a buffer to be created and ensures that the utilities will be turned on.
It is smarter to give a good rounded number as a buffer when it comes to budgeting money. Over-budgeting gives the peace/piece of mind that everything was thought ahead and had been planned for. Planning ahead and being smart in the way the money is handled is essential for financial success and ensures self-support.

Overlooked Expenses

Grocery shopping is an often overlooked item when budgeting to move out. It’s important to know and incorporate it into the moving out budget. This number will always fluctuate but tends to remain high for about 6 months; even if diligent work has been made to stock up on the essentials in the pantry.

Furniture is another item that is often overlooked. However, living with the furniture that one moved in with until enough money to buy all the furniture needed without using up the 2 to 3 month reserves is completely acceptable. It’s not only acceptable but it is the smart thing to do. Stay away from dipping into that reserve fund. You don’t know when you will need that money, which is one of the safety nets that will keep you from moving back home with mom and dad.

Take all of these amounts and multiply the total by three (3x). This will be the target saving number for moving out and could allow you live on your own for two to three months, if used wisely. This is only used as estimation and does not guarantee that the target amount will be enough money to live successfully independently.

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