TL; DR:<\/strong> You\u2019ll need enough money to cover upfront costs \u2014 such as rent, security deposits, and moving expenses \u2014 and plan for ongoing lives expenses like groceries, utilities, insurance, and dining out. It\u2019s recommended to have an emergency fund with three to sixth months of living expenses, but that dollar amount will depend on each person\u2019s expenses.<\/p>\n\n\n\n The first step is figuring out initial costs associated with securing housing. You\u2019ll need to decide whether you can:<\/p>\n\n\n\n You\u2019ll most likely rent a place, so let\u2019s discuss those initial costs. These costs include:<\/p>\n\n\n\n You\u2019ll also need to consider the following potential utility bills:<\/p>\n\n\n\n You need to include groceries, eating out, entertainment, phone bill, and other living expenses as part of your new budget.<\/p>\n\n\n\n You also should be prepared for unexpected costs that might occur after your move. If it\u2019s not one thing, it\u2019s always another thing.<\/p>\n<\/div>\n<\/div>\n\n\n\n <\/p>\n\n\n\n It\u2019s always important to save money just in case for a rainy day. When you plan for an emergency, your emergency fund can help mitigate abrupt repairs.<\/p>\n\n\n\n When it comes to renting, you have several potential upfront costs. These costs could include:<\/p>\n\n\n\n Keep in mind, that states \u2014 even landlords \u2014 might have different requirements or total amounts. Each state has different tenant laws and landlord laws on what a tenant can be charged from a landlord when it comes to security deposits. You can use your state\u2019s resources to help you stay informed on the rules and regulations.<\/p>\n\n\n\n You\u2019ll also need to consider utility setup costs and initial payments. You\u2019ll want to set up your utilities after you find a place but before you move into your new home.<\/p>\n\n\n\n Before you answer the \u201cHow much should I save to move out\u201d question, you need to make sure you know how to properly set a monthly budget for yourself.<\/p>\n\n\n\n It\u2019s best to keep track of how much income you make each month and the total expenses you spend each month.<\/p>\n\n\n\n To start, you need to figure out how to divide your money up. Most experts recommend not spending more than 30 percent of your gross monthly income on housing.<\/p>\n\n\n\n If you live in the 21st century and not the 20th century, you\u2019ll understand that it\u2019s more and more challenging these days.<\/p>\n\n\n\n That\u2019s why some experts recommend the 50\/30\/20 budget rule.<\/p>\n\n\n\n This says you should spend 50 percent of your gross income on your needs, such as housing, 30 percent on your wants, like eating out, and 20 percent toward savings and debt repayment, such as putting money away in a savings account.<\/p>\n\n\n\n Most apartment complexes require you to earn 2 times, 2.5 times, or 3 times the amount of the rent. For example, if the apartment will cost $1,000, most places expect you to earn anywhere from $2,000 to $3,000 gross income per month.<\/p>\n\n\n\n You\u2019ll need to decide how much you want to estimate your food and grocery costs. The average annual cost of groceries is $6,053 yearly, which is about $504 per month, according to U.S. Bureau of Labor Statistics<\/a>.<\/p>\n<\/div>\n\n\n\n <\/p>\n\n\n\n For a single person living on their own, it could cost you anywhere from $385-$445 per month. For two people, a budget could be between $705-$835 per month. For a family of four, it could cost you about $1,080-$1,640 per month, according to Instacart<\/a>. <\/p>\n\n\n\n When it comes to eating out, Americans spend an average of $3,639 per year, which is about $300 each month, according to Ramsey Solutions<\/a>. <\/p>\n\n\n\n You\u2019ll need to take into account your eating habits and dietary preferences. You might prefer to have a larger budget for take out and dining at a restaurant vs. cooking for yourself at home. You also might prefer to cook more at home than to eat out. You\u2019ll need to figure out what balance works for you and your budget.<\/p>\n\n\n\n You also need to set aside funds for transportation and commuting. If you own a vehicle, you\u2019ll need to account for gas and car maintenance. You also need to make sure you have car insurance, especially if someone hits you in a car accident \u2014 and worse \u2014 they take off and create a hit-and-run accident.<\/p>\n\n\n\n The total cost of car insurance can increase or decrease depending on where you live, how far you drive to and from work, how many miles you drive in a year, and previous driving history.<\/p>\n\n\n\n If you rely on public transit, you\u2019ll need money for the bus or train.<\/p>\n\n\n\n Additionally, if you use a taxi, Uber, or Lyft, you\u2019ll want to account for these expenses as well.<\/p>\n\n\n\n If you rely on public transit, you\u2019ll need money for the bus or train.<\/p>\n\n\n\n Additionally, if you use a taxi, Uber, or Lyft, you\u2019ll want to account for these expenses as well.<\/p>\n\n\n\n Depending on your situation, you\u2019ll need to consider additional expenses that could occur during your move or after you move. If you need moving help because your friends and family<\/a> won\u2019t help you, you can find affordable, professional moving labor from the Moving Help Marketplace<\/a>.<\/p>\n\n\n\n Now let\u2019s consider other expenses that come after moving.<\/p>\n<\/div>\n<\/div>\n\n\n\n <\/p>\n\n\n\n Unless you already own furniture or can acquire hand-me-down furniture, you\u2019ll need to purchase home essentials and furniture for your new place. You need the following items:<\/p>\n\n\n\n You\u2019ll need to think about three main insurance costs, especially if you\u2019re getting a new job after you move out:<\/p>\n\n\n\n Car insurance will protect you from car accidents, windshield cracks, etc. Renter\u2019s insurance can protect you from fire and water damage along with theft. Health insurance will protect you from unexpected medial expenses while making sure you have adequate health coverage.<\/p>\n\n\n\n Finally, you\u2019ll want to create an emergency fund for repairs and unforeseen emergencies. In fact, about 41 percent, or about 2 in 5 Americans, could pay for a major unexpected expense that costs $1,000 with their savings, according to Bankrate<\/a>.<\/p>\n\n\n\n Instead, others would use a credit card, reduce spending, take out a personal loan, borrow money from friends and family, or another method.<\/p>\n\n\n\n When you have a financial cushion, sudden emergencies won\u2019t derail your life or plans when it comes to money. Since you\u2019re preparing for an emergency, you can handle these issues promptly.<\/p>\n<\/div>\n\n\n\n <\/p>\n\n\n\n If you\u2019re not sure where to begin before starting the process of moving out, Moving Help has three tips to assist you with figuring out a game plan.<\/p>\n\n\n\n The first step is to be honest with yourself. To create a realistic savings plan, you need to honestly examine where you spend your money. Nothing is wrong with spending money on eating out or entertainment and saving a little bit less than you\u2019d like for your savings.<\/p>\n\n\n\n It just won\u2019t be helpful for anyone if you \u201cplan\u201d to save $500 each month but only save about $300 to $400 each month.<\/p>\n\n\n\n Additionally, you\u2019ll want to make sure you calculate all moving-related costs. You\u2019ll want to make sure your expenses include:<\/p>\n\n\n\n You can divide your total by the number of months before you want to move out. This will help determine how much money you need to save each month to reach your goal.<\/p>\n\n\n\n You also should consider cutting unnecessary expenses from your budget. You\u2019ll need to take the time to review your current budget and spending habits. This will help you identify areas where you can reduce costs, such as cancellation subscriptions you no longer use or dining out less often.<\/p>\n\n\n\n You can significantly increase your savings and put more toward your moving budget<\/a>.<\/p>\n\n\n\n To help streamline your savings efforts, you should take advantage of budgeting apps and tools. Everyone\u2019s needs are different \u2014 from wanting to use a more automatic process to doing more manual work along with using different apps or an Excel spreadsheet \u2014 but what you need to focus on is using what works for you.<\/p>\n\n\n\n What works for you might not work for someone else. What makes sense to you might be complicated for someone else.<\/p>\n\n\n\n The main point is to stay consistent and keep on top of your budgeting apps and tools.<\/p>\n<\/div>\n<\/div>\n\n\n\n <\/p>\n\n\n\n This will help you stay organized and keep a close eye on your finances, which will motivate you to ensure you\u2019re on track to save enough money.<\/p>\n\n\n\n Moving out on your own is an exciting milestone, whether you\u2019re going to live with roommates or on your own, but it also brings significant lifestyle changes that need careful preparation. \u201cHow much money do you need to move out?\u201d is a question that everyone will need to answer individually.<\/p>\n\n\n\n Experts say to have emergency funds saved for three to six months. That could be $3,000-$6,000 for one individual, but it could be $9,000-$18,000 for another person.<\/p>\n\n\n\n You need to make sure you have a monthly budget set in place, understand your soon to be upfront costs, plan for additional expenses, ways to save money before moving out, and use a budget system that works for you.<\/p>\n\n\n\n \u201cHow much money should I save to move out?\u201d will depend on your needs. Once you figure out your own needs, the process will become much easier to handle.<\/p>\n\n\n\n Speaking of needs, if moving heavy furniture in the hot Phoenix<\/a> summers or in the cold Minneapolis<\/a> winters sounds miserable to you, we have the solution for you.<\/p>\n\n\n\nUnderstanding the Total Costs of Moving out<\/h2>\n\n\n\n
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Upfront Costs: Rents, Deposits, and Fees<\/h2>\n\n\n\n
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Monthly Budgeting: What to Expect<\/h2>\n\n\n\n
Housing Costs<\/h3>\n\n\n\n
Food and Grocery Costs<\/h3>\n\n\n\n
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<\/figure>\n<\/div>\n\n\n\nAdditional Expenses to Plan for<\/h2>\n\n\n\n
Home Essentials and Furniture Purchases<\/h3>\n\n\n\n
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Insurance Costs<\/h3>\n\n\n\n
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Emergency Funds<\/h3>\n\n\n\n
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<\/figure>\n<\/div>\n<\/div>\n\n\n\n3 Tips for Saving Money Before You Move out<\/h2>\n\n\n\n
1. Creating a Realistic Savings Plan<\/h3>\n\n\n\n
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2. Cutting unnecessary Expenses<\/h3>\n\n\n\n
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<\/figure>\n<\/div>\n\n\n\n3. Utilizing Budgeting Apps and Tools<\/h3>\n\n\n\n
Preparing for the Transition: Lifestyle Changes<\/h2>\n\n\n\n