Even if you have already lived on your own in the past, the housing market has changed quite a bit in recent years. Many people move into a new home or apartment for just a few months before realizing that they misjudged some of their expenses or their job is not as steady as they would like it to be. Here are a few tips that will help you plan your budget, find a new living space, and move without any mishaps.
Start Budgeting Today
Before you even begin looking at new places, you first need to have a comprehensive monthly budget. This budget must contain all of your financial information including your income, expenses, savings, and liquid assets. You then need to establish a rough estimate of what your future expenses are going to be like once you move out. Once all of that information is available, you can establish a price range for your new apartment or home. While every market is different, most experts agree that your housing costs should stay between 25 and 35 percent of your monthly income.
Create an Emergency Fund
No matter how confident you are in your future, everyone should have an emergency fund saved up at all times. This money can help you deal with any number of issues ranging from car repairs to injuries. If you ever have to dip into your emergency fund, then you should return the money as soon as possible. The size of your emergency fund depends on a wide variety of factors including the nature of your job, your income, and your health. As a general rule, you should try to have enough money to cover all of your expenses for at least three months. That will keep you afloat if your company suddenly goes out of business or you are fired and cannot get help from the state.
Plan Your Move Far in Advance
The last few days at your parents’ house should not be spent struggling with boxes or finding friends who can help you move. That is why you should start getting your belongings ready as soon as you are able to do so. When you are packing, you want to be sure that each box contains items that are going to the same location. The boxes should be labeled with exactly what is inside them and which room they belong in. If you want to make the move even easier, then you might want to consider a professional moving company, such as Wheaton World Wide Moving. With professional movers, you will not have to rely on your friends or family members and their schedules to help you lift, store, or transport heavy items.
Those who are still having a tough time deciding if they are ready to move out can save up for another month or two to increase the size of their emergency fund. With your savings in place, you can rest assured that you will not need to break your lease if anything goes wrong.