5 Tips When Moving Out to Consider
5 Important Tips When Moving Out For Your First Time
So you are moving out on your own for the first time. And, you are probably feeling a mixture of excitement and anxiety for what lies ahead. That is normal, given that this is one of the biggest steps you will ever take in life. But if you’re ready for it with these tips when moving out, it will be a step in the right direction.
As you venture out on your own, two of the most important things to consider are safety and finances (in that order). That’s why we have put together five factors to think about as you prepare for your next chapter.
*This is a guest post by Christopher Hayman. Check out his page at https://www.adultingdigest.com/ for some practical advice on budgeting.
5 Considerations When Moving Out on Your Own for The First Time
1. Finding a Safe Neighborhood
First of all, you want to make sure you live in a good neighborhood. Consider where you will be spending the most time (e.g., school, work, etc.), and look at the crime rates of nearby areas.
Visit
Once you narrow down your list of potential neighborhoods, visit those neighborhoods and speak with residents about what it’s like to live there. You also want to make sure your location provides reasonable access to emergency services and pharmacies.
Practice Safe Habits
Even if you move into a “safe” area, it is always a good idea to practice habits that improve your safety. One of these is to let your friends and family know where you are going and when you expect to return. For example, if you have a roommate, you can call them when you pull into the driveway at night, so they can turn on the lights and open the door.
Something else to consider here is the safety of where you work. It is not enough to live in a “safe” area, but you will also want to ensure that your working hours are not filled with peril. If you do have longer hours, there are options to get home safely, such as using Uber or Lyft, or coordinating with your employer and/or coworkers.
2. Stocking up on Medical Supplies
Among the most important tips when moving out is to consider your health.
Even if you live near a pharmacy, you do not ever want to have to make late night visits. And with the state of the nation amidst the COVID-19 outbreak, generally it is better to make fewer trips to gather your essentials. Make a list of essential medical supplies to buy before you move in, such as:
- Bandages, gauze, rubbing alcohol and antibacterial ointment
- Digital thermometer
- Pain relievers (e.g., Tylenol, Ibuprofen, Advil, etc.)
- Allergy medication (Benadryl, Allegra, Zyrtec, etc.)
- Cold/flu medicine (daytime and nighttime)
Where to Buy Supplies
You can get many of these supplies (plus items such as paper towels and dish detergent!) at your nearest dollar store. However, you should stick with the pharmacy for medications.
Also, check out some online options, like Amazon.com, Jet.com, and Boxed.com. Planning in advance can really help you out if health becomes an issue and buying in advance can help you save money.
Telemedicine
You can also save money on pricey doctor’s visits by using an on-demand video service, such as Teledoc, to get a consultation in the privacy of your own home. Most of these services will only charge a copay, and if you don’t have insurance, are usually much more cost-effective than a trip to urgent care.
Plus, you get to avoid germ-filled waiting rooms and provider cross-contamination. So you know, many insurance companies are offering telemedicine options these days, and so check out your options so you know what they are before you need it.
3. Budgeting
As you set out on your own, the single most important thing you can do for your financial future is to learn how to budget. Ideally, you will establish this habit before you move out. You may not know exactly how much it costs to upkeep a home and pay for other living expenses, and you do not want to be blindsided by reality.
Tip: Estimate all of your expected income and expenses so that you can come up with a plan. Budgeting will be something that guides you through financial decisions for the rest of your life.
Apps to Help Budget
If you need help with budgeting, check out the following apps:
- Truebill Budget & Bill Tracker
- Mint: Personal Finance & Money: https://www.mintpro.in/
- Clarity Money – Budget Manager: https://www.marcus.com/us/en/clarity-money.
- Albert: Save and Spend Smarter: https://albert.com/.
But know that there are many options. Choose what works best for you as one of your important considerations when moving out.
Earn Additional Income
If you find that you’ll come up short, look for ways to earn additional income. A side hustle, like mowing lawns, walking dogs, or babysitting, can help you fill the gap. For ideas on how to make money, check out this post.
Do Not Forget to Save
You will also want to explore ways to save on daily necessities, such as buying essentials in bulk and planning your weekly meals.
4. Down Payment
One important expense you will need to budget for is the down payment that you will make on your new home. If you are not familiar with the process, take some time to study up so that you do not go into it spending more than you can afford.
However, do keep in mind that you’ll end up with lower mortgage payments and interest rates if you’re able to make a higher down payment.
On the other hand, if the down payment is relatively low, and you choose to borrow more than 80% of your property’s value, you’ll need private mortgage insurance and will end up paying those premiums along with the mortgage. To avoid this latter scenario, make sure you have enough in savings to make a larger down payment, or tap into your IRA or 401(k) if needed.
5. Savings
When you develop your budget, be sure to leave room for savings as this is an important consideration when moving out. Creating an emergency savings fund is essential for everyone because there are some things in life that you cannot predict.
But, by having money set aside, you can provide a cushion in the event of job loss, unexpected home or car repairs, health emergencies and so on.
Before you move out, try saving most of your paycheck. Once you are on your own, try to set aside at least 20% of your paycheck for savings.
Not Ready to Buy a Home? Rent
Here is another one of our tips when moving out for your first time.
If you are still struggling to get on your feet and not yet ready for homeownership, you can keep the cost down so that you can save by renting a room. Many people have space available for long-term lease; you just have to look to find one. Roommates.com is a great resource to you connect with your future roomie.
Setting out on your own is a significant moment you will likely never forget. And you can make the most of it by making some preparations.
Final Thoughts – Tips When Moving Out
So, start by locating a safe neighborhood to live in, and make a list of important medical supplies to keep at home. Also, learn the habit of budgeting and saving for things like the down payment and emergencies. The better you plan and prepare, the better you set yourself up for a safe and happy future.
For more ideas, see:
And https://www.adultingdigest.com/. Also, contact me with any questions and many thanks to Chris for this post!