The excitement of finally moving out on your own is immeasurable. You finally get to get your own furniture, décor and live by your own rules. Or maybe you want to live in a different neighborhood. A bigger house, a better balcony with a view of the city or a backyard for a patio. I know, just figuring it all out makes me want to move to a better apartment too. Your biggest nightmare though is how to save money to move out.
And it should be because moving out is no easy feat. From worrying about the moving companies to the finances. By the time you make that move, you need to have a financial haven of your own. And we are going to help you get that financial haven to help you move out.
1. Stay in your lane
I know the hopes, dreams and plans one has when moving out. No matter what plans you have, for you and your future apartment, remember to stay in your lane- financially that is. When you are shopping for that new house, make sure you have evaluated your financial position. That way, you will know your financial limit.
Do not move into a house you cannot afford a few months down the line. Additionally, staying within your financial boundaries will make your saving effort easier. If you settle for a house that is beyond your current financial ability, you will take forever saving to move out. Why? Because you will need to save for the new rent amount and the deposit, which will be higher than your financial ability can withstand. Not forgetting the moving costs.
2. Have a budget
And a plan for that matter. Moving to a new apartment with your eyes closed will lead you to regrets sooner than later. To be on the safe side, make a plan and a moving budget. How much money do you need to cater for the moving? How much do you need for rent and the deposit? Most places will require a one-month deposit from you, which is refundable if you have a proper lease and taken good care of the place.
Do not forget to include the money needed for furniture in case you do not have any yet. Groceries too and other utilities should be on your list.
Once you have this, you will be in a better position to know how much you need to save to move out.
3. Reduce your expenses
Now that you know how much you need to finally move out, start by reducing your expenses. If you eat out more often reduce that and start making your own food at home. Not only is it healthy, but it will also save you a couple of bucks. Instacart and Savingstar are the places to start with for your grocery shopping. Instacart delivers groceries for you while Savingstar earns you some cashback on your grocery shopping. Click Here to save on your grocery expenses too.
Apart from your groceries, you can reduce your electricity bill and car insurance could also use some trimming. While we are on cutting down on expenses, you also do not need your cable company. There are many other options out there to follow up on your favorite TV shows.
Netflix, for example, lets you have four users for one account. If you and 2 your friends partnered, you can get a Netflix account and share the cost. This, of course, will be lower than your cable bill. See, there goes some extra buck to cater for your moving out
Bottom line is that you need to sit down, list down your expenses and see what you can cut down. Trust me, reducing your expenses will not kill you. In fact, it will help you save money to move out and bring you closer to your dream of moving out.
4. Make some extra cash
Saving money to move out from your salary might take forever. Maybe you have some personal loans to clear, credit card loans to pay or the money is not simply enough to save in a short period. Making some extra bucks on the side might be the saving grace you need for your moving needs.
You can take surveys and get paid or engage in freelancing. For paid surveys, paid for research, just answer, Ipsos and My survey US are a great place to start. Freelancing can include transcribing, writing, graphics and web designing among others. Depending on your professional skills and education, you can make money freelancing through Fiverr, Iwriter, Bluehost, and Shutterstock.
Read more on making money as a freelancer.
5. Sell unwanted items
Since you are planning on moving out, how about you get rid of all the unwanted stuff in your houses? For starters, it will help you make some extra cash as well as reducing the load of items you will be moving.
Organize a garage sale and get rid of all those items like clothes, shoes, and jewelry among others. The extra bucks you make can be used to cater for your moving expenses.
6. Rent your stuff
In case saying goodbye to your stuff is hard to do, then rent it out. It is an easy way to make extra money, which you could save and use to cater for your moving costs.
If you are living in a house with an extra room, let it out to tourists and people traveling to your area on business. Other things to rent out include your photography equipment, bicycle, car, clothes, jewelry among others. At the end of the day, you will have your stuff back and some extra bucks in your account.
7. Save on the moving expenses
If you can manage to save money on the moving costs, then that money can go into other uses. Like buying your first week’s grocery, paying some utility bill or even some stuff for your new house. You can manage this by avoiding moving companies and using your friends instead. Pack your free belongings in cartons and rent a van. Pick the right time to move especially mid-month or during winter when the moving business is slow.
This will help you reduce your moving costs and that money can be put into better use.
Here is more on How to save money on moving expenses.
In conclusion, moving out is a messy and expensive affair. Even if your current landlord owes you deposit money, the probability of getting the full amount back is narrow. You might have messed things in the house and your deposit will be used to cater for the renovation costs. In case you get it, it will come after you have moved out, which will be a little too late.
The best way to move stress-free is saving money to cater for your moving costs. Your salary alone might not be enough or it might take you a while before you save enough. Make sure you get a house that is within your budget, reduce your daily and monthly expenses and save that money. Additionally, you can get a side hustle to help you make some extra bucks. Maybe sell or rent out your stuff to make money on the side too. This is how you will save some money to move out.
Have you managed to move out on your own in the past? How did you manage it? Let’s keep the conversation going and help each other move out stress-free.