{"id":23163,"date":"2019-01-15T10:15:35","date_gmt":"2019-01-15T10:15:35","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=23163"},"modified":"2020-01-21T20:06:23","modified_gmt":"2020-01-21T20:06:23","slug":"tips-for-young-people-moving-out-on-their-own","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/tips-for-young-people-moving-out-on-their-own\/","title":{"rendered":"Tips for Young People Moving Out on Their Own"},"content":{"rendered":"<p><i>This is a guest post by Jim McKinley. Jim is a retired banker with almost 30 years of experience. He created <a href=\"https:\/\/moneywithjim.org\" target=\"_blank\" rel=\"noopener\">MoneywithJim<\/a> to share his advice and other resources on a variety of financial topics.<\/i><\/p>\n<p>[adinserter block=&#8221;4&#8243;]<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Discover What&#039;s Inside<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/stockchase.com\/discover\/tips-for-young-people-moving-out-on-their-own\/#Making_Smart_Decisions\" >Making Smart Decisions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/stockchase.com\/discover\/tips-for-young-people-moving-out-on-their-own\/#Make_a_Rational_Decision\" >Make a Rational Decision<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/stockchase.com\/discover\/tips-for-young-people-moving-out-on-their-own\/#Draw_Up_a_Budget\" >Draw Up a Budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/stockchase.com\/discover\/tips-for-young-people-moving-out-on-their-own\/#Stay_in_Touch\" >Stay in Touch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/stockchase.com\/discover\/tips-for-young-people-moving-out-on-their-own\/#Smart_Financial_Moves\" >Smart Financial Moves<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/stockchase.com\/discover\/tips-for-young-people-moving-out-on-their-own\/#Self-Care\" >Self-Care<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Making_Smart_Decisions\"><\/span>Making Smart Decisions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/www.bustle.com\/p\/7-tips-for-making-the-most-out-of-living-alone-for-the-very-first-time-12037538\" target=\"_blank\" rel=\"noopener\">Moving out<\/a> on your own is an exciting time for many young people. It\u2019s an indication of responsibility, maturity, and responsibility, as well as a sign that you\u2019re ready to tackle the world on your own terms.<\/p>\n<p>It\u2019s natural to be pumped up and full of expectations, but it\u2019s important to bear in mind that being responsible for yourself means, among other things, being a good steward of your finances and your personal safety and health.<\/p>\n<p>Whether your parents are helping finance your move or not, watching your wallet and paying attention to your <a href=\"https:\/\/www.forbes.com\/2010\/06\/08\/budgeting-young-adults-personal-finance-spending.html#49a3e89f214b\" target=\"_blank\" rel=\"noopener\">budget<\/a> is essential \u2014 as important as taking good care of yourself physically.<\/p>\n<p>You\u2019ll probably run into problems as you feel your way along.<\/p>\n<p>What\u2019s more, you\u2019ll make mistakes, probably the same ones most people make when starting out. Try to follow a few <a href=\"https:\/\/toughnickel.com\/real-estate\/How-to-Move-Out-On-Your-Own-for-the-First-Time\" target=\"_blank\" rel=\"noopener\">simple guidelines<\/a> as you begin an exciting new phase of your life.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Make_a_Rational_Decision\"><\/span>Make a Rational Decision<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Many young people decide to leave home due to emotional upset, conflict with parents or siblings, or because they feel unappreciated and misunderstood. Think carefully about why you\u2019re leaving and whether it\u2019s a good decision.<\/p>\n<p>Do you really have enough money to afford to live on your own? Do you have a reliable source of income so you can pay rent and cover basic living expenses? Are you moving to a <a href=\"https:\/\/www.redfin.com\/blog\/2014\/09\/12-cities-where-you-can-live-affordably-in-a-walkable-neighborhood.html\" target=\"_blank\" rel=\"noopener\">safe neighborhood<\/a>?<\/p>\n<p>Moving out because you\u2019re ready and prepared to be independent should mean that you\u2019re responsible enough to handle it.<\/p>\n<p>Try to be honest with yourself \u2014 it\u2019s very easy to get into personal or financial trouble if you don\u2019t have a firm means of personal support.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Draw_Up_a_Budget\"><\/span>Draw Up a Budget<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Budgeting is an important skill for everyone, but it may be something you\u2019re not used to. Sit down with a parent, older friend, or someone who can show you how it\u2019s done.<\/p>\n<p>Draw up a list of anticipated monthly expenses and compare them to your expected monthly income. If you\u2019re on the debit side, this might not be the right time to move out after all, especially if you can\u2019t expect financial support from parents. Include <a href=\"https:\/\/www.kiplinger.com\/article\/spending\/T050-C006-S001-cost-of-living-reality-check.html\" target=\"_blank\" rel=\"noopener\">\u201chidden fees,\u201d<\/a> things such as a security deposit, fees for utility connections, and the cost of internet connectivity. These are things you\u2019ve taken for granted up to now, but they need to be factored into your finances if you\u2019re moving out.<\/p>\n<p>Some online tools to help with your budget&#8230;<\/p>\n<ul>\n<li><a href=\"https:\/\/www.google.ca\/sheets\/about\/\" target=\"_blank\" rel=\"noopener\">Google Spreadsheet<\/a> &#x1f4bb;<\/li>\n<li><a href=\"https:\/\/www.youneedabudget.com\" target=\"_blank\" rel=\"noopener\">You Need a Budget<\/a> &#x1f4b0;<\/li>\n<li><a href=\"https:\/\/mint.com\" target=\"_blank\" rel=\"noopener\">Mint &#8211; Your finance in one place<\/a> &#x1f4ca;<\/li>\n<li><a href=\"https:\/\/wealthica.com\" target=\"_blank\" rel=\"noopener\">Wealthica &#8211; Your investments in one place<\/a> &#x1f3e0;<br \/>\n<h3><span class=\"ez-toc-section\" id=\"Stay_in_Touch\"><\/span>Stay in Touch<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It\u2019s a very good idea to have a frank conversation with your <a href=\"https:\/\/money.usnews.com\/money\/blogs\/my-money\/2014\/06\/11\/the-best-ways-to-split-rent-with-roommates\" target=\"_blank\" rel=\"noopener\">roommates<\/a> and parents so that everyone understands how this will work.<\/li>\n<li>Will you and a roommate split everything (rent, utilities, groceries, etc.) ?<\/li>\n<li>Will you pay for some things and your roomie for others?<\/li>\n<li>Who will do the shopping?<\/li>\n<li>Will you split the duty?<br \/>\nTalk about how cleaning your apartment will work and who will be responsible for what. This is an important first step because it can help avoid unpleasant <a href=\"https:\/\/www.brickunderground.com\/blog\/2014\/07\/questions_to_ask_your_potential_roommate\" target=\"_blank\" rel=\"noopener\">confrontations<\/a> later on \u2014 there\u2019s nothing worse than being tied to a roommate you can\u2019t get along with.And, if possible, sit down with your parents and talk about what they expect, how much they\u2019re willing to help and to what extent.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Smart_Financial_Moves\"><\/span>Smart Financial Moves<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If you don\u2019t have a checking account, you\u2019ll need to open one so you can pay bills and have a secure place to deposit your money. Make sure you know how to balance a checking account, and consider getting <a href=\"https:\/\/www.nerdwallet.com\/blog\/banking\/overdraft-protection-transfers\/\" target=\"_blank\" rel=\"noopener\">overdraft protection<\/a> to avoid exorbitant fees. If you have a debit card, set up a system for retaining and recording receipts (there are <a href=\"https:\/\/www.komando.com\/tips\/12292\/best-apps-to-help-keep-track-of-receipts\/all\" target=\"_blank\" rel=\"noopener\">smartphone apps<\/a> that can do this).<\/p>\n<p>Think about your future financial life&#8230;<\/li>\n<li>Open a checking account<\/li>\n<li>Start saving, open an investment account or brokerage with Questrade (free ETFs)<\/li>\n<li>Get a credit card, start building credit<\/li>\n<li>Start checking your credit file (Borrowell free credit check).<\/li>\n<li>Why not start tracking your net worth with <a href=\"https:\/\/wealthica.com\" target=\"_blank\" rel=\"noopener\">Wealthica<\/a>?<br \/>\n[adinserter block=&#8221;2&#8243;]<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Self-Care\"><\/span>Self-Care<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Moving on your own is fun, but don\u2019t overdo it.<\/p>\n<p>Overspending and over-partying will land you back with your parents very quickly. Set several personal self-care objectives, like getting at least seven hours of sleep at night, eating three healthy meals a day, and limiting your intake of unhealthy foods (even though fast food is inexpensive).<\/p>\n<p>Find inexpensive ways to exercise, such as walking to class or running stair laps. Treat your financial and personal well-being with equal importance when moving out on your own.<\/p>\n<p>Budget your time, and be smart about fun activities to avoid overextending yourself financially and physically. You want your first apartment to be a positive, memorable time, as well as a learning experience.<\/p>\n<p>You are ready for the big move? Here&#8217;s an helpful resource for people looking to have an organized move : <a href=\"https:\/\/www.durangohomesforsale.com\/home-packing-guide-for-moving.php\" target=\"_blank\" rel=\"noopener\">How to (Correctly) Pack Everything When Moving to a New Home<\/a>.<\/p>\n<p>Do you have more tips for youg people moving out on their own? Tell us more about your own experience in the comments.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>This is a guest post by Jim McKinley. Jim is a retired banker with almost 30 years of experience. He created MoneywithJim to share his advice and other resources on a variety of financial topics. [adinserter block=&#8221;4&#8243;] Making Smart Decisions [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":29077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[34],"tags":[62,63],"class_list":["post-23163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-tips","tag-moving-out","tag-young"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/23163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=23163"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/23163\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/29077"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=23163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=23163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=23163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}