MoneyFlex

By Sandy Yong on May 12, 2025
Estimated reading time: 6 minutes

By Sandy Yong on May 12, 2025
Estimated reading time: 6 minutes

Leaving home ain’t cheap. Follow these steps to make sure you’re financially prepared to make the move on your own.

Whether you’re a graduating student or are just starting your career, moving out of your parents’ house is a significant milestone. But with rising rents and increased costs of living, there are various financial aspects to consider before you make this big decision. Here’s a 10-step plan to help you assess if the time is right for you to break out on your own—without breaking the bank.

Before you start packing boxes, ask yourself why you want to move out. Perhaps you have an appetite to become more self-sufficient and learn to cook your own meals. Or maybe you’re tired of being interrupted by your parents when you have friends over and would prefer more privacy. If you’re from a small town, you might want to experience life in a big city.

Depending on your reasons for moving out, you may have to build extra money into your post-move budget. After all, if you’re hoping to go out more and enjoy the nightlife, that won’t be possible if you’re spending all your disposable income on rent.

Finally, if you just got into an argument with your parents and are feeling emotional, it may not be the best time to make any decisions about leaving home just yet. Give yourself a few days to look at the entire situation (finances included) and not just your emotions.

Once you’re completely sure you want to move out, give your parents a heads up about your plans. Present them with a well thought-out plan; one that includes your expectations, like how much it will cost and how you will be able to afford living on your own. Also ask for their input and advice. If you’re living in a dorm and looking to move off-campus, your parents may also be able to help you search for a new place. After all, this can be........

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