Growing up, you probably imagined yourself having a successful career and access to your own place. This was once the America dream, but thanks to a shaky economy and harsh job climates, many are having to swap out their independency for a budget-friendly life at home.
Sure, the meals are free, but there’s something lacking about not owning your own place. Good news is, there are plenty of ways you can move out from your parent’s home, even if you don’t make a lot of money. It will take some time, but your rags to riches story is within reach if you’re ready to make a change for the better. Your parents then can stop nagging you.
Create a Budget
No matter what your age or level of financial freedom, setting up a clear and realistic budget is paramount for facilitating your move. It lets you know if moving out is even feasible. The costs of hiring a full-service moving company alone will run you about $300-$600. Other costs you have to worry about include:
- Utilities
- Storage
- Replacements
- Deposits
- Unexpected Accidents
Creating financial goals also gives you some direction, and helps you avoid unnecessary spending that almost anyone this day and age is guilty of. Look over your finances and see how much money you’re making every month, if any. If you don’t have a job, your first priority is to find one and remain put to establish a stable financial history. For those who already have a job, now is the time to cut out any unnecessary spending.
Obviously living on your own requires necessary spending on bills and rent, but what guilty pleasures do you have? Alleviate any leisure activities that are hindering your financial and living freedom, such as going to the movies and paying for video games.
After calculating your income and expenses, you’ll need to assess whether or not you can afford apartments or rent homes in your area. Only choose an area that you can sustain financially. Otherwise, you risk getting evicted and hurting your credit going forward.
If you’re not sure where to start as far as budgeting, financial planners are always available. Your parents may already see such a professional, making it easy to consult with them on money-saving matters.
They’ll provide detailed strategies for how you can go about saving money, as well as break down costs associated with moving that you didn’t think of before. They’ll also make sure you have the financial means to move in the first place, so you don’t waste any time.
Establish a Career Plan
Having a job is nice and all because it lets you pay for all of the essentials. However, with a career, you’re afforded more freedom and personal growth. The salary is also significantly higher, possibly granting you extra living options like renting or owning a home.
Finding a suitable career long-term starts with assessing your skills and finding out what you’re passionate about. If you’re in a career just to make money, after all, your motivation and overall enjoyment of the job will slowly start to diminish.
Once you have an overall consensus for your likes and skill sets, narrowing down your choices is much easier. For example, you may love working with computers and have a history of building them from scratch. Such skills and experience warrant a job in IT, which is an industry that’s currently in high demand. Or, you may have more interpersonal skills that make the sales industry a better fit.
Sometimes the only way to find the perfect career is to get experience in as many industries as you can. Even if you don’t fit a particular role, you’ll have gained valuable experience that may be a better fit in a different position.
Another way you can pinpoint possible careers is to join professional networks online. Social media sites give you access to thousands of professionals, who are looking for individuals with a particular skillset and knowledge. You can research each company’s profile to see early on if you’d be the ideal candidate that they’re looking for. Best of all, joining these professional networks and associations is absolutely free most of the time.
Consider Temp Agencies
If you’re having trouble finding a permanent job or career, there’s always the option of working for a temp agency. As the name implies, these agencies provide temporary work that usually lasts for a couple of weeks. At least this way while you’re trying to get settled in a new area or still live at home, you can be earning money that go towards your next move.
Working at a temp agency doesn’t just benefit your wallet, either. First and foremost, some agencies give you the chance to gain exposure. This is particularly true if you’re diligent with each task assigned and get positive feedback. Occasionally, your work is appreciated so much that the temp agency actually offers you a real position.
Additionally, working in these temporary positions gives you away to learn new skills and familiarize yourself with different industries you’re interested in. After a while, a career path may emerge that you wish to take on full steam ahead. Then, when you go to apply for a particular position, companies can see you have previous work experience and are already familiar with a particular role they’re trying to fill.
Pay the Parents
If you don’t have a lot of money and there aren’t a lot of job/career prospects on the horizon, you can still pay your parents for staying in their house. This is beneficial for many reasons. For one, it lets you feel good about helping your parents out. You may not be able to pay for an entire month of rent, but every little bit helps and your family surely appreciates it.
Paying for some of the bills, like you would if you had your own place, also helps establish a consistent bill-paying routine. You’ll need to get in the habit of this when you’re finally off on your own, with your own bills and rent to account for.
If you don’t pay your parents, you can at least pretend to. What this does is help you save money. After creating an imaginary budget, you’d save like you would have to pay for these necessities at the end of the month. The money may not go towards your parent’s financial obligations, but it can be used for a rainy-day fund or expense fund that you will need when it does come time to move out.
Get Assistance from Your Parents
Although this isn’t often the first solution that comes to your mind when looking to move out, getting help from your parents may be necessary initially. If you feel guilty about asking for help, set up a contingency plan. You could, for example, sign an agreement saying you’ll pay back all of the money you borrowed once you’re on your own two feet.
If the parents are not okay with lending you the money, there is still help in the form of financial advice. Truthfully, your parents were in the exact same position that you are in. They know exactly what you’re going through and can provide insights to get you out of this money drought.
Another option you might consider is paying interest on the money you borrow, much like a car loan. This way, parents feel better about lending the money since they are essentially making money later on once you’re financially stable.
Consider Postponing the Move
As a last resort, you may need to put moving out of your parent’s house on hold. Everything you’ve tried may not be working and you may either be still unemployed or making very little to support such a drastic transition. In either case, there’s no shame in waiting until your financial situation changes.
While you’re making the necessary adjustments in your life, take this time to explore new interests and be supportive around the house. Find something that you love and gets you out of bed each morning. The more motivated and active you remain during this transition period, the better your odds of making the necessary changes and building up your financial future.
Patience and planning are paramount during this time. Sit down with your family and discuss options for how you can generate money. As long as you let them know what your plans are and ensure them that your intentions are honest for making those plans a reality, your parents should be extremely flexible as far as letting you stay for extra time.
Everyone wants to be independent and one day have a place they can call their own. No matter what financial obstacles and personal dilemmas you’re faced with, this dream is attainable if you take a proactive approach. There are plenty of financial resources available to you as well, such as your parents and financial advisors. Talk with them and develop an actionable plan that you can meet within an appropriate deadline.
Sources:
- Getting Your First Apartment: How Much Money Do You Need to Save to Move Out?, myfirstpartment.com (https://www.myfirstapartment.com/2013/09/getting-your-first-apartment-how-much-money-do-you-need-to-save-to-move-out/)
- Working for Temp Agencies – Pros & Cons of Temping (Temporary Job), moneycrashers.com (https://www.moneycrashers.com/working-temp-agencies-temping/)
