Living independently for the first time is exciting because you finally get to make all your own decisions. You can choose who you want to live with, what you want to do with your free time, and what kind of lifestyle you want to lead. You no longer have to rely on someone else to make decisions for you, and you can finally start living the life you’ve always wanted.
However, living alone for the first time requires massive preparations. Preparing for the exciting yet stressful chapter in your life can be overwhelming, but everyone will have to go through it at some point. Here are a few ways to prepare yourself for your first time living independently.
Financing Your Move
When you’re preparing to move out on your own, one of the most significant expenses you’ll have to worry about is the cost of moving. Unless you have friends or family members willing to help you move for free, you’ll likely have to pay for a moving company. And even if you get help, you’ll still need to purchase packing supplies, food, drinks for your helpers, and gas or transportation costs.
All these expenses can quickly add up, so it’s essential to start saving up for your move as early as possible. Try setting aside a certain monthly amount for your moving costs. That way, you won’t have to worry about scrambling to come up with the money at the last minute.
It will be necessary to save up as early as possible to afford your move. However, it is not the only thing you must save up for when moving out.
Identifying the Ideal Yet Affordable Property
If you start moving out, you’ll know what you want for your property. Unfortunately, it might be out of your reach for the time being. Without financial assistance from your parents, it will be nearly impossible to get your dream home immediately. As a result, you might have to settle for something affordable.
However, it doesn’t mean you can’t find a place that meets most of your needs. For example, if you want to live in a specific area, you can find an affordable apartment or house in that neighborhood. Plenty of options are available if you’re looking for a pet-friendly place.
The key is to identify your priorities and figure out what you can live without for the time being once you know what’s most important to you.
However, you might still need help with the downpayment. Residential properties are still expensive, even when you only have to pay for 20% of it first. Fortunately, you can get financial assistance from a reliable mortgage loan officer. The sooner you start looking for one, the better. The professional can help you find an affordable mortgage rate that fits your budget, ensuring the move won’t make you financially suffer.
Taking on Overwhelming Responsibilities
One of the most challenging things about living independently is taking on all the responsibilities yourself. No one will be there to help you with the chores or pay the bills. You’ll have to do everything alone, which can be overwhelming at first.
To make the transition smoother, start practicing taking care of yourself before you move out. Do your laundry regularly, cook meals, and clean up your messes. You can find a list of essential life skills that you’ll need to know how to do before living independently.
You should also start paying your bills a few months before moving out. That way, you’ll get used to budgeting and managing your finances. Once you’re already living on your own, you won’t have to worry about these things as much.
Keeping Up with Finances
Speaking of paying your bills, one of the most challenging things about living independently is keeping up with your finances. You’ll have to make sure you have enough money to cover your expenses every month.
To do this, create a budget and stick to it. Track your spending for a few months to know where your money goes. Once you have a good idea of your spending patterns, you can start allocating your funds accordingly.
It’s also essential to start an emergency fund. You can use a savings account in case of unexpected expenses. You won’t have to rely on credit cards or loans when something unexpected comes up.
Utilizing the 50/30/20 rule of thumb is also a great way to keep your finances in check. Under this rule, you should spend 50% of your income on necessities like food or rent, 30% on wants like shopping and leisure, and 20% on savings and debt payments. The tactic will help ensure you’re not spending too much money on unnecessary things.
You will get exposed to many challenges you’ll face when living independently. However, following these tips can make the transition smoother and less overwhelming. Remember to take things one step at a time and be patient with yourself. With a positive attitude and effort, you’ll be able to quickly adjust to this new phase in your life.