Answered by Staff Writer
November 17, 2021
Moving out of your parent's house can be stressful. It requires money, know-how, as well as the proper attitude to know how to make it on your own. If you want to know if you’re ready to move out, and just how much money you think you’ll need, read on.
Are You Ready to Move Out?
One of the first things you need to ask yourself is if you’re ready to move out. There are a few questions that you will need to ask yourself before you move. They are:
- Do you have money coming in for rent?
- Will you have enough money to cover utilities, groceries, and any additional streaming services you may like, such as Netflix, Hulu, etc?
- Do you have money for furniture?
- Do you have a car payment?
- Do you have any other debt?
Do you have money coming in for rent? - One of the most important factors when moving out is having income coming in. If you have no money coming in, then having a mortgage or rent payment will never work out. So, making sure you have an income coming in is extremely important.
Will you have enough money to cover utilities, groceries, and any add-ons like Netflix, Hulu, etc.? - Another part of moving out that is often forgotten is the extras like utilities, groceries, internet, and anything else you want as well. Typically, your income should be three times the amount of rent. For example, if your rent payment is $1,000 you should be taking in about $3,000 a month. That will be enough to cover rent and any utilities you have.
Do you have money for furniture? - Furniture is something that you will need in your apartment or house. Even if you don’t "need" a couch or any furniture like that, there are some essential items you will need such as a bed frame, mattress, dresser (or chest for clothes), and some sort of seating for your living room or bedroom. Some of these items you might need to buy yourself, and that cost could add up.
Will you have a car payment? & Do you have any debt? - If you have a car payment, that is an extremely important thing to keep in mind when getting an apartment. Another thing to keep in mind are any debts you might have.
Note: Any payments you make, such as car payments or loan payments, will take away from your rent. As a good rule of thumb, you should be spending no more than 43% of your income on debt. This includes your rent payment as well.
Best Ways to Move Out
There are a few ways to ensure you are best set up for success when you move out. Those are:
- Make sure you have enough money for the first and last month's rent (many apartment and rental homes require this)
- Have a steady income! You cannot move out on a set amount and expect that money to last, so having a job ensures you have money coming in.
- Pay off any debts you might have while you’re living with your parents.
- This allows you to have a nicer home, and those debts are gone
- Instead of buying new furniture, ask for hand-me-downs or buy used furniture.
- Not only does this save you money, but it allows you to build up your own furniture collection on your own time
- If you have a car payment, make sure your income is enough to support rent, your car payment, as well as your insurance payment.
Is $20,000 Enough to Move Out?
In short, no. Having $20k saved up to move out is ideal, it gives you extra cash for deposits and whatever else you might need. However, you cannot intend to live on $20,000. To give you a different idea about how much that is, that averages about $9 an hour, which is hard to live on.
FAQs
What's the Cheapest Day of the Week to Move? The short answer to this question is that the cheapest day to move is on a weekday — Monday, Tuesday, Wednesday or Thursday. Simply put, most moving companies offer better rates during the week because they aren't as busy then.
Are moving company quotes negotiable? ›
Ask for a Better Deal
This may seem like an obvious negotiation skill, but few people simply ask for lower prices or special offers on their moves. Many businesses, including moving companies, are open to offering special discounts or deals to polite customers who ask for one.
What is the cheapest option for moving long distance? ›
The cheapest option to move long-distance is usually to plan a DIY move, rent a moving truck by the hour or mile, and provide your own moving labor and packing services. If you aren't able to drive your own truck, a moving container service can offer an affordable alternative to professional movers.
How many quotes should I get for moving? ›
How Many Quotes Should You Get? Obtaining at least three price quotes is highly recommended when shopping for a service-industry company, including movers. Doing so allows you to compare companies and services side-by-side based on price and what you receive for those prices.
What do most movers charge per hour? ›
Average Cost of Movers Per Hour
The average cost to hire a mover is between $40 and $80 per hour.
How much does it cost to move a 3 bedroom house locally? ›
Cost To Move Locally
The average cost to move a three-bedroom home locally is between $1,250 and $2,100 when working with a professional moving company but the price range drops with competing methods like container rentals.
What are the cons of moving companies? ›
Cons of Hiring a Moving Company
Higher cost than DIY: One of the primary drawbacks of hiring a full-service moving company is the potentially high cost, which may not be suitable for those on a tight budget. Various factors determine the overall expense, such as distance, the size of the move, and additional services.
Why is hiring movers so expensive? ›
The main answer to this is the number of moving parts involved. First and foremost, time plays a huge factor in what your final bill will be. This includes the amount of time you have with your move team, time of truck use and fuel, and professional-grade moving equipment to keep your belongings safe.
Should a moving company ask for a deposit? ›
Reputable moving companies will never demand cash or any huge deposit before moving you. You generally pay upon delivery. However, there may be a situation when the mover asks you to pay a little amount as a deposit to book the company.
Are moving quotes free? ›
Getting a free moving quote from professional companies is a great way to kickstart your comparison of costs among different movers.
You can usually expect local moves to range from $300 to $1,500, while long-distance moves can cost, on average, $2,500 to $5,000, depending on the move's size and distance. Don't forget to factor in additional costs like gas and tolls for transportation.
How much money should you have when moving? ›
The key is to start planning and saving well in advance of your intended move. As a general rule, you want to have at least six months' worth of living expenses saved up before setting off on your own. That may sound like a tall order, but these tips and strategies can help you get there.
What day is cheapest for removals? ›
If you're looking to save money, consider scheduling your move on a Tuesday or Wednesday. These days are often the least busy for moving companies. By avoiding the weekend rush, you can secure a more affordable rate and potentially even receive better service due to the reduced workload.
What is the cheapest day to move a house? ›
The day you choose to move can also be a factor with research showing that the cheapest day to move house is a Sunday. It has been proven to be the least favourite day for house moves, with only 2.69% of movers choosing the day. This could explain the cheaper rate, with companies trying to entice movers.
What is the cheapest day of the week to move house? ›
Cheapest days of the week to move
Weekday savings: Generally, moving companies offer reduced rates from Monday to Thursday. These days see less demand, which can translate to lower costs and can save money.
What is the cheapest day to rent a moving truck? ›
Choosing a moving date during non-peak times can help you secure a better deal on your rental rates. For example, you may pay less by moving on a Tuesday rather than Saturday.
