Moving to a new home can be an exciting journey, a fresh start filled with possibilities. But before you get caught up in choosing paint colors and arranging furniture, it’s essential to address the financial aspects of moving. Do you have the necessary funds lined up? Hiring local movers, paying for deposits, utility set-up fees, and buying new household items are all moving expenses, and they can add up quickly.
This is why financial preparedness is key when planning to move out. Our guide provides an extensive overview of these costs, ensuring you fully understand the budget needed before you begin this new chapter in your life. We want you to feel prepared, secure, and ready to move forward.
Moving Can Be Physically, Emotionally, and Financially Stressful
Moving out on your own is a big deal. Moving is one of the most stressful things an adult must do. Moving for the first is stressful.
Moving can be physically challenging. Moving furniture and household items requires effort, lifting and carrying them. The emotional strain is also high since your parents’ “safety net” has (mostly) disappeared. The financial costs are the main reason we’re here. It’s costly. You can find out why:
- Buy packing supplies like boxes, bubble wrap, and packing paper.
- Renting a truck to move your things is an excellent way.
- Hire a moving company if you are unable to move your items.
- Renting a home or apartment. Rent and deposit are included.
- Purchase items like furniture, vacuum cleaners, washer-dryers, etc. Your parents may give you some things, but they will unlikely have an extra washer and dryer.
- All of your expenses are payable by you.
What Are the Typical Moving Costs?
Either you can do it yourself or hire an expert moving company. You decide to move all your belongings because you need strength for your finances. You can see what you’ll need and the cost.
| Basic Moving Costs | Price |
| Packing materials like boxes, tape, and packing paper | $100 – $300 |
| Renting a moving truck | $100 – $1000 |
| Gasoline for the moving truck | $100 – $1000 |
Statistics fluctuate so much depending on where you live. If you stay in your hometown, your costs will be closer to the lower end. If you travel far, your expenses will be higher (or closer to) the high-end.
Now let’s see what the cost is to hire a moving company. This is important if you want to save money on your move. These are the average number of bedrooms plus all the extras most people own. (Bicycles, outdoor furniture, sports equipment, etc.) The costs are:
| Size of Home | Movers Price |
| One bedroom | $600 – $1200 |
| Two bedroom | $700 – $1500 |
| Three bedroom | $900 – $1800 |
When moving, many people don’t consider “extras.” Many extras can add up quickly in the moving industry. For example, you can:
- The driveway or walkway should be long enough to accommodate the truck.
- Elevators & Flights of Stairs
- All fragile items that require special packaging or crating. (Fish tanks, chandeliers, glass display cases, etc.)
- How to move a Piano
- Moving? Get Additional Insurance.
How Much Does It Cost to Rent an Apartment or Home?
Rent is a major factor in the question, “How much money should I put aside before moving out?” In the United States, rent for a 1-bedroom apartment averaged just under $1100. No matter how you view it, that is a huge amount of money per month. Rent can easily reach $1500 monthly if you have an extra bedroom—a 3-bedroom apartment. You will pay at least $2000 a month for a 3-bedroom apartment.
Most rental homes and apartments require at least one month’s rent as a deposit. If you pay $1275 monthly, the first-month rental plus the security deposit will be $2550. A pet deposit may be required if you have pets like a dog or cat.
Save Money Before You Move Out: Additional Costs
You have saved enough money to cover your moving expenses and rent; well done! You’ve done a great job! The monthly rent is more than your basic rent. You’ll also need to pay for the following:
| Expense | Price |
| Food | $150 – $300 |
| Electricity | $100 – $200 |
| Gas | $100 – $200 |
| Water | $50 – $100 |
| Garbage | $100 – $150 |
| Internet | $50 – $100 |
| Cable TV | $50 – $100 |
| Renter’s Insurance | $100 – $150 |
Renting a Storage Unit when you Move Out
Depending on your age and requirements, renting a storage unit could be smart. Storage units are a clean, safe, and cost-effective way to store your possessions while you look for a new house. The unit can be used to store your possessions while you look for an apartment or house.
Save Money when Moving Out
Many young people are wondering how they can save money to move out. There are many ways to do this, even if you still have to pay your parents for everything. Let’s be honest; your parents pay for everything. You can do this by:
- Spend less on frivolous items such as Starbucks, clothing, video games, and other purchases.
- Sell anything you no longer need but still have value. Craigslist or Facebook Marketplace are great places to start.
- A part-time or side job is a great way to earn extra money. You can drive with Uber or Doordash.
- Set and reach your savings goals.
- Create a spreadsheet to track your expenses.
How Much Money Should I Save Before Moving Out?
Save as much money as possible! You should be able to cover your expenses with savings of $3000-$5000.
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Conclusion
Moving out is about the physical transition and an intensive financial change. All these expenses substantially impact your budget, from general moving expenses to unexpected costs. But by carefully understanding the cost implications involved, and with the help of experienced movers in Sarasota like Local Moving Geeks, you can ease the financial stress of moving to a new home.
Remember, understanding your financial responsibilities, budgeting consciously, and controlling your expenses can ensure a smooth transition to your new place. Rental deposits, utilities, moving costs, and new home essentials are all key considerations when moving. Local Moving Geeks provide a comprehensive, cost-effective solution to your moving needs, considering all these aspects and working towards making your move successful.
As you prepare for an exciting new chapter in your life, let Local Moving Geeks handle the complexities of your move. Avoid unnecessary stress and surprise expenses, and let our experienced team guide you through this process. Reap the benefits of smart financial planning, and ensure a smooth and successful move. Call Local Moving Geeks today for a quote that aligns with your budgetary needs. Move with confidence. Move with us.
FAQs
How much should I save before moving out on my own?
Various factors, including location, lifestyle, and living expenses, determine savings amounts before moving out. You should have enough money to cover three to six months’ living expenses. Rent, utilities, groceries, and transportation are all included. Set aside money for emergencies and initial moving expenses, like security deposits, furniture, or moving fees. Outline your monthly spending in a budget. Then, save enough money to live comfortably during the first transition period.
Should I move to an expensive city or region?
It is wise to save money to move to a city or region with high living costs. To understand your financial commitment, research the average costs of rent, utilities, and other necessities in the area you are interested in. You can save up to one year’s living expenses to ensure a stress-free and smooth transition. Consider looking for jobs that pay more or other sources of income to live in a big city.
Can I live on a regular income and move out of my home with little or no savings?
Some people may opt to live on a modest amount of savings if they can rely on a steady and reliable income. You can manage your expenses with fewer savings if you have a steady income or a well-paying job. It is important to assess your financial situation carefully and create a budget to ensure you have enough income to cover your expenses and provide an emergency safety net. It is important to have some savings because unexpected events can occur, or employment situations may change.
How can I save money when moving?
You can boost your savings by using several strategies before you move out. Create a budget, track your expenses, and identify where you can save or cut back. Rent and utility costs can be reduced by living with family members or roommates. Spend less on unnecessary items, like impulse purchases or dining out, and put the money in your savings account. Increase your saving potential by finding additional income sources, such as freelance or part-time jobs. To ensure consistency, set specific goals for saving and make automatic transfers into your account.
Do I need to separate my emergency savings from my money for moving?
Yes! You should have a separate emergency fund from your moving funds. An emergency fund is a safety net for unforeseen costs like auto repairs or medical expenditures. Experts advise setting away three to six months’ living expenses for your emergency fund. This fund should be kept separate from moving savings to ensure relocation costs are not affected and protected in an unexpected event. You will have financial peace of mind and financial security as you begin your journey to independence by maintaining a moving savings account and an emergency fund.
