The right or wrong timing when it comes to moving out can have a larger impact on your financial goals than you might think. Today, we will explore when timing is best for moving out of your parents and the correct financial measures to take prior to doing so.
It's really easy to pay off your debt when you live at home and you're not obligated to pay expensive rent. The same can't be said when you're living on your own.
Enough to cover your desired/targeted living expenses. For example, let's say your rent and utilities cost you $1,500 per month when you go to move out.
Whatever you do before moving out, don't buy a new car! If you already bought a new car, while it might seem like a shot to your ego, you should consider downsizing and be sure to follow the 25% rule.
All this to say if your commute is killing you, it might be time to move closer! To help with subsidizing the cost of rent, you can always find a side hustle to help make an extra $100 a week!
Use the time at home to curb impulse buying and overspending. Get your financial habits in order prior to considering making the biggest move of your live moving out for good!