Moving Out for Your First Time
Ready to Move
It is important to understand that everyone flies the coop at different times and under different circumstances. We have compiled some questions that you can ask yourself to hopefully help give you some direction as to when it is a good time to finally decide to get your own place. This list comes from both personal experience as well as a collection of sources written by industry professionals
Do you have enough to cover the new expenses?
When moving out the new expenses that are around every corner can be overwhelming. These include but are not limited to: Rent, Damage deposit, Furniture, Utilities, moving costs, phone bill, internet, and that Netflix subscription?
A good rule of thumb is to not spend any more than 25-30% of your monthly income on rent/utilities, it might be tempting to spend more but when you factor in all your other expenses and a sporadic night out here and there you can be surprised with how little there is left. Roommates can be an excellent option to help minimize cost and to offer a support system if it is your first time on your own. BEWARE although having a roommate can be great, maintaining a positive relationship with each other can be very difficult work.
Do you have employment that can support this new lifestyle?
Working evenings while you are in school can be a great way to make enough cash to support your week to week activities however it probably cannot support your own place with substantial monthly payments. Pew Center research found that unemployed millennials were almost half again as likely as employed millennials to be living at home.
Can you handle the emotional strain that comes from being away from your family?
After living for so many years with the same people and having them support you and look after you when you are down can be a difficult thing to overcome, lots of young people face emotional strain when they move away for the first time due to the lack of support that was just down the hall for so long!
If you are still living at home and you feel like you should be out by now understand that you are not alone about 42 percent of millennials in Canada are living with their parents, up from 27 percent 30 years ago, according to Statistics Canada.
Moving out is an exciting time, you get to experience life in a new way with more freedom than ever before! Once you have checked that you have the budgeting savvy, and mental strength to be on your own, you are pretty close to being able to head out. The last step you will want to take is to ensure that you have a list of what you are looking for, location, public transport, neighbours, soundproofing are all details that often get overlooked but are important to ensure an enjoyable first place.