Whether you’re about to venture out of your parents’ home for the very first time, after some time back to the nest following some financial or personal turmoil, or after acting as a caregiver, you are not alone.
According to US Census data shared by PEW Research, September 2020 saw 52 percent of young adults aged 18 to 29 living with one or both of their parents. This number surpasses the previous peak of adults living at home during the Great Depression.
If it’s time to fly solo, remember that moving out and thriving requires some preparation. Before making arrangements with international moving companies, taking the following five steps will help you ensure a successful move out of your parents’ house.
Ask Yourself Why Now Is the Time to Make the Move
Likely you are living at home for a specific reason, whether it’s to pay off a debt, get over a breakup, or job hunt. Ask yourself if you’ve managed to achieve that goal. Did you pay off your credit card or student loans? Don’t take the leap until you feel like you’ve made the financial or personal progress you need to live on your own again. Unless things are explosive or unsafe consider taking a bit more time to reach a decision surrounding timing, particularly if you are experiencing recent, minor squabbles with your parent(s) before you move out.
Look at Your Finances and Budget
You need to make sure that you have enough money to survive on your own, not end up in debt, and have an emergency fund just in case; like for instance, when moving from Canada to Australia. It’s also a good idea to request a copy of your credit report and take some time to repair it if needed. You’ll need a solid credit rating for most rentals and any mortgage. When you work out a budget make sure it accounts for your rent/mortgage fees, first and last month’s rent and security deposit (if applicable), utilities, internet, cable, and cell phone bills, deposit fees, groceries, transportation, entertainment, and your emergency fund. Before your move date your emergency fund should contain two to three months of expenses and will remain something you can slowly contribute to each month as a part of your budget.
If you require a roommate or roommates, consider this as a part of your budgeting process. If a roommate isn’t the best fit for you, don’t set yourself up for failure, instead take a little more time to save up money. Other items to work into your budget include furniture and movers.
Open Communication with Your Parents
Before you commit to moving out, talk to your parents about your decision. They may have valuable advice to give you and may offer hand-me-down furniture or appliances. If you are providing care for older parents, like regular grocery shopping or lawn maintenance, work together to find a way to help them access support, or arrange a regular date to complete these tasks.
Location, Location, Location
Pick a location to move that will fit in with your budget, work locale, personal preference, and budget. Language can also be an important factor, for example if you plan on moving from Canada to France, think about learning some French before making the decision to move there. Also consider access to friends and family, particularly if you are providing caregiver services to your parents.
Set A Moving Date
This will help you set financial goals and deadlines for your move. Once you have your moving date and place secured don’t forget to hire movers, secure rental insurance, set up your utilities, and forward your mail to your new address. Finally, enjoy your newfound freedom and independence! Welcome Home!