Figuring out how to move out with no money isn’t easy. In many cases, moving comes with some significant expenses. For example, there are deposits required when you rent an apartment. Additionally, you’ll need to have a way to get your belongings to your new place, as well as pay your bills moving forward. However, that doesn’t mean that you can’t move out of your parent’s house with no money. Here are some options that can help you make it happen.
Start with a Budget
Even if you don’t have any savings to support your move, you may be able to make it work, depending on your income. Create a budget that outlines your current expenses. Next, add in costs you’d need to handle once you move, including rent payments, utilities, renter’s insurance, groceries, and similar expenses. Usually, you can find the average cost for those expenses in your area with a bit of research.
Once you know what you’ll need to cover, compare that to your income. That lets you see if you can potentially afford to move out, as well as if you have room in your budget to start saving for deposits and moving expenses.
Focus on Low-Cost Rentals
While you may have visions of having a luxury apartment, if you don’t have any money set aside, you’re going to need to start out in a low-cost rental. This might include small studio apartments or roommate arrangements.
With the latter, you may be able to save a bit more on your move. For example, if a friend has a room they’re willing to rent – and the landlord allows it – you might not need to cover security or utility deposits. Even if you do have to contribute to a security deposit, what you’d need to pay could be far less than if you moved out on your own.
If you need to move out as quickly as possible, you may be able to talk to other family members or friends to see if you can stay with them for a short period while you get on your feet. However, you do need to have a frank conversation to ensure everyone’s on the same page regarding how this plays out. Additionally, it’s best if you can show a concrete plan – including a timeline – that lets them know when you’d be ready to move into your own place.
Sell Your Excess Stuff
If you want to reduce the cost of your move and give yourself a little cushion, sell any personal belongings that aren’t essential. While it could mean living a little sparsely initially, it lets you get a bit of cash that you can use to cover transporting your other property to your new place, handle security deposits, or build up a small emergency fund to make sure you’re ready for the unexpected.
Secure or Maintain a Source of Income
When you don’t have a financial buffer, maintaining a source of income is essential if you’re going to move out of your parent’s house. Ideally, you want something reliable and reasonably consistent, especially if you want to rent a place on your own. Otherwise, you may have trouble meeting the income requirements for the rental.
In some cases, you may want to supplement your core income, as well. Options through the gig economy can be excellent ways to bring in a bit more money. Plus, if you start before you move out, you may be able to build up some savings to support your move.
Live within Your Means
Living within your means is crucial if you don’t have a financial buffer. Make sure you keep your expenses as low as possible and focus on saving before you move and after you transition into your new place. An emergency fund provides you with some security, so it’s crucial to build one as fast as possible.
While this can mean forgoing niceties for a while, it’s a sacrifice worth making if moving out is important to you. So, focus on keeping your expenses down and stash as much cash as possible. That way, you’ll increase your odds of success.
Do you have any other tips that can help people figure out how to move out with no money? Did you manage to move out on a dime and want to tell others about your experience? Share your thoughts in the comments below.
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Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is an AFCPE Accredited Financial Counselor and has helped her clients to meet their short-term and long-term financial goals.
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