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5. Living Out of Home
You may be reaching the time when you want to move out from home, to have privacy,
your own place, to entertain your friends, to not worry about waking parents up and to
have more freedom. While there are many benefits to living with your parents, the steps
towards becoming an independent adult can certainly be taken when you live out of
home. It is also fairly common for young people to move out and then back in to their
parents’ house over the course of their early twenties and thirties (and sometimes even
their forties and fifties!) depending on their financial situation.
Here are some hints and tips to consider while you plan your move:
• Do you know how much it will cost to live on your own or with flatmates? Have
you worked out an estimated weekly or fortnightly budget, including rent, electricity,
phone, internet connection, gas, water, petrol or transport fees, groceries, clothes,
medication costs, dental, fun.
• If possible, it is really worth planning ahead and saving for the move. The cost of
moving and setting up a house can be very expensive. Your parents may not be in a
financial position to assist you, and you may find yourself stuck.
• Will you be able to afford to have a savings account too, to cover unexpected things
such as your car breaking down? If you have a decent amount of savings to cover a
couple of months’ worth of living expenses then you are in a really good position to
cover job loss and so on without having to move back home.
• How will you move your furniture to the house? Will you need a removalist or can
you hire a vehicle? Do you have friends with utes to help? Factor the cost into your
overall moving costs.