Moving out on your own is a huge step that can be both stressful and frightening. Many people, such as
Colby Burke Hilton Head, tell you to have a certain amount of money saved up before moving out and you should definitely listen. Not only will this take some of the stress and uncertainty off your mind, but you’ll also have some cash to fall back on. While the exact amounts are up to you, below are 5 examples of why and how much you should save when making the move to Hilton Head.
Rent and Security Deposit
One of the biggest costs of moving out on your own is going to be the rent and security deposit. The security deposit only needs paid one time and it’s usually the 1st and last month’s rent. As long as you leave the house as you found it, or in better shape, you should get your security deposit back. The rent itself will need to be paid every month and the amount can’t be legally changed without your landlord letting you know. The best way to know what to save is figure out what you can afford based on your income. You should try to save at least 3 or 4 month’s rent PLUS your first month and the security deposit.
Monthly Bills
You’ll also have to pay monthly bills. Different rental places might only have you pay 1 or 2 utilities, while others might have you cover them all. The best thing to do is just save as if you were paying them all. You can decide which utilities you want, but there are some that will need paid every month regardless, such as water, electricity and heat. The ones that you can decide you need or not are things like cable and internet. Remember, you’ll also have bills such as car insurance, renter’s insurance and any other payments you make.
Monthly Needs
You’ll also have to make sure you save enough to be able to take care of your monthly needs for a few months. This will at least get you started. The amount you save is completely dependent on you because different people spend different amounts of money, but some of the things you’ll want to account for are: toilet paper, dish soap, laundry detergent, shampoo and cleaning products.
Household Purchases and Upkeep
Most places for rent will only provide the basics like a refrigerator and stove. You’ll have to make sure you buy things like a microwave, coffee pot, furniture and possibly even a washer and dryer. Another thing you might have to buy, depending on the rental agreement, is a lawn mower so you can keep your lawn in good shape. You’ll also have to make sure you have the funds to keep them in good working condition. It can be hard to figure out how much you need to save, but a good rule of thumb is at least $1,000.
Extras and Emergency Fund
Finally, you’ll want to make sure you have money for extras and an emergency fund. In terms of extras, it all depends on what you want to do. Some people might like eating out or going to the movies a lot, while others might only go occasionally. The amount you save should reflect that. An emergency fund is something that you should have no matter what. You never know when something might happen and it’s always best to be prepared. With that being the case, you should have a few grand saved up and keep adding to it even after you move on your own.
Now that you know some of the reasons why people like Colby Burke Hilton Head say you should save, you’re ready to actually start doing it! It might take a little while, but you won’t be throwing yourself in a situation that might be hard to get out of!