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Breaking Down the Numbers: How Much Money Do You Need Before Moving Out?

Are you getting ready to move out of your parent's house? Then, you'll want to know, “How much should I save up before I move out?” Below, we'll provide you with the answer to that question and which moving company Bronx you should choose. You should know what financial arrangements you must make before moving!

moving company Bronx

Moving Can Be Physically, Emotionally, And Financially Stressful

It takes work to move out on your own. Moving is one of the five most stressful things you will do as an adult. The stress of moving for the first time can be overwhelming.

Moving is physically demanding. Moving furniture and household goods and lifting and carrying them takes work. It's also emotionally difficult since the “safety net” your parents provided is (mostly gone). We're all here mainly because of the financial costs and the need to save money. It's costly. Here are some reasons:

  • Purchase packing supplies such as boxes, bubble wrap, and packing paper.
  • Renting a moving truck is a great way to transport your belongings.
  • If you can't move your things, hire a moving service.
  • Renting an apartment or home. This includes not only the rent but also a deposit.
  • Buy things like a vacuum cleaner, furniture, a washer-dryer, etc. You might get some stuff from your parents, but they will unlikely have an extra washing machine and dryer.
  • You are responsible for paying all of your expenses.

What Are The Typical Costs Of Moving?

You can either do the move yourself or hire a professional moving company Bronx. You decide to move everything yourself because your finances may need strength. Here's a list of what you will need and how much it will cost.

Basic Moving Costs Price
Packing materials like boxes, tape, and packing paper $100 – $300
Renting a moving truck $100 – $1000
Gasoline for the moving truck $100 – $1000

The statistics fluctuate so much because they depend on how far you move. For instance, your expenses will be significantly closer to the low end if you stay in the same town. However, if you're traveling far, they'll be closer to (or even higher than) the high end.

Let's now look at what it costs to hire a moving service. Doing this is important to save money when you move out. Remember that these numbers represent the number of bedrooms and all the extras most people have. (Bicycles, outdoor furniture, sports equipment, etc.) These are the costs:

Size of Home Movers Price
One bedroom $600 – $1200
Two bedroom $700 – $1500
Three bedroom $900 – $1800

Many people do not consider the “extras” when they move. In the moving industry, there are many extras, and they can quickly add up. You can, for example:

  • A long driveway or walkway between the house and the moving truck.
  • Elevators and flights of stairs
  • Any fragile item that requires special packaging or crating. (Fish tanks, chandeliers, glass display cases, etc.)
  • How to move a piano
  • Additional Insurance when Moving.

What is the Cost of Renting an Apartment or Home?

Rent is huge in “How much should I save up before moving out?” Rent for a one-bedroom apartment was an average of just under $1100 in the United States. It doesn't matter how you look at it; that's an enormous amount of monthly money. Rent could easily reach $1500 monthly if you add an extra bedroom. A 3-bedroom apartment? A 3-bedroom apartment will cost you at least $2000 per month.

As a rule, most rental apartments and homes require a minimum of one month's rent for a security deposit. If your rent is $1275 monthly, your first-month rent plus the deposit would be $2550. You may also be charged a pet deposit if you have pets such as a cat, dog, or any other pet.

Savings Before Moving Out: Additional Costs

You've saved enough to cover the moving costs and rent. Well done! The big question is: Do you earn enough money to cover all the new monthly expenses? Remember that the monthly rent includes more than just your basic rent. You will also have to pay:

Expense Price
Food $150 – $300
Electricity $100 – $200
Gas $100 – $200
Water $50 – $100
Garbage $100 – $150
Internet $50 – $100
Cable TV $50 – $100
Renter’s Insurance $100 – $150

Renting A Storage Unit When You Move Out

Depending on your age and needs, renting a storage unit may be smart. Storage units offer a safe, clean, and affordable way to store your belongings while you search for a new home. Rent a storage unit if, for example, you are moving from Los Angeles, California, to Phoenix, Arizona. You can store all your belongings in the unit while you search for a house or apartment.

Saving Money When Moving Out

Many young people wonder how they can save up money to move out. You can do this in many ways, even if your parents still pay for everything. Because, let's face it, your parents are paying for everything. The best ways to do this include:

  • Spend less on unnecessary items like Starbucks, clothes, video games, and other frivolous purchases.
  • You can sell anything that you no longer want but has value. Craigslist and Facebook Marketplace are good places to begin.
  • Work a side job or part-time. You can drive via Uber or Doordash.
  • Make sure you set and achieve your savings goals.
  • Start tracking your expenses by creating a spreadsheet.

Moving Company Bronx: How Much Money Should I Save Before Moving Out?

As much as you can! Savings of at least $3000-$5000 should cover all your expenses and leave you some money to spare.

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FAQ

How much money should I save up before moving out alone?

The amount you should save before moving out depends on various factors, including location, living expenses, and lifestyle preferences. As a general rule of thumb, having enough savings to cover at least three to six months' living expenses is recommended. This includes rent, utilities, groceries, transportation, and other essential bills. Consider setting aside extra funds for unexpected emergencies or initial moving costs, such as security deposits, furniture, and moving fees. To determine a more precise savings goal, create a budget outlining your anticipated monthly expenses and work towards saving enough to sustain yourself comfortably during the initial transition period.

Should I save more to move to a high-cost city or area?

Yes, if you are moving to a high-cost city or area, it is advisable to save more money to accommodate the higher living expenses. Research the average rent, utilities, and other essential expenses in your desired location to understand the financial commitment required. You may save up to a year's living expenses in expensive cities to ensure a smooth and stress-free transition. Additionally, consider seeking opportunities for higher-paying jobs or additional sources of income to survive living in a city.

Can I move out with little savings and rely on a steady income?

While having substantial savings is ideal, some individuals may choose to move out with a more modest savings amount if they have a stable and reliable source of income. You can manage your expenses even with limited savings if you have a well-paying job or other means of consistent income. However, it's essential to carefully assess your financial situation and create a budget to ensure that your income is sufficient to cover your living expenses and provide a safety net for emergencies. Remember that having some savings is still crucial, as unexpected events or changes in employment circumstances can arise.

What are some strategies to save money before moving out?

There are several effective strategies to boost your savings before moving out. Start by creating a budget and tracking your expenses to identify areas where you can cut back or save more. Consider living with family or roommates for a period to reduce rent and utility costs. Limit unnecessary expenses, such as dining out or impulse purchases, and redirect that money into your savings account. Look for additional sources of income, such as part-time work or freelance opportunities, to increase your savings potential. Set specific savings goals and establish automatic transfers to your savings account to ensure consistency in your savings efforts.

Is it necessary to have a separate emergency fund from my moving savings? 

Yes! Having an emergency fund distinct from your moving savings is highly recommended. An emergency fund is a financial safety net to cover unforeseen expenses or emergencies, such as medical bills, car repairs, or unexpected job loss. Experts suggest reserving at least three to six months' living expenses in your emergency fund. Keeping this fund separate from your moving savings ensures that your relocation expenses remain unaffected and safeguarded in case of unexpected events. Maintaining a dedicated moving savings fund and a robust emergency fund will grant you financial security and peace of mind as you embark on your journey toward independence.

Moving Company Expert and Writer

Dillon Buckley is a distinguished Moving Company Expert, renowned for his extensive knowledge and expertise in the realm of the moving industry. With an exceptional talent for articulating complex moving processes into easily digestible information, he has earned recognition as a go-to authority for individuals seeking guidance on relocation, packing, and everything in between.