How Much Money Should You Save Before Moving Out of Home?

Moving out for the first time? It can feel both exciting and daunting. That’s normal.

Here are some things to think about first of all:

1. Can you afford to cover all expenses? Rent per week, groceries, petrol, insurance (if applicable), vehicle registration, bond, credit card/personal debt, saving for a nest egg and so on.
2. Access to public transport — for work, social commitments, sport etc.
3. Car parking space.
4. Distance from school or university.
5. Healthcare access — if you are going to attend a new clinic, or if you already have health conditions.
6. Roommates? Yay or nay?

If you’ve been living at home, you may have been spending a larger portion of your salary on entertainment or other non-essential spends. Once you move out on your own, you may have to cut back in this area. — Miriam Caldwell, Are You Ready To Move Out?

Miriam is a personal finance and budgeting writer. The above factors are important to think about before moving out of home. I share more about this later in the…