Moving out is usually an expensive process that requires a lot of planning not only on the moving side but also on the money side.
It usually involves rent, loans, movers fees, and other additional costs that add up when the time comes to completely move your life from one location to the other.
When it comes to planning the moving process, one of the best Chicago moving companies, the H2H team is here to help you out. Our team consists of experienced professionals that work only with quality materials and do a brilliant job of handling your possessions.
You can contact them via their website right here to book your moving day.
So, now let’s see how much money you should save and how to do that before moving in our brief guide down below.
Funds for Moving out: 101 Guide
One of the core moments in your life is moving out whether it’s from your parents’ home or moving out with your partner. Aside from all expenses that we’ll look through down below, you will most likely have fees for the home moving service, too. This is the first thing to have in mind. Check out if their plans and fee options are suitable to your budget.
Then, renting an apartment comes next. Usually, you have to make a salary that’s double or triple the rent, so you can afford other necessities.
Let’s say if an apartment costs 1,000 dollars each month, you have to make 2 or even 3,000 dollars a month.
You will also have to put in a security deposit plus a first month’s upfront rent, as well. This could dent your bank account quite a bit, so you have to be prepared for these payments beforehand.
You will also have to pay for electricity, water, heating, wifi, and such utilities when renting.
Basically, a good piece of advice is to save around 4 or 6 months of expenses before actually moving out. Saving is always a personal question and a matter of priorities and income which can be hard to summarize.
A good tip that works wonders for saving is the 50-20-30 rule which is a popular money management method for people to save better.
This technique divides your paycheck into 3 categories in the following way:
- 50% for essentials (housing costs, rent, gas, groceries, and more)
- 20% for savings (savings accounts, retirement contributions, credit card payments, etc.)
- 30% for everything else (clothing, monthly streaming subscriptions, gyms, restaurants, )
If that method doesn’t work for you, there are tons of expert books and tutorials on saving and controlling your spending habits. There is a way for each lifestyle and you can just try and find yours.
Another tip we have is the pay-yourself-first budget which focuses on you setting aside a sum for debt payments and savings when you get paid and then spend the rest of your money however it fits. You can try dipping your toes in it and see if it works.
We hope this small guide has helped you out and if you want to read more of our blog, then stay tuned for new and exciting articles.