Getting ready to move into your own place? If yes, one of the biggest questions to ask is this; “how much money should I save before moving out?” We’ll answer that question for you below, along with several others that are just as essential. Know what financial preparations you need to make before moving out!
Estimated reading time: 6 minutes
Moving is Physically, Emotionally, & Financially Stressful
Here’s the thing about moving out on your own; it’s not always easy. In fact, moving is one of the 5 most stressful tasks that you’ll perform as an adult. If this is your first time moving, the stress can be a bit overwhelming.
Physically, moving is very demanding. Packing, lifting, carrying, and loading furniture and household good is not for the weak. Emotionally it’s tough too, as the “safety net” your parents have always provided will be (mostly) gone. Then, of course, there’s the reason we’re here today; the financial cost and saving up money of moving out. In a word, it’s expensive. Below are a few reasons why:
- Purchasing packing material like boxes, tape, bubble wrap, and packing paper.
- Renting a truck to move your things.
- Hiring a moving company if you don’t move things yourself.
- Renting a home or apartment. That includes the rent itself but also a security deposit.
- Buying stuff you’ll need, like a washer and dryer, vacuum, furniture, etc. (Mom and dad might give you some things, but they likely don’t have an extra washer and dryer lying around the house.)
- Paying for all your expenses on your own.
What Are the Typical Costs for Moving?
When moving out, there are two ways to go; do it yourself or hire a moving company. Let’s assume that you’ll move things yourself since, let’s face it, your body is strong, but your finances aren’t. Below is a breakdown of the things you’ll need and their 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 reason the numbers vary so much is that they’re dependent on the distance you move. For example, if you’re staying in the same town, your costs will be much closer to the low end. If, however, you’re moving long-distance, they’ll be closer to the high end (or even higher).
Now let’s look at the typical cost to hire a moving company. This is essential to save money for when moving out. Keep in mind that the numbers are for the number of rooms and the usual extra stuff most people own. (Bicycles, outdoor furniture, sports equipment, etc.) The costs look like this:
|Size of Home||Movers Price|
|1 bedroom||$600 – $1200|
|2 bedroom||$700 – $1500|
|3 bedroom||$900 – $1800|
One factor that many people don’t calculate when moving is the “extras.” There are a lot of them in the moving industry, and their costs can add up quickly. For example:
- An overly long driveway or walkway from the home to the moving truck.
- Elevators or flights of steps.
- Anything fragile that needs special packing or crating. (Fish tanks, chandeliers, glass display cases, etc.)
- Moving a piano.
- Extra Insurance while moving.
What Does Renting a Home or Apartment Cost?
When it comes to the question “How much money should I save before moving out” the cost of rent is huge. Consider this; in 2020, the average rent for a 1-bedroom apartment in the United States was just under $1100. No matter how you slice it, that’s a big chunk of change every month. Add an extra bedroom, and your rent could easily be north of $1500 per month. A 3-bedroom apartment? You can expect to spend around $2000 a month for one of those, at least.
One factor to remember is that most apartments and rental homes demand at least one month’s rent as a security deposit. So, for example, if your rent will be $1275 per month, your first month’s rent and deposit will be $2550. (if you have a dog, cat, or other pets, you could also be charged an extra pet deposit.)
How Much to Save Before Moving Out: Additional Costs
So you’ve got enough money saved for the rent and moving part of moving out, great! Now the big question is this; do you earn enough to pay all of the monthly expenses you will now have? Remember, the basic rent is only one part of your monthly rental costs. You also need to pay for:
|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, needs, and family situation, renting a storage unit might be a good idea. Storage units are a clean, safe, and affordable option for storing your things while you find a new place to live. For example, if you’re moving from Los Angeles to Phoenix, you can rent a storage unit in Phoenix. When you arrive, you can place all of your things inside while searching for an apartment or house.
How To Save Money For Moving Out
One of the biggest questions many young folks have is how to save money for moving out. Frankly, there are many ways to do this, especially if you’re still living at home. (Because let’s be honest, your folks are paying for everything.) Some of the best methods include:
- Cut back on frivolous expenses like Starbucks, new clothes, video games, etc.
- Sell anything you have that has value, but you don’t want. Craigslist, Facebook Marketplace, Depop, and eBay are great places to start.
- Get an extra part-time job or side hustle. Drive for Uber or Doordash, for example.
- Set saving goals and stick to them.
- Create a spreadsheet and start tracking your expenses.
How Much Money Should I Save Before Moving Out?
How much money should I save before moving out is easy to answer; as much as possible! We recommended having at least $3000 to $5000 in savings, which should cover everything and leave you with some cash to spare.
We’re Storage Solutions, the storage unit specialists. If you decide to rent a storage unit when you move, we can help! We have clean, safe, and secure storage units all over Arizona at affordable prices. If you have questions, you can chat with a friendly manager online anytime. Visit one of our local facilities to talk with an on-site manager also. They can show you around, explain the process and get things started! Until then, we wish you the best of luck saving for your eventual move. It’s an exciting time, that’s for sure!