It’s been well documented that the millennials — and probably a good percentage of the up-and-coming Generation Z — have had a hard time detaching in the post-Great Recession world. Crushing student debt, a tough job market, and several other variables are all at play. But the end result is that many young people are still living at home with their parents. Though some like to blame this on laziness, many twenty- and thirty-somethings in this position aren’t happy about it.
They’d like to move out but lack the resources. They have no money, as the case often is.
But that doesn’t mean it’s impossible. We all have to detach at some point, after all. And for most people, it’s one of the most tumultuous and uncertain parts of life. You’re suddenly on your own with few resources, and it can be intimidating. The stakes are higher, and if you happened to have burned some bridges, or don’t have a fallback? There’s no choice other than to make it work.
That can be incredibly difficult with flaky roommates and ever-increasing housing costs. But it’s entirely possible. Again, everybody moves out at some point. Some people do it when they’re fresh out of high school, and some people delay until they’re in their thirties. How do you make it work when you’re stretched thin?
How to Move Out of Your Parent’s House With No Money
Sam Becker Google+ MORE ARTICLES
December 02, 2016
Andy and April from Parks and Recreation, finally living on their own, discover the fun of having no money
Andy and April from Parks and Recreation, finally living on their own, discover the fun of having no money | NBC
It’s been well documented that the millennials — and probably a good percentage of the up-and-coming Generation Z — have had a hard time detaching in the post-Great Recession world. Crushing student debt, a tough job market, and several other variables are all at play. But the end result is that many young people are still living at home with their parents. Though some like to blame this on laziness, many twenty- and thirty-somethings in this position aren’t happy about it.
They’d like to move out but lack the resources. They have no money, as the case often is.
But that doesn’t mean it’s impossible. We all have to detach at some point, after all. And for most people, it’s one of the most tumultuous and uncertain parts of life. You’re suddenly on your own with few resources, and it can be intimidating. The stakes are higher, and if you happened to have burned some bridges, or don’t have a fallback? There’s no choice other than to make it work.
That can be incredibly difficult with flaky roommates and ever-increasing housing costs. But it’s entirely possible. Again, everybody moves out at some point. Some people do it when they’re fresh out of high school, and some people delay until they’re in their thirties. How do you make it work when you’re stretched thin?
Plan and budget: Moving out with no money can be hard, so make sure you look for an affordable moving company like the on the go moving team.
If you’re a bit older, say in your mid- or late twenties or early thirties, you should have at least a handle on aspects of personal finance and budgeting. You may have even been paying rent at home, or at least chipping in to help with the family grocery bills and mortgage. But if that’s not the case, you’ll need to do some homework before striking out on your own.
First and foremost, you’ll need to answer a couple of questions: Where do you want to go, and what can you afford? If you don’t have a job or any source of income, your first (and only) mission becomes finding one. You can’t afford anything without income, and many, if not most landlords and management companies want to see proof of income before letting you rent.
If you have a steady income and are ready to strike out on your own, then you’ll need to find a place that fits within your budget. Budgeting and financial planning can be quite different on your own than it was at your parent’s house, however. Many people are blindsided with extra costs they didn’t see coming when they move out. Transportation costs, renter’s insurance, utilities, internet — all of these and others may not have been included in previous versions of your budget.
Keep them in mind before deciding on a place to live. They can make the difference between an affordable place and a completely unsustainable situation.