I have moved out of my mother’s place and into my space. I’ve moved again from there to another house. I know the issues and the costs associated with moving and living on your own. So I thought I’ll dive into how we can plan financially for moving out…And moreover, moving out of our parent’s home.

Why would I do that? Okay, you wont, home food kicks ass and you don’t need to pay any bills. So it’s chill. But there are some people who want to spread their wings and weather the storm of living by themselves. This is for them.

Hello crazy folks. Are you sure you want to move out of your parent’s house?

1. You do realise, you have to cook on you own → which means you have to plan your meals → which means you’ll have to grocery shop → which means you’ll have to know what veggies and all to buy → which most likely means you’ll end up ordering in most days (Kkk…thats what I did, you might be a good child.) We have to plan for this as well.
2. Also you have to keep your own place clean. Like this is something we need to do…repeatedly? I know, it blew my mind too. And then I let my home become a pigsty for a few days, then felt rotten and cleaned up the house. That took a good chunk of my time. I had to keep motivating myself to clean the house, clean the utensils, clean this and that. Its exhausting to watch, its exhausting to clean, and it will never be fully clean for more than 20 seconds. If you are like me and the thought of cleaning just tires you out, you might choose to get a maid, count that into your expense. If not, just remember that this is a regular thing that YOU are responsible for.
3. Rent. Another monthly expense you need shell out. Its a no-brainer honestly, but you still need to understand what your range is going to be. And that will depend on the location. There are some rules that say Rent should be less than 30% of your income. I’m not sure where it comes from, but it certainly shouldn’t be more than 50% of your income.
4. Deposit. Cities like Bangalore are quite ridiculous where the tenants demand 10 months rent as a security deposit. You maybe able to negotiate it down to 6 months or so. But that is still a huge expense that you need to be prepared for. So start saving for this now if you want to move out! I think there are services like NestAway which take 2 months rent as deposit, even then it’s an expense that needs to be planned for.
5. Utilities. I had no idea that electricity bill could be upwards of 1000 bucks when I first moved out. I was kind of a noob I suppose, but plan for this as well. Then there’s the most important – INTERNET. Yep, with more people working from home, you need a good speed broadband service, and both of these will be a regular expense as well. Keep that in mind.
6. Things for the house. Ah. Yes. You might need a fridge, a stove, couple of essential items, like bed, utensils etc. I suppose you can be thrifty here and nicely sneak some of the things the parents have been hoarding for centuries in the attic for ‘special occasions’. Or you may just decide to buy them. And again, I’m a bad role model when it comes to house things, I buy a lot of nonsense which at the time seems like THE BEST THING IN THE WORLD. After a point I’ve just realised, these are kitch-y items that are a one time thing, they look good in the show-room and when you bring it home, you look after it like a precious little thing for two days. Then it’s history. I have so many candle stands that I thought I absolutely needed, because it completes my home’s decor. Nope. Its so pretty that it didn’t go with the rest of the house which was a mess. I’m not saying don’t buy these decor items, I’m saying plan for yourself to lose your mind a little. Its going to be a whirlwind, enjoy it! 🙂
7. Friends! One of the reasons I moved out was so I could chill with my friends whenever I wanted. I guess some people will not understand this. How lucky you are to not be bound by permissions and curfews. So you’ll be having a lot of friends over (or not). Plan for the house to be a mess after they’re all gone, thats right…its cleaning time! The part thats omitted when you chill outside or in someone else’s home.
8. Emergency Fund! – I cannot express its importance. You need to keep an emergency fund of at least 3 months ready, ideally before you move out. This should include all your monthly expenses such as rent, groceries, bills etc. Read more about emergency fund here

Living on your own is tough but it pays off immensely in terms of building confidence in your ability to thrive on your own and be independent. Go for it if you have the deposit and the first month’s rent ready. Plan your budget accordingly as well. In being smart about this, you are ensuring that you have a seamless transition.