People move and alter their homes frequently; however, that is not a simple job. One of the biggest moves that you might experience during your life is reaching adulthood and moving out of your parents’ home. There are many things that you must make sure of and consider before taking such a big step. 

Hopefully by the time you’re 18 you already have some job experience. On top of getting employment most young adults have a side hustle that  generates extra cash, especially if their job doesn’t pay enough to pay their bills. In fact there are side hustles for all of your favorite hobbies, such as teaching kids to play basketball, helping out the elderly, or even working with pets. Not not only will it increase your income once you move out, but it is easy work that you can use to add a few extra coins to your savings. 

Your financial situation is the very first item to consider before moving out at 18. This suggests that you have savings or a stable source of income. If you do not have enough money saved up for the big move then you will most likely run into some trouble. It is important that you don’t just have enough for what you planned, but you also have enough to cover issues that could arise unexpectedly. 

Budgeting 101

Before moving out you should, ideally, have saved at least 6 months of rent. Why? This prevents you from going broke in the event that you lose your job, or any other unpredictable cost of living. Also, keep in mind that when looking for a place to live you will generally have to pay a registration fee, the first and last month’ s of rent, and an upfront security deposit which can easily add up to more than $1,000.A common mistake that can get you into trouble is creating a blind budget. It’s so easy to underestimate how much we spend on fun things.

You should calculate how much money you are spending each month to avoid unnecessary expenses before moving out on your own. How do you do it? A way to check is to go to your mobile banking app and check the charges for each of your monthly statements. A good way to add them up is to classify each expense for a month such as food, clothing, means of transportation, ect.., and add the total. 

Building your credit 

Now that you have your budget in order, it’s time to talk about credit. Since you are 18 years old and moving out, you can now legally obtain a credit card. Most apartment complexes will not give you the time of day if you have a bad credit or no credit. However,you should always be careful, a credit card is very good at ruining your financial plan if you don’t know how to use it wisely. 

The easiest way to get a credit before you move is to give your credit card a single purpose. For example, if you have to pay for car insurance and gas every month, you will know exactly how much you spend in that category. It is helpful to give your credit card a sole purpose and that is because it creates a constant amount of money that you are already spending every month knowing that you can easily afford it. In addition, it can also help to set a limit for your card that way you only spend what you can pay at the end of each month. 

Getting Approved

There are many great credit card companies that will allow you to start building your credit when you are 18 with no prior credit history.It’s best to do it while you’re still in high school so that you can get a student ID. A student ID gives you two benefits: 

1- you will have really low interest rates and almost zero APR

2- No annual fee and no need to spend money just to have the card

After getting approved for your brand new credit card, there are still some things that you need to know in order to build a perfect credit. A credit card is NOT free money! It is tempting to swipe away, but if you do so you will end up in a lot of trouble. The point of a credit card is that you can spend money now that you will pay later each month. 

Apartment hunting

Next thing down the list, apartment hunting. Now that you’re ready to move in, you need to find your place. There are several options depending on the city you live in. At 18 you will need something cheap and livable.  Most cities have an income tax exempt program that allows you to find a decent first or second floor apartment cheaper and not have to pay for utilities. However, if your city doesn’t offer such a program, Craigslist or Alpaca.com are other great places to go apartment hunting. These platforms offer several options where you can find group accommodations, rooms for rent, and roommates. 

Tips & Tricks 

Be skeptical of your search and ask lots of questions when it comes to tour time! Some communities will offer low upfront prices, but keep increasing your rent due to fluctuating property values. The best way to find out is to look at their ratings and reviews. 

Now that you are all set and ready to move out, you should always be cautious about your financial stability and how much you are spending. In the process of finding your own place you should be resourceful and mindful of financial choices. Save smart, budget wisely, and plan accordingly. Most importantly, always remember that things don’t happen overnight! Don’t feel like you need to fill your apartment with expensive furniture and whatnot. You might not have furniture right away; most adults who moved out at 18 didn’t have much. It is an acquired thing that happens over time.