When it comes to moving out, you need to have enough money to be able to make your move and also live comfortably in your new space. There is a typical rule that says you want to make sure that no more than 30% of your income should be going to the cost of housing. However, there is also another rule that states that you should never exceed 43% of your income on your housing costs as well as your debt. Obviously, these rules are just guidelines and every situation is different.
- Spend no more than 43% of your income of housing costs and debt payments combined.
- Moving costs, utilities, and internet charges will add hundreds each month.
- Getting a roommate can save money, as can learning basic lifestyle skills such as shopping and cooking.
“For most people, moving out on their own requires careful saving and planning over time.”
Read more: https://www.moving.com/tips/how-much-money-you-need-to-move-out/