Like most people, moving out on your own can be exciting and daunting. After all, it’s a huge step in life that comes with financial responsibility. If you’re not careful, it can also be a very costly attempt.
But what if you don’t have much money? Is it still possible to make a move without breaking the bank?
Here are nine tips for how to move out with no money:
1. Figure out what your expenses will be.
The first step is to figure out how much it will cost to live independently. Make a list of all your likely expenses. That includes rent, utilities, food, transportation, and entertainment.
Honesty and realistic expectations are essential in this step. Think about all possible expenses, and list them in detail. Make sure to cover all your basic needs before putting in your wants.
Once you know how much you’ll need to spend each month, you can start looking for ways to save.
2. Start saving money as early as possible.
Next, if you’re serious about moving out, start setting aside money each month to help cover the costs. The sooner you save, the more time you’ll have to build up your funds, and it will add up over time if you can only afford to put away a few dollars each week.
You can name it your “Moving-Out Fund.” This way, you’ll remind yourself that this fund is for your moving-out needs. Hence, when you move out, you’ll not shell out a vast amount of money, and your moving-out fund will help you.
The earlier you save, the less stressful it will be when you move out.
3. Cut back on unnecessary expenses.
One of the best ways to save money for a move is to cut back on unnecessary expenses. Take a close look at your budget and see where you can cut corners. Do you need that daily coffee fix? Can you go without cable TV? Are there any other areas where you can save?
Subscriptions are one of the major players here. You might think a little bit of Netflix, Disney+, Hulu, Spotify, and Amazon subs will not matter. But try to add these all up, which might be more costly than your utilities.
The beauty of subscriptions is it’s effortless to cut them down. If you want to watch a few shows, you can pay for a month, then stop it afterward. Techniques like these will keep your expenses under control.
This practice also goes to any little expenses, like lattes, bills, and other things that add up. David Bach’s The Latte Factor discussed this in detail; you should read it. In short, the more you can cut back on your expenses, the better it is for you in the long run.
4. Look for free or cheap ways to move your belongings.
Next, you’ll need to get your belongings from Point A to Point B.
If you have friends or family willing to help, take advantage of their generosity. They could even help you unload your things and layout your new room when you arrive.
Otherwise, look for free or cheap options like renting a U-Haul truck or borrowing a friend’s car. It’s a one-time move, so you don’t need to shell out fancy trucks or vast amounts of money for this purpose.
5. Sell any excess belongings you don’t need.
Chances are, you have a lot of stuff you don’t need. Before you move, get rid of anything you can live without in your home. Have a garage sale, sell items online, or donate them to charity. It will declutter your life and give you extra cash to help with the move.
The KonMari method works well in this step. Run down your clothes, books, kitchenware, and sentimental items one by one. Then know if it sparks joy in you when holding it. All that doesn’t spark joy in you, sell it to those in need.
The idea behind it is that as you move to your new home, what you see are the things that spark joy in you. All that brought you stress in your previous home must not be part of your new home. Sounds great, right?
6. Make a budget and stick to it once you’ve moved out.
Once you’ve finally made a move, sticking to a budget is essential. Keep track of your expenses and ensure you’re not spending more than you can afford. It will help you avoid getting into debt and will make it easier to save money for your future goals.
A good rule of thumb is you allot 50% of your income to expenses, 30% to savings, and 20% to wants. It’s from the 50-30-20 rule, but I switched up the savings and wants. Your wants are easy to get out of control, so saving more is better than feeding your short-term desires.
7. Ask family and friends for help if needed.
Moving can be costly and stressful, so don’t be afraid to ask for help from your loved ones. If they’re able to pitch in money for you, great! If not, see if they’re available to help you with the physical move. Or ask for moral support during this difficult time.
In short, you should not be alone in this. You may be moving out and living alone, but in the process, make sure to bring everyone else on the same page with you. Hence, it makes your moving out more manageable.
8. Get creative and resourceful.
When you’re short on cash, getting creative and resourceful is essential. Find ways to save money and get the most bang for your buck. There are plenty of free or cheap resources available if you know where to look.
Always remember you can upgrade later, so be creative to meet all your basic needs first at the least cost.
Just because you don’t have a lot of money doesn’t mean you can’t make your dreams of moving out come true. With a bit of planning and effort, you can make it happen. So don’t get discouraged – keep these tips in mind and start working towards your goal.
Speaking of dreams, do you aspire to be an entrepreneur in the future? You can build the necessary skills as early as now. In fact, you can start with Facebook networking now! Or, if you plan to take on a business loan, make sure to ask these six questions first to your mortgage lender.