How to Save Money to Move Out
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Starting to Save to Move Out
Determining If You Are Ready to Move Out
Creating a Budget
Paying Down Debts
Assessing Rental Fees and Deposits
First (and possibly last) month’s rent A landlord typically requires one or two month’s worth of rent up front. Rental application fees The landlord might charge an application fee to cover a credit or background check. Security deposit This is a refundable amount, usually equalling one month of rent, for the landlord to keep until you move out. This can cover any damages you inflict on the rental. Pet fee or deposit Planning on bringing your furry friend? It may cost you an extra non-refundable fee at the outset, or a pet security deposit returned to you at the end of your lease agreement. Realtor fees If you require (and can afford) the help of a realtor to find a place, their fee can be equal to one month’s rent or a percentage of the monthly or annual rent, depending on where you live.
Developing Saving Habits
Building Your Credit
Paying down your debts Paying your bills on time Checking your credit reports for inaccuracies Keeping old accounts open (a longer credit history can have a positive impact on your credit scores)
Common Moving Expenses to Be Aware Of
Moving company fees If you hire a professional moving company, factor in the cost of their services, including packing, loading, transportation, unloading, and tips. Rental truck or van If you choose a do-it-yourself move, consider the rental cost of a truck or van, along with any additional fees for mileage or fuel. Packing supplies Boxes, tape, bubble wrap, and other packing materials can add up. Estimate the number of supplies you'll need and budget accordingly. Utility set-up Plan for the costs associated with setting up utilities at your new residence, such as electricity, water, internet, and cable. Furniture and household Items If you need to purchase new furniture or essential household items, budget for these expenses in advance. Storage costs Maybe your new place has limited closet space, or your parents are demanding that you finally get all your boxes out of their garage. You may need to rent a storage unit for some of your belongings.
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