You love your parents to bits. They put a roof over your head, food on the table and clothes on your back right up to your post-teen era. But there comes a certain age when still living with your parents can prove to be slightly embarrassing (we still love you!).
Here's the case - you still live with your parents but have been itching to venture out and take on the world on your own. Other than being afraid of hurting their feelings, there seems to be another reason anchoring you down from starting your journey to independent living - can you survive it out there on your measly paycheck?
This writer gets and understands your fear. As daunting as it may seem, this rite of passage to adulthood was one she had to go through several years ago.
Discover what needs to be done for you to leave the nest and achieve financial independence (at least from your parents!).
1. Do some soul searching
The first step in the process of moving out of your parents' is figuring out why you would want to move out.
Is it because you are ashamed to still be living with your parents in your late 20s? Is it the lack of privacy or freedom to do what you want? Is it a necessity or just a whim or fancy?
Think about it deeply and calmly. Make sure what you do is for the right reasons before you jump the gun.
2. Evaluate your current finances
Before you make any rash decision that could make you end up right where you started (back in the family home), sit down and assess your financial situation.
Start by noting down how much money you are bringing in every month. Then calculate how much of it goes to your current monthly expenses such as car loans, student loans, phone bills, petrol and toll budget.
3. Estimate your future finances
Now that you know how much you are already spending monthly, you would also be able to tell how much extra money you have left to spend. This would help in estimating how much you can spend on rent or even buying your own place.
While you are at it, know what you are getting into by putting an estimate on future expenses such as food, electricity, water and other utility bills.
4. Scour the city for the right home
Once you find out how much you can afford to pay for a place of your own, you can decide whether you should be renting, sharing or buying.
For starters who are not confident about your finances, maybe it is best to share the place with other tenants or friends until you can really stand on your own two feet. Or if you are not comfortable sharing or living in tiny spaces, then look out for small apartments suitable for solo dwellers that are most likely still within your budget range.
Search online and really do your research on the places that best suit you. Also make it a point to view the places that have previously caught your eye before putting your John Hancock on anything.
5. Moving out can be hell on the budget
Now that you have found a place that you are comfortable with, it's time to move!
Don't get too excited just yet. Packing your things can be such a hassle and the cost of transporting them will send your ringgits flying off into the sunset.
While it might be a shock for both your parents and you to move straight away, be sure to give yourself ample time for them to accept the fact that you are moving out and to allocate some money for transporting and lifting costs.
6. Bills, bills, bills
Living in your own place might be all peachy but make it a point to always keep track of your bills. You wouldn't want to live in darkness or without water a month after living in your new place, right?
7. Balancing your budget
This is where your previous estimation comes into play. Now that you know for sure how much you need to fork out for monthly rent and bills, you can balance your budget so that your expenses don't exceed your income.
Properly portion your budget for flexible expenses such as food and clothing and keep track of what you buy so you can see where you can actually save money.
8. Save your money wisely
You don't want to be living on your own but still depending on your parents for money because you're on your journey to emancipation, remember?
Now that you have branched out, it is time for you to get serious about your savings. Always remember to allocate a portion of your income into your savings account. This way, you will always have extras lying around rather than asking your parents for favours.
But this doesn't mean you can spend your savings whichever way you want to. Here's a tip: never ever use your savings unless it's an absolute emergency (mega sales not included!) and you will see your savings grow bigger and bigger monthly.
Leaving the nest is leaving your comfort zone but what's life without taking a couple of risks? Other baptism-by-fire ventures to be mindful of when handling by yourself include car loans, personal loans, term life insurance or perhaps even credit cards, all of which we would gladly lend a trusted helping hand in.
Some parents might find it hard to let their child wander off into the real world but with a little convincing and proving how you can be responsible for your own finances, we are sure that your parents will understand and let you spread those wings you've kept tucked for so long!