Tips for Young People Who are Moving Out for the First Time
Moving out of the home for the first time is an exciting time for young people. It’s a milestone moment that you will likely never forget, and it can open the door to opportunities that help you find yourself and your purpose.
In many ways, moving out is your passage to “the real world.” This means that it also comes with sobering realities that require you to adjust and make your own decisions. While this can be stressful, knowing some things to expect and having a plan for handling certain matters will help relieve some of the anxiety you may have. If you’re going out on your own for the very first time, these tips can help you thrive in your new chapter.
Come Up with a Budget
If you’ve lived with your parents up to now, you’re probably used to having a financial safety net of some sort. Once you move out, you’ll be responsible for many expenses that you may not have given much thought to before. Things like rent or mortgage, maintenance, utilities, groceries and eating out, medical expenses, driving or transportation, and additional costs (e.g., entertainment, gym membership, etc.) can add up quickly. Consider all your impending costs, and develop a budget so that you’re not aimlessly spending and going broke in the first month. Ask your parents to help you outline your budget since they have firsthand experience.
Get Auto Insurance
Most states, including Georgia, require all drivers to have auto insurance. It’s important to understand how Georgia auto insurance plans work and what costs and coverage come with each type of policy. Driving without insurance could lead to you paying someone else’s medical or repair bills, a variety of fines and fees, and/or having your license and registration suspended. You can even face a $25 fine if you have insurance but no proof in the vehicle. Fortunately, it’s easier than ever to show proof since the electronic law was passed in Georgia, which enables you to simply show your information from a smartphone.
The type of coverage you should purchase will ultimately depend on your budget and needs. At a minimum, every driver needs liability coverage. This means that, in the event of an accident, a portion or all of the victim’s medical and repair expenses will be paid for by your insurance. There are varying levels of liability you can purchase, as well as additional coverage options like comprehensive, collision, and stacking.
Have a Job
When you go out on your own, you typically have two financial options: get a job or run up credit card debt. The former will not only put you in a stronger financial position for the future, but it will also give you the opportunity to form a good work ethic and gain other essential characteristics and skills that will last a lifetime. Most young people begin their career by working entry-level jobs, which are not known for being lucrative. Ideally, your paycheck will cover your expenses. If it doesn’t, you may want to consider nesting a little longer to save up if possible.
Carefully Choose Your Home
Finally, where you live is important. First of all, you want to make sure the location of your home is safe, so talk to the locals and check the crime rates of any area you’re considering. Also, you don’t want your rent or mortgage to consume your entire paycheck, so take your time looking online and seeking referrals until you find a suitable home within your budget. Furthermore, you don’t want your home to be too far from your workplace and other establishments you frequent.
Leaving the comfort of your home can be both enthralling and nerve-wracking, but if you do a little planning, it can be a much smoother experience. Be sure to learn about expenses and create a budget, and carefully consider what kind of car insurance you will need. Make sure you have a steady job before moving out, and strategize the location of your new home. The world is your oyster, and it’s a lot easier to thrive when you’re prepared.
Sean Morris believes in the LearnFit mission, which helps visitors live healthy lives. He left his job as a social worker to spend more time with his kids. Today, he writes for LearnFit in his spare time.
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