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Living Alone: Moving Out in Your 20s

Living alone is probably ideal and only possible during your 20s. Before that, you would be residing at home with your family (where meals are always ready on the table, and your laundry miraculously took care of itself). Or you were living with your friends in a fun yet not-so-hygienic share house.

Before your significant other starts dropping clues about an apartment that you may “just have a look at,” it may be easy to say “one day” when it comes to living alone. However, before you know it, you’re married and have your own children.

Entering the Road to Living Alone

The way we’re quickly experiencing our lives in our 20s is like going down a bumpy road. You’re balancing professional growth at work, socializing with different groups of people, going out on dates, working out, and finding time to call your family. And that’s only the tip of the iceberg. Even a shabby-chic studio in an “up-and-coming” neighborhood will feel like a palace if it is your own space.

But of course, you’d have to leave home first. And it will be a bizarre awakening suddenly living on your own. This is the time when the reality of becoming an adult sinks in. Nobody will do the cleaning for you, pay for your bills, water your plants, or fix the leaky bathroom sink. You’ll probably have to pay out significantly more money than you would have if you had continued sharing a home with someone. Budgeting and financial responsibility will therefore be crucial. You can consider these factors as an investment in the lessons of life.

Are you ready to live independently?

Although living alone is not for everyone, experimenting should be. Independent living is one of the ultimate liberating experiences. Freedom can be both paralyzing and empowering. It can be frightening, exciting, and enjoyable all at the same time. As cliché as it sounds, you won’t know unless you try.

Major Tips for the Major Move

Now that you’re about to make your final decision to move out and set out on your own, we have prepared a detailed guide that will help you with the normally complicated process.

Set and finalize your budget.

You can start by taking stock of your finances and ensuring that you will be able to live comfortably on your own. You can try applying the 50/20/30 rule. For example, daily essentials can consume 50% of your net income. That covers groceries, insurance, rent, and other expenses. Next, 20% may be allocated to monetary responsibilities like debt payments and retirement savings. The remaining 30% can be allocated to lifestyle expenses such as gym memberships, dining out, entertainment, and so on.

These percentages are just a useful approximation, and not absolute. Remember that you can adjust them to fit your circumstances. For instance, if you have a large amount of debt, you can decide to allocate 30% to goals and 20% to lifestyle.

Be specific about your responsibilities.

Moving out and living alone opens a whole new world of expenses that you may not have considered before. Make sure you have enough money for the first and last month’s rent, as well as a security deposit (expect it to be one month’s rent). If you have a pet, be prepared to pay a pet deposit fee as well.

Here’s a list of expenses that you need to think about:

  • Utilities (water and electricity)
  •  Internet
  • Renter’s Insurance
  • Parking
  • Landscaping
  • Cable

Understand important processes.

The designated homeowner’s association will most likely charge you for a background check, credit check, as well as a miscellaneous application processing fee. If you proceed with a rental, you should have your credit scores and pay stubs ready. Landlords expectedly want to know if you have a steady job that pays enough to cover your rent. There may be some who will not charge you application fees, but this is not common or frequent.

Make sure you’ll be accepted before you deposit your money. Find out your credit score and whether there are any restrictions for renting that must be met.

Let location take the lead.

Whether you’re planning to live in a bustling urban neighborhood or a provincial area, make sure the location gives you access to your daily needs and even wants. If you don’t have your own vehicle, you can invest part of the money you would have spent on insurance, gas, and other expenditures into your new home. Consider the freedom to commute less frequently so you can save both time and money on gas. Set your transportation budget if you plan to commute to and from your workplace.

Consider the furnishings.

Some pre-furnished apartments may lack a true sense of home. If you are someone who was able to save a ton of money and relocating was always simple for you, then this would not be much of a problem. If you plan to rent a room with furnishings, some landlords will increase the charges, while others won’t.

Keep your eyes peeled for furnished units that are more affordable than unfurnished ones. You may not always discover them, but it’s something to consider. Expect to spend more on furniture and other items if you are moving into an unfurnished space. This includes your bed, bed frame, linens, kitchenware, and so on.

Eliminate unnecessary costs.

Living alone doesn’t mean using paper plates and plastic silverware. It may seem “cheaper” at first, but the costs build up quickly and more waste is produced. Instead, you can go for an affordable dish set and just wash it by hand after every use. It’s better for the environment and will keep dishes out of the sink. You also don’t need to buy new furniture or necessities if you can still repurpose and bring them with you to your new home.

Final Thoughts

Being in your twenties is the time for experimentation. This is when it’s most appropriate to take chances, rise to every challenge, and immerse yourself as much as possible in the world. You get one step closer to discovering who you are and what you want to do every time you say yes to anything you haven’t done before.  Living alone serves as a host for numerous others, something that offers unlimited opportunities for experimenting. It will, more than anything else, help you discover who you are.

Should you need more help in deciding where you can stay once you move out of your family’s house, check out this handy guide on what factors to consider first. Or this one to know more about real estate investing (even if you are not an OFW).

The beginning can be the most challenging yet exciting part when it comes to living independently. If there’s a property platform where you can start, it’s enta.ph. The possibilities and resources are all yours to explore, especially when it comes to home-buying tips and how-to guides. 

Want to know more? Make the most of your real estate investment by reaching out to us via hello@enta.ph.