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Living with your parents has its perks: homecooked meals, childhood memories鈥� oh, and free rent. So it鈥檚 not surprising that 12% of adults share their homes with their grown children, .

At some point, though, you may feel the urge to get your own place. (Your parents may not mind the extra space, either.)

As you prepare to live on your own, it鈥檚 helpful to know how much money you鈥檒l need to cover various living expenses. You may also want to consider whether moving out will require you to seek assistance from your parents鈥攅ven if you鈥檙e no longer under their roof. A from 2024 found that 44% of adults aged 18 to 34 received financial help from their parents during the last 12 months.¹

Financial expert Lindsay Dell Cook shared her suggestions on how to fill in the gaps as you determine how much money you need to move out. She鈥檚 the president and founder of a company providing personal financial education and coaching services.

How much should you save before moving out?

Even if you think you know how to live on your own, you鈥檙e probably still wondering: How much money do I need to move out?

Everyone will have a unique answer, says Cook, because the cost of rent, your lifestyle, and other factors can vary drastically from person to person. While the exact numbers will be specific to the individual, there is a way to figure out how to live on your own while remaining financially secure.

The key, according to Cook, is to estimate everything from your moving costs (hint: check out tips for moving on a budget) to the monthly expenses you鈥檒l have once you鈥檙e living on your own. You鈥檒l also want to keep your long-term savings goals in mind.

Below, Cook walks through each of the major expenses that you need to account for in your moving-out budget before you actually make the move.

Each category is accompanied by cost averages that can serve as a starting point for you to determine how much money you may need to move out. You can explore the costs you鈥檒l need to plan for, or you can skip to any of the following living expenses to learn more:

• Rent
• Moving
• Utilities
• Home decor
• Food and dining
• Discretionary spending
• Healthcare
• Emergency fund
• Student loans and other financial goals

Open a spreadsheet, reference your favorite budgeting app, or grab a pen and paper and start building your budget for your big move. By including the categories below, you should be able to create your moving-out budget and determine how much you can afford in rent.

Rent and move-in fees: Account for these basic housing expenses

As you think about how much money you need to move out, your most significant expense will almost certainly be paying rent. Rents can vary from a few hundred dollars to thousands a month, depending on where you choose to live and whether you have roommates to help keep costs down. (Word to the wise: If you鈥檙e living with others, be sure you know how to split living costs with your roommates.)

Tip: Check your credit score before you start hunting for apartments. If there鈥檚 a blemish or an error on it, you鈥檒l want time to address it before a potential rental agency or property owner runs your credit report. Generally speaking, anything between 690 and 719 is considered a 鈥済ood鈥� credit score, .

While paying rent is the first thing you might consider before moving out, Cook recommends that it should be the last item you add to your moving-out budget. That鈥檚 because the amount you can afford in rent will depend on what money you have left after subtracting the other living expenses (covered below) from your after-tax income.

Remember: Once you sign a lease, you鈥檙e responsible for that monthly rent payment until the lease ends. It鈥檚 important to ensure that your budget can accommodate paying this amount consistently.

Keep in mind that simply multiplying your monthly rent by the number of months on your lease won鈥檛 give you the complete picture of how much money you need to move out. You鈥檒l also need to account for a potential security deposit, move-in fees, and pet fees to be fully prepared.

Security deposits and move-in fees

If you don鈥檛 yet know where you鈥檒l live, Cook recommends earmarking one and a half month鈥檚 rent for your security deposit and/or move-in fees. Note that if you pay a security deposit, you鈥檒l likely get it back after your lease is up (provided you didn鈥檛 do any major damage to the place).

Sometimes, landlords ask for a move-in fee instead of (or less commonly, in addition to) a security deposit. A move-in fee can cost several hundred dollars, and it鈥檚 a one-time, nonrefundable expense, Cook notes.

Pet deposits

If you have a pet, keep in mind that many landlords will ask for a pet deposit as well, which Cooks says can run as high as $500. 鈥淭he pet deposit can actually be more significant than you would imagine,鈥� she explains.

You may be able to negotiate a pet deposit with your landlord, which could help reduce costs in your moving-out budget.  

Moving: Consider all the necessities for the big move

Cook says clients tend to underestimate how much it costs to move out of their parents鈥� place and into their new digs. There are lots of variables to consider鈥攈iring movers or handling it yourself, moving across the street or across the country鈥攁nd the range could be anywhere from $300 to $3,000 or even higher.

If it鈥檚 a local move that you鈥檙e handling on your own with (very good) friends, you鈥檒l probably be renting something to haul your stuff in. A 14-foot truck rental (typically large enough for up to two bedrooms) tends to cost between $20 and $30 per day, in addition to a per-mile charge of $0.68 cents-$1.10, . If you鈥檙e planning on a long-distance move, plan on a steeper charge; the consumer-focused site says you can expect to pay up to $2,000 for a similar-size truck.

For packing supplies, CostHelper estimates the cost of a moving kit for a one-bedroom apartment (comprising 14-29 packing boxes, one roll of 55-yard moving tape and a marker) to usually fall somewhere between $69 and $90.

If you鈥檙e hiring professional movers, Cook suggests reaching out well before you鈥檙e ready to pack your boxes. 鈥淛ust because you鈥檙e not ready to move doesn鈥檛 mean that you can鈥檛 reach out and get a pulse on how much things might cost.鈥� A moving-out budget that includes all the costs associated with your move can take the guesswork out of how much you鈥檒l need to save.

Cook warns that a moving truck, packing materials, and professional movers can add up. 鈥淲hatever you think it will be, add at least $200 to that,鈥� she says.

Utilities: Keep the lights on and the water running

Gas, electricity, water鈥攚hat would we do without them? You鈥檒l need to make sure you have enough money earmarked in your moving-out budget to cover your bills and avoid any unpleasant surprises (like a cold shower).

When you鈥檙e touring new places to live, Cook recommends asking the landlord or current tenants about average monthly utility costs. Make sure you understand which鈥攊f any鈥攗tilities are included in your rent. Sometimes, she says, you can negotiate for your landlord to cover utilities if they鈥檙e really in need of tenants.

Home decor: Find a balance between old and new

When Cook鈥檚 clients move into their first places, they sometimes repurpose old furniture from their parents鈥� house or from other relatives. 鈥淭here鈥檚 no shame in the hand-me-down game,鈥� she says.

Some items might seem obvious in your moving-out budget鈥攍ike a desk if you鈥檙e planning a home office鈥攂ut it鈥檚 the little things that often get forgotten until you need them, things like silverware, trash cans, and bathmats. It can all add up to a big, unplanned expense.

Cook encourages her clients to identify as many secondhand items as possible and then list every new household item they鈥檒l need to furnish their apartment. Once they add up the expected costs, Cook increases the estimate by 10%. That鈥檚 because there are almost always extra little touches or necessities that you鈥檒l want to buy to make your new place your own.

Food and dining: Track your spending for a realistic estimate

Moving out of your parents鈥� house and learning how to live on your own comes with a lot of benefits, but one of the downsides is that you鈥檙e on the hook for all your meals. Cook says younger adults tend to drastically underestimate how much they鈥檒l spend on food. 鈥淪ome people spend the same amount on food as they do on rent,鈥� she says.

The most straightforward way to determine how much you will spend on food is to track how much you are spending on food for at least a week. (If your parents treat you to a meal, ask them how much it costs so you can account for it.) When Cook works with clients to track their spending for the first time, food is the line item that raises the most eyebrows. 鈥淭hey鈥檒l say, 鈥極h my gosh, I had no idea the line item for food would be so expensive,鈥欌�� she says.

As you learn how to live on your own, cooking meals at home can be an effective way to keep a lid on food expenses, but that takes some experience in the kitchen鈥攁 life skill that can take time to develop. If you want to sharpen your skills as an at-home chef, you can begin watching online cooking tutorials and start making meals at home while you鈥檙e still living with your parents.

Discretionary spending: Make room for 鈥渢he fun stuff鈥�

Unless you鈥檙e getting help from your parents (and there鈥檚 no shame in that), you鈥檒l be on the hook for every purchase once you move out.

Managing your discretionary spending is a key component of mastering how to live on your own. You can think of your discretionary expenses as wants rather than needs鈥攖hings like a new TV, movie tickets, or home gym equipment. How much you have in your discretionary budget each month will depend on your monthly income and your other costs, Cook says.

Some discretionary expenses don鈥檛 occur on a consistent schedule. You can, however, plan for these costs in your moving-out budget.

Cook encourages clients to look at a calendar and note the weddings, vacations, and holiday spending that will need to be paid for over the next year. Add up the estimated costs for each of these big, irregular expenses and divide that sum by 12.

Each month, you can contribute a planned amount to a high-yield savings account that鈥檚 dedicated to these discretionary expenses. Whenever you need to book flights, buy gifts, or update your wardrobe, you鈥檒l have a savings account that you can dip into guilt-free. This strategy can help prevent you from stressing over money, too. 

Healthcare: Prepare for expected medical costs

If you鈥檙e wondering how to live on your own but don鈥檛 have health insurance, Cook strongly recommends that you get it. You can get health insurance through your employer, your parents, or the .

鈥淢edical expenses are one of the main reasons a person can end up in financial distress and debt,鈥� Cook says. 鈥淓ven if you鈥檙e young and healthy, it鈥檚 not a gamble worth taking.鈥�

Even with health insurance, you may still have to pay some fees for certain visits, procedures, and medications. Refer to your insurance plan to see what out-of-pocket costs you鈥檒l need to pay and account for them in your moving-out budget.

Emergency fund: Start building your safety net

An emergency fund is just what it sounds like: money that is stowed away in case you lose your job or unexpected expenses pop up. Experts agree that, ideally, your emergency fund should be able to cover your living expenses for three to six months should you ever find yourself without a steady source of income. 鈥淭hat would include rent, food, and any other bills you have to pay, like a car payment,鈥� Cook says.

Since an emergency fund is an important and potentially significant part of your moving-out budget, you may want to start saving for this line item well in advance.

However, don鈥檛 be discouraged if your emergency fund isn鈥檛 quite where you want it to be. If you鈥檙e ready to move out before you鈥檝e built up your emergency fund, you can start small and continue contributing to it once you live on your own. Just make sure you鈥檙e budgeting for it like any other expense.

Wondering where to keep your emergency fund? Consider opening a high-yield savings account to stash the cash. This will keep it slightly out of sight, so you won鈥檛 be as tempted to dip into it for non-emergency use. Plus, the higher interest rate will help your money grow through the magic of compound interest.

Student loans and other financial goals: Pay off debt and save for the future

In addition to building an emergency fund, you want to account for other financial goals in your moving-out budget, Cook says. Whether you want to pay off your student loans, save for a vacation, plan for retirement, or financially prepare for grad school, you need to be diligent about putting that money away.

鈥淵ou really want to make sure you understand your budget and ensure that your rent and other living costs are still allowing you to save,鈥� Cook says.

Create your own moving-out budget

So how much money do you need to move out? Break out your calculator and add up your honest estimates of each of the above expenses to build your moving-out budget.

After doing the math, will you have enough money left over each month to save for your goals? If not, then Cook recommends revisiting your financial plan before moving out. 鈥淭he bottom line is that you either need to be able to cut expenses, have a higher monthly income or some combination of the two,鈥� Cook says.

Don鈥檛 end your budgeting goals there. As you set out on your own, learn how to manage your first salary so you can cover your post-move expenses while saving for the future.

It鈥檚 never too early to start saving for your goals, whether that鈥檚 building an emergency fund, saving for a trip, or paying for your own apartment. A pp电子官网^庐 Online Savings Account is a great way to start earning interest on your savings.

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¹ 鈥淧arents, Young Adult Children and the Transition to Adulthood.鈥� Pew Research Center.

² 鈥淐onsumer expenditures in 2022-2023: Age of Reference Person.鈥� U.S. Bureau of Labor Statistics. (To access this data, scroll to the bottom of the PDF to the table “Age of reference person by income before taxes” and click 2022-2023 next to “under 25” and “25-35” to access each set of data.)

³ 鈥淎verage Student Loan Payments expected to rise by $200鈥� Forbes.