Leaving home as a young adult can be a mixed blessing. On one hand, you are glad to become independent and embrace life on your own terms. On the other hand, it can be stressful moving away and to embark on a new way of life without the family’s financial support. The following tips may help to ease the transition so you can start out on the right foot.
Take It Slow
Moving out is an exciting time for many adult children. Some are so thrilled to experience all the outside world has to offer that they go overboard. But there is no need to take on all the financial opportunities of adult freedom. Instead of buying a house right away, shop for affordable apartments and inexpensive furniture. Shop at thrift stores while you build a savings account and work toward your financial goals.
Instead of buying a new car, you might want to drive a used car for a while to avoid the monthly car payment and possibly enjoy a lower insurance rate. Gradually build up to a more costly lifestyle when you can fully afford it. It always seems appealing to buy the newest items, even if it means going into debt. However, avoid making payments on items you could find cheaper.
Learn as You Go
Do online research about all major purchases to get the best quality and price, especially if you don’t have much experience shopping for big-ticket items. Compare credit card offers to take advantage of low-interest introductory promotions and terms. Look for discounts on household items like food and cleaning products rather than buying the first one you see. Become a discerning customer to get good deals on everything you buy. This will help you better understand finances and credit. Taking the time to learn about finances gradually over time will help you be in a better position in the future.
Build a Support Network
When you move away from the family and live on your own, it could be helpful to find peers who are going through the same emancipation process. Look for friends and acquaintances with whom you can discuss your questions and concerns as well as share advice. Look for online forums or blogs where related topics are discussed. Keep in touch with family members and friends you went to school with to share your experiences and mutually support each other.
Enjoy Your New Lifestyle
Although this new phase of life may seem confusing or challenging, relax and enjoy it. This is a time to get comfortable with being independent as well as preparing for future life stages. Savor the discovery of new ways of doing things and making your own financial decisions as well as meeting new people with whom you can share ideas during this special time. Know that the fear and discomfort that can come with this transition won’t last forever.
Leaving home opens the door to a different lifestyle. Be prepared before you go and remain open to adjustments while making the transition. A steady start will help you stay the course as your future unfolds.
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