![]() How much do your parents pay for utility services every month? How about groceries, transportation, and cable? Your own expenses may be lower if you move into a smaller home and have only yourself to provide for, but this can still provide a valuable basis for an estimate. ![]() While you’re still living at home, make an effort to familiarize yourself with common household expenses. If you’re not accustomed to paying your own way and don’t sufficiently educate yourself on the costs of living alone, you may find yourself biting off more than you can chew. In addition, you need to consider renters’ insurance (using PolicyGenius will help you find the lowest rates), security deposits, grocery shopping, and association fees – plus personal expenses, such as student loans, auto loans, and any credit card debt you may have built up in college. Water, electricity, gas, cable, and phone services are just a handful of expenses you may not immediately think of when contemplating the big move. Living on your own involves more than paying rent or a mortgage each month. Before you take this bold step, make sure you’re fully prepared for what lies ahead. However, as appealing as this may sound, the freedom of living on your own comes with great responsibility, financial and otherwise. You can finally live by your own rules, without curfews or restrictions, and take care of responsibilities on your own schedule and in your own way. Moving out of your parents’ house just may be the most important step you take toward independence.
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