I'm moving to Chicago next year, and I have really been trying to get the best idea of what my finances will be like once I move. Yes, I currently live with my sister and pay all of my own bills and rent and everything, but moving to Chicago will be much different since I will have my names on things, and not just pay my sister my share.
Below are the different home-related expenses that you will have to pay when you move out:
Of course, rent is one of the expenses. It will most likely be your largest expense when you move out. You will have to pay rent monthly, and you may have to pay a deposit and a couple of month's worth of rent in the very beginning.
How much will rent cost you? Some say that you shouldn't spend more than 33% on housing. Depending on where you live, you may spend much more or much less. In some areas, such as New York City, you might be spending 50% of your income on housing.
If you have never lived on your own, then you probably don't have much furniture. You will need several items, and some may be supplied. Items that you might need include a fridge, oven, bed, couch, table, chairs and so on.
Utilities and extras.
You will have your monthly bills as well. Sometimes landlords will pay for certain expenses, but here is an overall list:
Do you have a pet? Or are you thinking of getting one? Before you sign up for the long-term responsibility, you should really make sure that you are ready for it for both your sake and the animal's sake. It's not fair to either of you.
If you move into an apartment, the landlord may charge a large monthly fee as well as a deposit for having a pet, or they may say no entirely. You definitely need to find the answer to this beforehand.
In some areas, you may have to pay for parking. Parking may be cheap, but it also may be hundreds of dollars each month. If you live in a city, you might not even need a car and can save on these expenses entirely.
There are many other little things that you will also have to pay for. You might have some of these things, but the list is long! What are you going to eat with? You will need plates and utensils. You will also need blankets, pillows, and sheets. Other items include towels, toilet paper, soap, dishwashing soap, laundry detergent, and so on.
When you first move out, you will also have to buy many kitchen items in the beginning, such as salt, pepper, oils, ketchup and so on.
Did you think about all of these expenses when you moved out for the first time?
What am I forgetting?