When moving out of your parents home, millennials seem to need a little more help. According to a new report from the U.S. Census Bureau data showed that young adults, those between the ages of 18 to 34, opted to live in their family homes, at least temporarily.
For the millennials ready to make the move and leave the nest, here are a 2 suggestions:
Play pretend. Before moving out, experts recommend building good habits of bill paying. If your parents are kind enough to let you live in the home rent free, or giving you a hefty discount, you can create a pretend budget to give you an idea of what you’ll be spending on rent, groceries, transportation, etc. By taking the time to do this, you will build a safety net for any emergencies.
Set a deadline. Once you’ve made the decision to move out, make it official by setting a deadline and letting your family know. As your countdown goes down, start scouting for a home or apartment a few months in advance to know which areas you can best afford.