8 Tips for Moving Out (of Your Parents) With No Money


Moving out is a big step in one’s life, no matter how you look at it. If you’ve never left your parents’ house, the prospect of being responsible for all your own bills, rent, food and so on can be daunting, to say the least.

Even if you’ve been living on your own for a while, moving into a new apartment can bring up some old financial challenges that you just don’t want to deal with.

Fortunately though, if you want to move out of your parents house but you don’t have money, it’s still possible. Trust me, there is hope.

And while moving out can be stressful, it doesn’t have to be impossible – even if you don’t have any money. With the right strategy, you can make the move to independence without breaking the bank.

So let’s get into it, here are 8 tips on how to move out with no money:

8 Tips for Moving Out When You Have No Money
1. Make a Budget and Stick To It
2. Find Ways to Cut Down on Rent
3. Avoid Excessive Credit Card Spending
4. Find a Job
5. Get Creative with Your Finances
6. Save for Emergencies
7. Make Smart Investments
8. Live Below Your Means

1. Make a Budget and Stick To It

The concept of living on your own is very exciting, but the sad truth is that it means less free money from your parents – and more bills to pay for you. This is the unfortunate reality.

People don’t understand what it actually costs to live on their own, like me, a lot of people get spoiled by their parents.

So if you want to move out of your parents with no money, you’re going have to make some real changes.

The first step in making this transition easy is to sit down and make a budget for yourself. Planning out your budget is a great opportunity to clear up any misconceptions about the costs of living as many people underestimate what they will actually need and what it’ll cost.

Related Financial Geek Article: 8 Really Smart Budgeting Tips You Should Know About

2. Find Ways to Cut Down on Rent

As stated above, one of the most significant changes that moving out brings is a rent bill.

If you are having trouble coming up with enough money to cover your rent costs, there are a few ways that you can try to reduce this amount.

One option is to move into a smaller place or share an apartment with friends, splitting the rent among a few people will make it super affordable for you and everyone else involved. Another option is to have a roommate who can help with the rent.

3. Avoid Excessive Credit Card Spending

Once you’ve got a grip on handling your own finances, it’s important not to become too reliant on using credit cards or other forms of payment that makes it really easy to spend money.

For example, any time you use a credit card to make a purchase, it’s important to always check your monthly statement and keep track of how much money you owe and when it is due. If you don’t, things can get out of hand really quickly.

I rarely use credit cards myself, and I try and encourage others not to for this exact reason. It’s just so easy to spend money that isn’t yours. And like I said, things can get out of hand QUICK.

If you want to move out but you don’t have any money, you are already somewhat behind the 8 ball so to speak. So try and avoid credit as much as possible.

4. Find a Job

Once you have determined how much money you’ll need and what your cost of living will be, it’s time to start making some money.

The Financial Geek has a whole section on different ways in which you can make money, but for this situation, I think the article Become Financially Independent Without a Job | 9 Proven Ways would be a very worthwhile read!

Finding employment is always difficult for fresh graduates, but it is even more difficult if you have never been employed before. 

With that said, if you still can’t find anything after a few months, you might have to start considering part-time work or temporary positions. Which starting out, isn’t a big deal.

5. Get Creative with Your Finances

Even if you’re doing everything right, there is always a chance that you will fall a little short on your bills from time to time. So when this happens, it’s important to be creative and find ways to make up the difference.

One way to do this is to sell some of your belongings. Many people are surprised by how much money they can make from selling clothes, furniture, and other household items. 

I’ve talked about this in a lot of my other blog posts, but the amount of junk people have laying around is ridiculous! But as they say, one man’s trash is another mans treasure. So take advantage of your “trash” and sell it on second hand online marketplaces.

Another option is to get a loan from a friend or family member. While this should really only be done as a last resort – it can be definitely helpful in a pinch.

Quick Note: The most important thing to remember is that, unless you are paying a mortgage, you should never get into debt over your living expenses, no matter how long it takes you to find a job.

Related Financial Geek Article: 18 (Uncomplicated) Smart Money Moves For Your 20s

6. Save for Emergencies

Even if you are living on a tight budget or with little to no money, it is important to leave some money aside in an emergency fund in case something unexpected comes up – which will eventually happen.

For example, if you have to go to the dentist or get your car repaired, you’ll want to be able to pay for these expenses without going into debt.

Below is a quick 60-second video on emergency funds and why you should have one.

Related Financial Geek Article: Do You Need an Emergency Fund If You Live with Your Parents?

7. Make Smart Investments

Once you’ve finished moving out of your parents’ house and landed a job or maybe even a career, you may be somewhat tempted to use some of your extra money for frivolous purchases. And while that’s definitely okay to a certain degree, make sure you also start preparing for your financial future by opening up an investment account.

Putting money away for retirement is so important and it’s often neglected by those in their 20s as retirement seems so far away. The reality is though, your 20s are your golden years for saving and investing money as starting early will have huge, and I mean huge benefits once you get older and are ready to retire.

You can thank compound interest for that. If you are a Canadian, I’d recommend getting start with something like Wealthsimple (for the reasons I talk about here), as an American, look into something like Betterment or Robinhood.

8. Live Below Your Means

Although it may be tempting to live like a king or queen after finally being on your own and getting a job, it is important to remember that this is not always possible – or advisable. One way to make sure that you are able to live within your budget is to live below your means and to spend your money as wisely as possible.

As I talk about in my article 11 Quick Tips For Spending Your Money More Wisely, living within your means will actually likely lead to a higher level of happiness as you won’t be so stressed by trying to keep up with the joneses.

In other words, don’t spend more money than you have. This may be difficult at first, but it will become easier over time.

Conclusion

And there you have it!

If you want to move out of your parents but you have no money, you are going to need to get creative. Hopefully the 8 tips I talked about here will help get you on your way.

At the end of the day though, regardless of how you do it, you’ll need to start generating some form of income.

When I was in my early 20’s I used to make money from Instagram in some pretty cool ways that I talk about here. But Instagram isn’t for everyone. The point is though, get creative, find roommates, search for deals, live humbly and try and avoid debt as much as you can.

Thanks for reading folks! As always, I hope you found some real life value in this article. Enjoy the next chapter of your life, you’re in for one hell of a ride.

Geek, out.

Noel Moffatt

Noel Moffatt is the founder and main contributor for his blog - The Financial Geek. Based in Canada, Noel's passion for personal finance has helped him amass over 300k readers to his Financial Geek blog.

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