Breaking: I have moved out of my parents’ attic.

Recently, I made a long overdue departure from my parents’ place. (Mom & Dad, if you’re reading this, you know how appreciative I am for the past few years and the time we spent together). It was a great time, but it was also becoming time for me to branch out a bit.

What a change-up it has been so far! I have to like actually go out and buy groceries, it’s nuts. Living on my own has had a significant impact on my finances as well. The only other time my finances were impacted to this extent was when I first started working and became accustomed to having money deposited into my account regularly.

We make changes in our lives constantly. Some are larger than others, this was a big one for me. Let me show you how I worked/am working through the financial transition. 

Note: I am still figuring out exactly what is going on. Taking a few months to understand your situation and being patient is important when we make big changes. Humans hate unknowns and we will usually do everything we can to predict the future even if we cannot do anything to affect the outcome.

1) I had a sound cash reserve. I knew this move was coming eventually. So, I made sure to have ample cash on hand to assist in the move. This made things much less stressful.

2) I laid out the costs of moving. Moving can be expensive, time-consuming, and mentally draining. Having an understanding of the costs to get into the rental was huge. Certain expenses were a given and some were unforeseen.

• I knew I had to buy a couch, pay the security deposit, and pay the first month’s rent. This was easy to get an understanding of as far as costs go, but knowing the exact costs provided me with a little more comfort as I was able to prepare myself for a big outflow.

3) I am still working on this but I am adjusting to my new lifestyle expense. I have been working to understand what I will need on a monthly basis to feel comfortable. I try my best to track my expenses and live within my means, but I also want to enjoy being young and living in a new area!

• I am planning to review my credit card statements after the first 3-months of living on my own. This will allow me to sort through what expenses were actually a part of my lifestyle, versus what was an irregular purchase associated with the move. Groceries = regular expense. New TV = Irregular moving expense.

4) I adjusted my savings expectations. Obviously, with the new expenses I am responsible for, I had to adjust my savings expectations. As I monitor my expenses, I will be able to get a better idea of what is left on a monthly basis.

• While I have a savings amount I want to shoot for, I also have to be realistic. Passing up on time with friends and foregoing experiences (both personal and professional) for the sake of saving a few extra bucks likely is not worth it.

When it comes to personal finance, budgeting, saving… really any long game, you have to be patient. Rushing into figuring out a new budget and savings rate would’ve added so much unnecessary stress to my life. The move was a lot as it was!

Give yourself a break here and there. Allowing yourself some time to acclimate after making a big change can relieve some of the pressure you may feel financially.

PS: If you want me to do a deep dive on any personal finance topics, feel free to reply! I’d love to know what you guys are thinking or have questions about.

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Have a more specific question or want to get your finances in order? Feel free to reach out to [email protected] for a free consultation!