How much money to save before moving out, and 25 goals to get there

Move-in costs to save for, one line at a time

Ask the landlord for a list of what is due before you get the keys, and save for each line. The amounts below are an example with $1,200 rent; your own list can differ.

• First month's rent: save the full amount before you sign, $1,200 in the example.
• Security deposit: if the landlord asks for one month's rent, that is another $1,200.
• Application and move-in fees: put aside $100, then check the real amount on the listing.
• The move itself: $200 for a rented truck and gas, or less if friends help carry.
• Turning on power, gas and internet: save $150 for setup fees or deposits.

First apartment checklist on a budget

Give each part of the list a cap, so setting up has a number too. In the example these four add up to $750.

• A bed and bedding for $400 or less: look at used frames first.
• Kitchen basics for $150: one pan, one pot, a knife, a cutting board, and plates, cups and forks for two.
• Bath and cleaning for $100: towels, a shower curtain, a mop, trash cans and soap.
• A first grocery stock for $100: oil, salt, spices, rice, pasta and what you eat every week.
• Wait 30 days before buying a couch or a desk: write down what you miss, then buy only that.

How much to save each month to move out

Divide the total by the months until you want to move. Put the money in its own account on payday, before you spend any.

• Save $3,600 for moving in and setting up in 6 months: $600 a month.
• Save $5,600, the move plus one month of costs, in 12 months: about $467 a month.
• Save $9,600, the move plus 3 months of costs, in 12 months: $800 a month.
• Paid every two weeks? $3,600 over 26 paychecks is about $139 each.
• Put every bonus, tax refund and cash gift into the move fund until it is full.

Moving out at 18 or on a small income

When the total feels too big, make it smaller or make the income bigger. Each of these is a number you can count.

• Practice for 3 months while you still live at home: each payday, move your future rent into savings.
• Share with a roommate: $1,200 rent split two ways is $600 each, and so is the deposit.
• Look for a furnished room and skip most of the $750 setup list.
• Gather every paper a landlord asks for (ID, pay stubs, references) in one folder before you apply.
• Pick up 4 extra hours a week at $15 an hour: $60 a week, or $3,120 in a year.

Goals for your first 3 months on your own

The first months teach you what living on your own really costs. Cooking at home is where most of the money is, and these cooking goals for beginners make it a number.

• Write down every cost for 30 days to learn what one month really takes.
• Cook dinner at home 5 nights a week for the first month.
• Pay rent on time for 3 months, set as an automatic payment.
• If you used the cushion, put $100 a month back until it is full again.
• Start a fund for next year's costs, like renters insurance or a lease renewal.

How much money should you save before moving out?

There is no single right number, because rent changes so much from place to place. What you can do is add up three lines for the place you want.

First, the move-in costs: rent, deposit, fees, the move and setting up the bills. With $1,200 rent that came to $2,850 above. Second, setting up: $750 for a bed, the kitchen, the bath and food. Together that is $3,600 to move in.

Third, a cushion of 1 to 3 months of living costs, for a month where something goes wrong. If a month costs $2,000, the total is $5,600 with one month or $9,600 with three. This is general information, not financial advice.

How long does it take to save to move out?

Divide the total by what you can save each month. $5,600 at $400 a month takes 14 months. Save more each month, or pick a smaller total, and the date comes closer. To see each deposit laid out, the savings challenge calculator works out the plan.

Pick the moving date first, then work back to the monthly amount. A date makes the total feel real, and it tells you early if the plan needs a roommate or a cheaper place.

Moving out budget: what a month on your own costs

Write the month before you sign. In the example, $1,200 rent, $350 food, $150 power and internet, $50 phone, $150 getting around and $100 for everything else make $2,000.

Use your own numbers: your take-home pay, the rent on the listing and what you spend on food now. If the month does not fit, change the place or the plan before you move, not after.

A month of a no spend challenge before the move can show you what you can live without, and it adds to the move fund at the same time.

How to track saving to move out

Write down every deposit the day you make it, and keep a running total. A review of 138 studies found that people who monitored their progress reached their goals more often, and the effect was larger when the progress was written down.

Once you live there, the bills that come once a year need their own plan: sinking funds split each one by the months until it is due.

In Chaltra, make one challenge with the total as its target, and add move-in costs, setting up and the cushion as three colors. Every deposit fills the picture a little more. A challenge of up to 30 days is free. A longer one needs Premium.

Frequently asked questions

How much money should I save before moving out?

Add the move-in costs (rent, deposit, fees, the move), the cost of setting up, and 1 to 3 months of living costs. With $1,200 rent, that can be about $5,600 to $9,600.

How much money do I need to move out at 18?

The same three lines, often smaller: a shared place or a furnished room cuts the rent, the deposit and the setup list. Add them up for the place you want.

How long does it take to save to move out?

Divide the total by what you save a month. $5,600 at $400 a month takes 14 months.

What do I need for my first apartment?

A bed, a pan, a pot, a knife, plates and cups, towels, cleaning things and a first grocery stock. Wait a month before buying the rest.

Can I move out with no money?

It is hard, because most places ask for rent and a deposit before you get the keys. A roommate, a furnished room or extra hours can make the total small enough to save in a few months.