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When is it a good time to "leave the nest"?

I am so grateful for my family. I want to have a good idea and layout of what I need to do to bve successful financially on my own. #finance #budgeting

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Jay’s Answer

This is a tough question but one that I've asked myself plenty of times. I don't think there is a definitive answer that I can write down for you but there are a few questions you should ask yourself prior to leaving your home.

Ask yourself the following:

Why do I want to leave my house and is that good enough reason for me to want to leave?
How do I benefit from leaving my house?
Will leaving the house make it harder for me to succeed (financially, socially, etc)?

Sometimes we're in a really great position at home and we have the ability to stay home and not pay bills (food, rent, utilities, etc) and other times we're forced to leave. It's our job as a young adult to learn to make that decision by weighing out the pro's and con's ( making your own decision and living with it is part of growing up ).

I personally decided to stay home until I was in a good enough position in my life (financially, maturity, education) to be able to support myself without having to ask for assistance from any organization or person. That's the path i decided to take and I could've done a few things differently but that's just part of life. You will make mistakes and you learn to work with them.

Good luck and kudos to you for asking this question!

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Karyn’s Answer

Only you and your parents will know when the time is emotionally right for you leave the nest, financially is an entirely different issue. I gave my kids a summer project one year to help them understand what it would take for them to live on their own and it helped them to realize how much money they would need to take that 1st big step. I will outline the project for you and hope you find it helpful.

Create a budget, it doesnt have to be elaborate just realistic and should look like the following (you can also google different ways to create a budget but again keep it simple)

Income: how much you earn from your job, annually is the best way to prepare a budget
Other Income: will you have a roommate to share expenses? Will your parents be helping with an allowance? Any/all other income will go here

Expenses: be sure to include everything you will need to pay for ANNUALLY (separately you should document one time expenses. When you get your 1st apartment there are application fees, security deposit, 1st time electricity deposit, etc. you want to know how much you will need upfront to move out) Google and your parents can help you in this section. Be sure to itemize and include;

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Once you have all your income and all your expense you can do the math and see if you can afford to move out on your own, it will help you decide how much rent you can afford and if you need a roommate.

i hope this has been helpful, good luck