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An important milestone for every Millennial is the decision to move out on their own. When preparing to establish independence in their own residence, it is imperative that Millennials are prepared to take on living expenses. According to U.S census data, 15 percent of Millennials are living in their parents’ home – up from 12 percent in 2010. ACCC is providing Millennials with helpful tips to better prepare for moving out of their parents’ homes.
- Get a steady job to ensure a consistent income
- Create a budget for expected monthly expenses
- Look at your budget and decide how much you can afford in rent
- Establish a strong credit history
- Start saving at least 10 percent of your paycheck for emergencies
- Discuss with your parents which expenses you will be taking over when you move out
- Decide if you want to live alone or with roommates, remember roommates can cut some monthly expenses
- Find a location you would like to live whether it’s near your place of work or friends
- Be sure to research all the pros and cons of each apartment before putting in an application
- Be aware of hidden expenses, such as realtor fees and utilities