How to Save Money to Move Out

To save up enough money to move out, establish financial projections for relocation expenses and then create a budget to help you work toward your goal amount.

Total Your Moving Costs

Make a list detailing how much you'll need to pay for moving costs, deposits for housing and utility hook-ups at your new location. If you need packing supplies, or plan to hire a packing or moving company, get estimates for services. If you're moving a substantial distance, you'll have to factor in transportation costs as well. Prices range dramatically based on how far you're going, how much you have to move and whether you do it yourself or hire pros.

If you're renting, the landlord will also charge upfront costs. The amount of money a landlord can charge for security, pet and cleaning deposits is regulated by each state, though on average, the standard is the equivalent of one month's rent. Sometimes a pet "upcharge" is added on to rent, so ask about all costs before signing a lease.

Likewise, when you hook up utilities such as telephone, cable and power, the utility will check your credit. They may ask for a letter from your previous utility provider detailing your payment history, ask for a letter of guarantee from a third party or request a deposit. The rate varies based on your location, credit and the type of utility, but the fee is usually nominal.

Tip

If you’re going to be out of work during the time you’re moving, factor in how much money you’ll need to have saved for daily living expenses and financial obligations.

Create a Timetable

Make a timetable detailing when you'll need your moving money. For example, if you want to be ready to move in a year, and you need $6,000 to move, you'll need to find a way to set aside $500 a month. If you want to move in six months, you'll have to set aside $1,000 a month. Set savings goals to help you reach your financial objectives.

Make a Budget

If you don't already have a household budget, it's time to create one. A budget helps you see where your money is going, and can help you identify areas to scale back to save money. Make a list of all of your regular monthly expenses and subtract that amount from your monthly income. Whatever money you have leftover is considered discretionary income. If that amount isn't enough to meet your monthly savings goals, start looking for ways to cut expenses and put them into your moving account.

Tip

If you're new to budgeting, you may find it useful to track your daily spending. Small expenses can add up without much notice, so write down every penny you spend to find ways to tighten the purse strings.

Lean Living

Cut back on non-essential expenses and start funneling that money toward your moving goal. For example, get rid of cable service, gym memberships and expensive entertainment venues and put the funds into your moving account. Reduce the cost of necessities by making substitutions. For example, brown bag your lunch rather than eat out, or take a bus to work or school rather than drive. If you don't need new clothes, tech gadgets or upgrades, put them off and remind yourself of what you're saving for.

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