Whether you are moving out to start your life as an adult or changing cities and apartments for a new job, one thing you must have on lockdown is your relocation budget.

While it is great you are spreading your wings and setting your tentacles in new territories, the air under your wings is money. As far as moving is concerned, you will need a lot of it.

If a major preoccupation of your relocation plan is the answer to “How much money do I need to move out?” here it is.

Let’s guide you through rough estimates and some financing tips that will help you budget well for your move.

A Breakdown of The Average Relocation Expenses

Whether you’re moving out of your parent’s house or relocating from your previous home, understanding what makes up the average total cost of your plan can really help you create a personalized budget.

Some of the expenses that make up the final budget include:

• First rent and security deposit

If you need to know how much money to save before moving out, consider two months’ rent. Most landlords will ask for the first month’s rent and the last month’s rent as security.

What does this mean?

Say your rent is $1,500; you will need another $1,500, making it a $3,000 upfront fee made to the landlord. It may sound like a lot, but it’s pretty standard.

This security deposit is not a fixed amount but rather 1-2 months’ rent. However, you should get this money back when you leave the rental, unless there’s a lot of damage in the apartment that is still unfixed.

The truth is this fee can prove to be hefty to pay at once. You may want to start putting aside a portion of your paycheck as a “moving fund” at least six months before your move. Although you can equally try to negotiate with the landlord if paying both upfront is a dealbreaker for you.

Pro-Hack: To ensure you get your full deposit back, keep your place spotless. Repair any small damage before you move out, and remember to document everything.

• Hiring movers or truck rental

How much money do I need to move out?

Here’s where you will make one of the biggest expenses during your relocation—hiring movers. There are two options available, though.

You could either hire professional movers or go the DIY route to say cost. Movers will typically cost you about $500 to $2,000, and their cost estimates often depend on:

• How far you are going
• How much stuff they are hauling
• If you require full service, including packing
• If you have specialty items

But if you are renting a truck for a DIY move, prices range from $100 to $300. In addition to this cost, you also have to pay for gas and insurance.

• Moving supplies and packing materials

Before calling on any of the moving companies in your neighborhood to haul your belongings to your new residence, your properties need to be packed.

Moving supplies and packing materials are the primary accessories for this — you’ll need a lot of it!

• boxes,
• tape,
• bubble wrap,
• moving blankets,
• markers.

Although they may seem like small, cheap items, these expenses can add up to an unexpected number. Moreover, if you have fragile items, your packing materials list might just need a bump.

On average, your budget for these supplies should cover around $50 to $150, depending on the number of things you have.

To cut down on costs, ask friends or local businesses for free boxes. Or you can also reuse what you already have, such as shoes and Amazon boxes.

• Cleaning and repair costs

Don’t forget that most landlords require you to leave your apartment squeaky clean.

For that clean look, you might hire a cleaning service (usually around $100 to $200) to do this for you. Plus, you might also have to pay for repairs before leaving if there is any damage. Set aside about $100 to $500 for this.

So, factor in all these expenses when asking, ‘How much money do I need to move out?’ and evaluating your budget.

Setting Up Your New Home

After moving, you still have a few more expenses to make — the bills don’t stop just yet.

Some extra expenses include:

• Utilities transfer and setup

In the haze of figuring out your rent and moving costs, remember to budget for utilities like electricity, gas, water, and internet.

You might even need to pay transfer fees or deposits to get them hooked up in your new place. Depending on your provider and location, this could cost between $50 and $300.

Call utility companies before moving to save money on this process and ask if they offer discounts for new customers or waive fees if you bundle services.

• New furniture and essentials

If you are moving into your first apartment, you will need to buy new furniture and some essentials for most parts of your new home.

Unfortunately, those cozy couches and pretty tables come with a price tag!

As someone starting from scratch, expect to spend at least $500 to $3,000 on essentials like a bed, couch, and kitchen items.

If you already have these basics, you can save a ton here.

Financing Tips — How to Save for Your Move

If you follow the cost breakdown of how much money you need to move out, you will realize you need between $4,000 and $13,000. This is quite the sum, even without factoring in ongoing expenses.

So, if you are stuck on how to move out with low income, here are a few financial tips that may be helpful to you:

• Start early and with a savings plan. How to save money to move out? First, take your estimated moving cost and divide it by the months you have until moving day. For example, if you need $5,000 and you have 10 months, aim to save $500 a month. Automatic transfers to a savings account will help you stay on track.

• Temporarily cut down on luxuries. Things like dining out or subscriptions can be completely eliminated until you have stashed enough extra cash into your moving fund.
• Opt for a personal loan to cover the moving costs if you are in a pinch. While this is not the cheapest option because interest rates apply (and they are often high), it could be a temporary solution if you need the cash upfront.

Bottom Line — How Much Money Do I Need to Move Out?

Moving out is a big step that requires lots of planning and budgeting.

So, how much money do I need to move out? Budget between $4,000 and $13,000 for your total move. Keep these costs in mind and start saving early.

While it might seem like a lot, having a good saving habit or an emergency fund will give you a needed cushion if life throws a curveball. Plus, it also prevents unnecessary loans with high interest rates when you need the money.

Start by aiming for a smaller savings goal, then slowly build it up by adding a little each month.

Good luck!