Moving Out? 5 Money-Saving Tips You Need to Know

Moving out? 5 Money-saving skills you need to know

I moved out of my parents’ house and into my first apartment when I was 19. Leaving the comfort of my childhood home was daunting, but I was excited to start my journey toward financial independence. Though the apartment was grubby and cramped with a heavy-footed neighbor living upstairs, it was my own and I loved it just for that.

At the time, I was halfway finished with my bachelor’s degree, and I thought I knew it all. But here’s what I didn’t know: how to manage my money. Mastering budgeting, saving, basic repairs, building credit and asking for help are five essential skills that can help you confidently navigate financial independence and avoid costly mistakes.

Budgeting: Your financial road map

After I moved out, I couldn’t believe how fast money disappeared. Earnings from my part-time jobs, which used to cover casual spending, suddenly stretched thin when faced with rent, utilities, groceries and more. I realized that without a plan, I wouldn’t be able to stay on top of my finances.

I needed to create a budget before things got out of control. After researching budgeting types, I chose the envelope budgeting method and began writing down my income and expenses for one month, then setting up categories that would help me manage my spending. This approach helped me see where my money was going and cut back where needed.

Pro Tip: Review your income and expenses for one month. Then decide whether traditional or digital budgeting tools work best for you.

Saving for emergencies and the future

My initial budget worked for a while, but it only took one flat tire for me to realize it was missing a key category: saving. I hadn’t been putting money aside, so I didn’t have an emergency fund or anything saved to help me pay for the tow truck, repair and new tire. I drained my bank account trying to get my car back on the road. After that life lesson, I switched to the pay yourself first budget method and committed to stashing 10%-20% of my take-home pay into a savings account and regularly putting a little money into an emergency fund.

Pro Tip: Consider opening a high-yield savings account for faster growth and low fees.

Basic repairs: Learn how to change a tire and handle simple fixes

Changing a tire used to be easy — just call Dad. But as soon as I was self-reliant, I needed to get familiar with tire irons, wheel covers and jacks. Knowing how to do a simple 15- to 20-minute repair would ultimately save me hundreds of dollars. If you don’t know how to change a tire or make other routine repairs, ask a trusted friend or family member to show you. Worn tires are more likely to cause a blowout or other safety hazard, so check your tires (including the spare) to ensure they are in good condition and properly inflated.

Building credit: The first step toward financial opportunities

When it came to credit cards, I hesitated at first. Wasn’t credit the fast track to debt? What I didn’t realize was that avoiding credit altogether would make future financial goals harder to achieve, like getting approved for auto financing or a nicer apartment.

I started using my credit card for small purchases that fit in my budget — gas, lunch, occasional treats — and always paid the balance in full each month. Using credit responsibly helped me establish a healthy credit score and build valuable habits for the future.

If you're already using credit, moving out is a great time to learn how to build a better credit score.

Asking for help: It’s a power move

I used to barrel through life without asking for help. I didn’t want anyone to think that I couldn’t handle the freedom of living on my own. So when my sink clogged, or I tried to craft my first résumé, or I needed a new car but didn’t understand the dealership experience, I convinced myself that I was on my own.

In hindsight, seeking guidance made things far easier. Friends, family and mentors were quick to share helpful advice when I reached out, and I wish I had done so sooner to avoid unnecessary mistakes.

If you’re moving out for the first time, congratulations! It's an exciting step on the road to independence and adulthood. Looking for more ways you (or maybe someone you know) can make smarter decisions and work toward financial freedom? Check out free financial education courses on KEYS^® Online.

By Brooke Howell, GM Financial

Brooke Howell is a storyteller who loves digging up ways to improve money management and help others make smart financial decisions. She has three American Staffordshire terriers, one curmudgeonly Chihuahua and doesn’t do anything by halves (except marathons).