Moving out of your parents’ home the first time

Unemployment is high in Nigeria. According to the latest report from the National Bureau of Statistics (NBS) it is over 12 percent. Majority of those unemployed and underemployed are the youths between ages 15 and 34. The rate of unemployment has therefore affected the amount of cash for spend in the hands of young people. It is not easier on the parents – 2015 household consumption expenditure was volatile, but fell overall in real terms between 2014 and 2015 by 0.33 percent.

Thus, it is not surprising that many young people are not very eager to move out of their parents’ home. Living together may actually be good for personal income management but in terms of the argument on independence, it is not.

Some personal finance experts do believe that moving out is a vital step towards personal maturity. Taking responsibility for yourself and your environment becomes non-negotiable when you are living by yourself. 

It may be your decision, it can also be a suggestion from some friends or your parents deciding that it is time you fend for yourself and they are willing to let you go. No matter what the reason for taking the bold step, you will feel the rush and anxiety of leaving a sheltered life comes with. But you should be prepared and be sure you are doing so for the right reasons too. A rash decision could see you moving back in within two or three months.

To start with, prepare a budget prior to moving out. This includes whether the initial rent is being sponsored by your parents or is a free apartment owned by a benevolent relative or you are sharing an apartment with a friend. Expenses to consider include utility services, food, groceries, transportation, furniture, and home entertainment. The numbers you get might be tentative because of inflation over time. But a rough number will give you a better sense of what you can afford on your own. Be practical and modest in your needs. Do not move out when you do not have an established source of income.

Calculate your monthly income and plan your monthly budget around it. The budget should be in such a way that you are able to pay bills and rent on time. Allowing them to accumulate gives you bad credit rating and affects your personal finance. If you are not careful, debt can hinder your financial growth for months to come.

The next thing to deal with is to find the apartment. Before you do this, first answer the questions “can I live on my own?” and “Do I need to share an apartment with someone?” The answers may depend on what you can actually afford. If the answer to the first question is a “Yes” but your budget cannot match the rents in the location where you are, sharing an apartment may just be a better option. Taking a house loan when you are testing the waters is a riskier venture.

Becoming a responsible adult means more work and importantly new habits. One of them is doing chores. You probably were not doing this in your parents’ house because you had siblings and others splitting the responsibilities. Now you have independence, you have to do it alone. Groceries for instance do not just appear inside the refrigerator just as toilets need to get cleaned on a regular basis. On top of the chores should be cleaning, cooking, laundry and taking out the trash. If you are used to having meals cooked for you while you were with your parents, do not start skipping meals of depending on take-away packs.

Avoid carrying all your spare keys in one bunch. Hide a spare somewhere you can easily find it should you have need for it.

Give your parents a call once in a while. Keep in touch with them. You can celebrate your progress with your friends once in a while. If you need help ask for it. There is nothing to be ashamed of everyone had a first time.

Be ready for the change particularly after you have moved in. Your room will definitely not resemble what you have in your parents’ home. The walls may be bare, the mattress on the floor, while the TV – if you have one already, could be hanging on table dresser, the kitchen has a little burner, three plates, one pot, a kettle and so on. Always remember that this is just your first place and with time things will put in order.

FRANK ELEANYA