It’s the moment you’ve been waiting for.
Or dreading.
Your beloved child is finally moving out of the family home.
There’s probably a myriad of (likely conflicting) feelings you’re experiencing right now as a parent – worry, pride, stress, and sadness, just to name a few.
You might even be freaking out a little bit.
But if it’s any consolation, your teen’s probably feeling it too.
While moving out of home can be exciting, it can also be pretty overwhelming (or downright scary).
Luckly, Reach Out and moneysmart.gov have some great tips on how to help your Gen Z child prepare for the move and handle the transition.
First off, Reach Out recommends sitting down with your child (or, should we say, young adult 🥲) to help them figure out whether this is really the right move (pun intended).
Leading questions might look like:
- Do you really want to go?
- Where and how do you want to live? Do you want to live alone, with friends, or in a sharehouse?
- Do you have enough money to support yourself?
Whether your child’s considering moving out to study, for work or to feel more independent, leaving home needs to both feel like the right decision.
And be safe.
Once your child’s sure that moving out is the right decision, moneysmart.gov recommends getting into the nitty gritty of moving out from a financial perspective – before making any solid plans.
Because as moneysmart.gov points out in this great financial guide to moving out of home, moving out is more than just paying rent.
There are other bills to consider, connection costs, and the one-off moving cost to consider and plan for.
For example:
(Source: Moving out of Home)
Creating a budget with these in mind is a valuable opportunity for your child in learning how to balance their income and expenditures to figure out how much they can set aside to save and calculate disposable income.
Then there’s the next important question – to sign, or not to sign?
Moneysmart.gov explains: “If you sign a lease contract, you’re in a formal living arrangement. You need to add your name to utility services connected to the property like electricity, gas, water and the internet.”
However, it’s also possible to rent a room (or part of a house) from a tenant who has signed a lease.
If that’s the case, “get written agreement from the other tenants about how much rent you’ll pay and how household costs will be divided,” says moneysmart.gov.
“If you don’t, and something goes wrong, you may not be able to get your money back. Before you sign anything, make sure you understand your responsibilities.”
Your child can find out more about rental bonds and leases here.
But what about when it comes to actually moving out?
Moneysmart.gov has a pretty nifty checklist your child can use to make sure they’ve covered the basics.
(Source: Moving out of Home)
