Tenants: Can I Afford to Move Out? [Flowchart]

If you’re a tenant—or even a landlord!—who is considering making a big move, it can be helpful to ask yourself, “Can I afford to move out?”

While it may seem like an obvious question, it’s important to consider all the factors and costs that can accrue while making a big move. While you may find that searching through Pinterest, collecting inspiration about how you’d like to decorate your new space is more fun, it’s important to create a realistic budget for your move.

Will you need to buy furniture? Have you followed a budget easily for a while? Do you have a consistent income? If you’re researching new areas to move to, consider what the cost of living is in that area. How will it affect your commute? If you live with roommates, alone, or with your family, consider how much space will you need in terms of bedrooms or bathrooms.

If you’re currently living in a rental, don’t forget to factor any costs that you may come out of your security deposit when your landlord does the move out inspection.

Regardless of the situation, there are some serious questions you may want to ask before planning a move. If you’ve been wanting to move out for a while, you may have already accumulated a decent savings account.

To get a better sense of where you’re at working up towards this next stage of your life, follow Mint’s flowchart. 

Can I afford to move out? [Flowchart]

Now, if you passed the test and are ready to take things to the next level. Print out the moving checklist to ensure you and your budget are on the right track to success. 

Lastly, cheers to you, your new apartment, or your savings account that’s helping you work towards this big move!