Hey all, I’m looking to move out of my parent’s soon and made a mock up budget including my current savings. Does this look reasonable or is there anything I am missing? I am nervous about financial stability and hate surprises so I’m trying my best to be prepared. I’ve been teaching myself to be more financially literate over the past few months. So any and all advice/experiences are appreciated! Also, I’m covered under my parent’s health insurance right now but will get full coverage through work once I drop off theirs in a few years.
Your budget looks pretty good! You’ve got a good handle on your expenses and savings. One thing to maybe look at is the ‘Fun Money’ and ‘Splurge Fund.’ If you want to save more, you could cut back a little there, but if you’re comfortable with your savings, it’s fine to keep it as is. Overall, it looks like you’re on the right path.
@Paris
I’ll definitely look into splitting up my fun money and splurge fund into some better savings categories. I would eventually like to purchase a house but I know it won’t be anytime in the near future with my income level. I suppose putting aside at least something is better than nothing, thank you!
Is Spotify really the ONLY subscription you have? No Netflix, Hulu, etc.? $30 month for work clothes isn’t going to go very far, but you could also pull from your fun money. Depending on where you live, you’ll probably end up spending most of that remaining money on rent, which doesn’t leave you with a ton of wiggle room for medical bills, car repairs, etc. You have a good emergency fund now, but will you be able to continue contributing to it?
@Tobin
Ah, good point. I don’t have any other subscriptions yet, but that’s definitely something I should look into. I’ll also keep an eye on the work clothes budget, maybe I can squeeze by with less! And yeah, rent’s gonna take most of that remaining money, but I’m hoping the buffer I have built will help with the medical and car stuff.
Your budget looks really well thought out, and it’s clear you’ve put a lot of effort into planning for every detail, which is awesome. I’m also in my early 20s and recently moved out, so I totally get the mix of excitement and nerves around financial stability. From what you’ve shared, it seems like you’re in a solid position to make this work. The fact that you’ve accounted for fixed costs, utilities, and even unexpected expenses like co-pays shows that you’ve built a realistic and flexible plan. Your sinking funds are impressive, too—having that emergency fund and car savings is such a big safety net.
For me, tracking my spending and adjusting for surprises is where Habit Money has been a game-changer. It sends daily reminders to check my spending, which keeps me on track with my budget categories without feeling overwhelming. I also love the weekly reports that break down my spending habits, especially when I’m tempted to dip into my fun money or splurge fund more than I should. It’s been great for staying accountable to myself, especially during the first few months when unexpected expenses popped up, like extra utility costs during colder months or random household items I didn’t realize I needed.
I also noticed you’ve built in a buffer with your paychecks and holiday bonus, which is such a smart way to handle variability and avoid stressing over small things. When I moved out, I underestimated how often small purchases for the apartment—like organizational items or restocking pantry basics—could add up, but having a little flexibility made a big difference. Based on your setup and the effort you’ve put into it, I think you’re in a really strong spot to handle the move!
@Val
Wow, that’s such a helpful perspective! I love the idea of using Habit Money to track spending. I’ll check it out. I also definitely underestimated those random household costs, so having that buffer is going to be key. Thanks for all the advice, I feel a lot more confident about the move now!