Moving out of your parent’s house into the real world is both exciting and daunting. It can be especially difficult when you have no money or credit at the age of 18. You must first plan carefully before taking the leap into independence. In this article i will provide you guidance with steps on how to move out at 18 with no money and no credit. I remember that time when i was 18 and planning to take my first fly out of my nest.
Getting a Job:
One of the most important steps in preparing to move out of your parent’s house is obtaining a job. Whether you opt for a full-time or part-time job, having some form of income is essential when it comes to living on your own. Having a stable source of income will prove backbone for your future and up-coming decisions. Get yourself into finding a job from this minute.
Open a Bank Account:
Now, you have a source of income. It’s time of keep those bucks into a safe place. Having a bank account is key for managing your money effectively. Opening one at 18 allows you to establish both checking and savings accounts, which are important for budgeting and saving money.
Here are some recommended banks that you can check out:
Chase First Banking
Chase Bank is an excellent choice for young adults to open their first bank account, as they offer great incentives through their student accounts. Chase offers no monthly fee and no minimum balance required, while also providing access to mobile banking, online bill pay and 24-hour customer service. They also provide a secure and easy-to-use mobile app for managing your account.
Same as Chase Bank, Copper Banking is an excellent option for young adults to open their first bank account. They offer no monthly fee, no minimum balance required, and access to online banking, mobile banking and 24-hour customer service. Copper Banking also provides a secure and easy-to-use mobile app that allows users to keep track of their finances. With Copper Banking, young adults can get their finances in order quickly and easily.
Apply For Credit Card:
Getting a credit card should be your priority after opening a bank account. If you have no credit history yet, it can be difficult to get approved for a loan or mortgage. To build your credit score, one of the best options is to apply for a secured credit card. This type of credit card requires you to place a deposit in order to receive the line of credit.
Build Your Credit Score:
Building your credit score is one of the most important steps to take when it comes to moving out. Make sure you pay off all balances on time, in full and stay away from high-interest credit cards. Monitor your credit report regularly and keep a close eye on any changes.
Pro Tips for Building Credit Scores:
Pay Your Bills On Time:
Paying your bills on time is one of the most important factors in establishing and maintaining a good credit score. Make sure you pay your bills on time every month, as it shows lenders that you’re a responsible borrower.
If possible, maintain a low balance on your credit cards. This will show that you are capable of managing your debt responsibly and can help improve your credit score over time.
Monitor Your Credit Report:
Make sure you check your credit report regularly, as it can help you identify any errors or fraudulent activity. Monitor your credit score and keep a close eye on any changes. For doing so, i would recommend you to use Credit Karma. This is best credit score monitoring application available in the market.
Building a good credit score takes time and it’s important to have patience. Try to stay away from high-interest cards and focus on building your credit score responsibly. The more years you maintain a good credit score, the higher your score will become.
Create a Monthly Budget
Now, it’s time to maintain a budget. Budgeting is essential for success in anyone life. It helps you organize your income and expenses, and ensures you are on track for reaching financial goals such as saving for an apartment or car.
Prioritize your payments and make sure to pay off the most important bills first before allocating spare money to other expenses.
Get Bills In Your Name
It is important to get utility bills in your own name. This will give you more control over your finances, as well as help build your credit score if you pay them on time and in full. Make sure you also shop around for the best rates when signing up for any providers.
Saving money is an important part of moving out. Make sure you set aside a percentage from each paycheck to save up for deposits and other bills associated with living on your own. You can also consider opening a high-interest savings account to increase the amount of interest you earn on your money. If you’re determined and willing to save money in efficient way read this post where i explained in details that how to save $5000 in 3 months.
Straight Up Your Priorities
When moving out at 18, it is important for young adults to determine their priorities and make sure they are taking the necessary steps to achieve them. Knowing exactly what their goals are and having a plan of action to reach those goals can help ensure success.
Look for Affordable Housing
When it comes to finding an apartment or house, look for one that you can actually afford. Consider areas with cheaper rent prices and search online for rental listings in those areas. You can also ask friends and family if they know of any available rentals.
Get Free Stuff For Your Place
Let’s suppose at this step you have your own place. Now you will need some basic household items to make your living. When you’re just starting out, it can be difficult to furnish your apartment. Look for free furniture from friends and family or search online for places that offer free items. You can also check out thrift stores and garage sales for affordable items.
Get A Reliable Transportation
Having a reliable form of transportation is very important when you’re living on your own. Consider buying an affordable car or look for cheaper options such as public transportation, biking, or walking to save money. If you’re able to finance or buy your own car, my personal advice is buy something economy. Don’t go for Muscles or Sports cars. Try to get affordable and economy car so you will be able to get cheap price car insurances as well.
Research Other Financial Aid
If you are looking for additional financial assistance, there are organizations and government agencies that offer grants and scholarships to those who need help. You can also look into subsidized housing options or apply for a personal loan from the bank.
Create an Emergency Fund
Life can be unpredictable so it is important to have an emergency fund in case of any unexpected occurrences. Start by setting aside a small amount each month and build it up over time. This can help provide you with a financial cushion if something unexpected comes up.
Start Side Hustle
Now, you have your own place. A decent job for covering your basic expenses. You still have some spare time for fun or play games. I would suggest you instead of getting into games. Get some skills and turn them into side hustle.
A great way for teenagers to make some extra money and gain valuable experience is by taking on a side hustle. Side hustles are often flexible and allow teens to earn additional income while still focusing on school or other activities. Here are some of the most popular side hustle jobs for teenagers. You can consider some of mentioned options as your side hustle.
Freelance writing is an ideal side hustle for teenagers because it allows them to work from home or anywhere with an internet connection and have the flexibility to choose their own hours.
Moreover, freelance writing provides valuable experience in content creation and communication skills that can be beneficial for future job prospects. Additionally, the teenager can gain exposure to different industries and gain knowledge that can be useful in future career endeavors. With the right attitude, dedication, and skills, you can make decent amount of money.
Make own blog
Or create a blog like me and help other with your experience and knowledge. Creating a blog can be a great way to make money as a side hustle for teenagers. Blogging provides an opportunity to share ideas, build and strengthen relationships, and even earn money from advertisements or sponsored posts. With the right attitude and dedication, blogging can become a source of income that offers steady and reliable income.
Food Delivery Jobs
Food delivery jobs are an excellent side hustle for teens looking to make some extra money. With the rise of food delivery services such as Uber Eats and DoorDash, there are now many opportunities to work part-time or full-time delivering food in your local area.
Most food delivery jobs allow you to work flexible hours and are perfect for teenagers with busy schedules. Plus, you can get tips from customers which is an added bonus.
Another great side hustle for teens is tutoring. If you have a passion for a particular subject or specialty, consider offering your services as a tutor to help other students understand the material. You can find tutoring jobs online or in your local area.
In addition to earning money, tutoring is an excellent way to further develop your understanding of a subject and gain valuable teaching skills that you can use in the future.
Before you take any step checkout this video by Maya Graves. Listen about her personal experience. How did she moved out and how you can do same as well?
Things to Aviod When you’re Moving Out
Never Move In With Strangers
When you’re just starting out, it can be tempting to take the first room offered. But make sure to do your research and thoroughly vet any potential roommates before agreeing to move in with them. Ask them questions about their lifestyle and their own financial situation so that you are comfortable living with them.
Don’t keep your moving plan secret from your family
When you’re preparing to move out, it can be tempting to keep your plans a secret from your family. However, it is important that you communicate openly and honestly with them throughout the process. They may even offer their support or advice in helping you achieve your goals, so don’t be afraid to ask for help if you need it.
Just take your own stuff with you
When you move out, make sure to take only the items that belong to you. It is important to respect your family’s property and not try to take anything that doesn’t belong to you.
Don’t over use your credit card
It can be tempting to rely on credit cards when you don’t have a lot of money. But it is important that you only use your credit card for necessary purchases and pay off the balance in full each month. This will help keep your credit score in good standing and prevent you from accumulating too much debt.
I know, moving out at 18 can be a full of stress and overwhelming task, but it doesn’t have to be impossible. With the right plan and mindset, you can achieve success in making your move with little money. Just remember the steps above and never forget that hard work will always pay off in the end! Good luck!