6 ways to save money before you move out of your parent's home

Moving out doesn't start with packing boxes. It starts with saving money.

Remember how saving money felt easy as kids — dropping coins into our piggy banks without much thought?

Turns out it isn't as easy now that we're all grown up. And saving money to move out of your parents' home means saving like you've never saved before.

Don't worry! It isn't as scary as it sounds. There are effective ways to do it well.

Whether you're a student or working part-time or full-time, practical strategies can make saving money to move out of your parents' home manageable and achievable.

When all your money sits in one place, it's easy to spend savings without meaning to.

What to do:

• Open a separate savings account or digital wallet if you can.

• If that's not possible, use a separate envelope or jar at home to save or create a distinct savings space in your existing banking app.

• Label it clearly as "move-out fund".

• Use this money only to move out, not for everyday expenses.

If you receive $500, whether it's income or pocket money, you may move $100 into your move-out fund right away. The remaining $400 stays for daily spending.

You don't need an exact figure to get started. A rough estimate is enough.

What to do:

• Observe and note common expenses your parents handle, like groceries, electricity, internet, transport, etc.

• Use this to form a rough idea of what living costs might look like.

• Based on your income or pocket money, set a realistic monthly savings target you can stick to comfortably.

You might estimate that living independently can cost around $800 a month, and you currently receive $500 as income or pocket money. You might set a savings goal of $80–$100 a month

Take a good look at your spending habits to know where your money quietly slips away.

What to do:

• Track your spending for 2 weeks using your phone's notes app, a spreadsheet, or a notebook.

• Write down every penny you spend and what it is for.

• Spot expenses you can easily cut down on — dining out, unused subscriptions, and impulse buys.

• Choose 1 or 2 of these to reduce or pause and add that money into your Move-Out fund.

After tracking your spending for 2 weeks, you notice you spend about $50 on food delivery. You decide to cut it down and redirect it to your move-out savings.

Quiz: What Should Richard Do?

Richard received his pocket money and salary from his part-time job. He is saving to move out of his parents' home. He knows this month will have higher expenses than usual.

How can Richard best support his move-out savings goal?

A. Keep all the money he has received in one account, track spending carefully, and transfer savings at the end of the month.

B. Split the money evenly between saving and spending, and adjust the amounts later if needed.

C. Wait until the month progresses and decide how much he can save based on all his expenses.

D. Move a fixed amount into his Move-Out Fund when the money comes in, then manage expenses with what remains.

Even a little extra money flowing in boosts your savings.

What to do:

• Consider the time you can spare each week. 

• Choose income options that best fit your interests and schedule, like part-time work, freelancing, delivery gigs, or online tasks.

Check out this article for some ideas: 21 Side Hustle Ideas and How to Get Started

You're free on the weekends and take up shifts with an event management company to help organize art exhibitions. This adds an extra $200 to your income and move-out fund every month.

Selling things you no longer use is a good way to add money to your savings without taking on extra work.

What to do:

• Make a list of items you haven't used in over a year, such as clothes, electronics, books, or furniture.

• Search for and choose selling platforms that fit the items — online marketplaces or local groups.

• Check selling prices for similar articles and list yours realistically.

You haven't used the couch in your room for months. You list it on Facebook Marketplace and add the money you earn to your move-out fund.

A windfall is money that you receive unplanned, unexpectedly, or by luck, such as work bonuses, cash gifts, refunds, or rewards.

What to do:

• Move the full amount, or a major portion of it, into your separate savings account or savings jar.

• Don't let windfall money sit in your spending account — it's tempting to spend it.

Your uncle gives you a cash gift of $400 for your last 2 birthdays. You add this money to your move-out fund, instead of buying a pair of headphones you love.

Quiz: Help Lizzy!

Lizzy is planning to move out of her parents' home and is looking for practical ways to boost her move-out savings. What can Lizzy do to increase her savings? Select all actions that apply:

A. Sell the old mystery novels she used to read in her early teens.

B. Cut back on the $100 she spends on coffee and snacks each month.

C. Take up an unpaid internship with her favorite magazine.

D. Work part-time at the nearest convenience store on the weekends.

These small steps can go a long way in helping you save money to move out of your parents' home.