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How To Think About Moving Out Of Home (Part 2)

In the last post, we considered why paying bills may not necessarily make you more financially responsible if you are not in the first place. Today, we consider the second reason people want to move out: space.

I would like to have some space of my own

When someone says this, they mean one of two things (or both):

  1. They need actual physical space.  Living at home sometimes means sharing living, sleeping, showering and cooking space with both parents, siblings and even workers. This often is uncomfortable, and as soon as one has some money, they want to live alone, and cherish the freedom of having a space all to themselves.
  2. Psychological space. This may not be tied to the physical space, and it means some distance from the parents, for the person to enjoy some freedoms, and even make decisions without necessarily having to check in with the parents daily.

Both of the above are valid, and affect how we make the housing decision in various ways. If what you need is your own physical space and some solitude, then you have to consider a couple of factors:

a) How much space is sufficient for you? The typical path is to first move into a studio apartment (commonly called a bedsitter) then slowly acquire more space as finances and personal circumstances change.

b) Can you sustainably afford the space you need as per (a) above? You have to decide how much of your salary you’d want to spend on rent. Yesterday in a conversation with my colleague, I gleaned that one should spend  only between 10-20% of their gross salary on rent.  Anything above 20% starts to become uneconomical, considering that you’ve already given the government  (sometimes up to) 30% in taxes.  I like his guide.

If it is psychological space you need, then in addition to the above two factors, bear in mind that psychological space is often about relationship and not distance. If your parents do not realize you are an adult who should be making independent decisions, they will still meddle even after you have moved in. They will call you on Sunday morning at 6am and if you fail to answer the call, they will come over to check on you. So consider first having that conversation with them. Moving out will not fix it.

Next post we look at an issue that’s pertinent for all town dwellers. How to effectively shorten your commute and not break the bank!

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The aim of this blog is to simplify personal finance.
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