The most important aspect of moving and living on your own is financial stability. You need to have your finances in order before you find a place to live. This means that you need to have money and savings, and you need to establish credit. Moving requires a considerable amount of money. You will need to do some research and save for all the expenses of moving, which include: Rental deposit: This is often the first and last month’s rent, although some property companies and landlords set a fixed deposit. You could be looking at $1,000 to $5,000 or more in some cases. You may have to pay an additional pet deposit if you have a cat or dog. Down payment: This replaces the rental deposit if you are purchasing a home — expect this to be thousands of dollars. Read about how much you should put down on a house for more information. Utilities deposits: You may have to put down deposits for the utilities that are not covered in your rent. These deposits are often $100 or more. Some companies allow you to spread your deposit over several months, so it never hurts to ask. Typical utilities include electricity, water, gas, internet and cable. Calculating the monthly expenses of your new home before you move out of your parents’ home helps you fine-tune your budget. If you are looking at apartments, ask the property manager about the average utility cost in a unit. This gives you a better idea of what you will be paying each month. When you move, you will also want to have an emergency fund in place. A good rule of thumb is to have enough for at least three months of all your living expenses, including rent, utilities and food. This will give you some cushion if you lose your job, change jobs or have a lapse in income for any reason.