Independence

• Evaluate the benefits and disadvantages of living on your own versus living at your parents' home. Lists provide useful insight about motivating factors as well as reality when the list translates to a budget. Understand the financial and emotional support of living with family, as well as the excitement of venturing out on your own. Discuss your ideas and feelings with friends in similar situations, older siblings or cousins and your parents. You might be able to come up with a transition plan to better prepare for moving away.
  
  

Income and Living Expenses

• Budget and living expenses dictate the quality of life for newly independent adults. Take the time to document your annual income and expenses, along with your saving and spending habits to develop a comprehensive list. This list should include annual salary, credit card expenses, recreation, supplies, food, utilities, insurance, health care, clothing and grooming expenses. You might be surprised to find out how quickly your money is used on everyday expenses that don't include housing.
  
  

Credit Score

• When you apply for a credit card or apply for a lease or loan, your credit score will be pulled for your creditworthiness. To prepare for housing applications, request your free annual credit report from annualcreditreport.com, the only authorized source approved by the Federal Trade Commission. Review this report to check for errors regarding credit cards and accounts that you can address early, and seek ways to improve your credit rating if needed.
  
  

New Expenses

• Ask your parents and observe what other expenses they cover that you might take for granted. For example, monthly utilities for living in a home might include water, garbage and heating oil, along with the mortgage, cable, electricity and telephone bills. Don't forget the time and cost for laundry, often an overlooked expenses when the parents' house includes has a washer and dryer. Compile a comprehensive list of all expenses related to housing to prepare a realistic budget. If your parents own a home with a garage and/or street parking, consider whether you can afford monthly parking costs or if you need to use local transportation for commuting. If you have a pet, especially a dog, consider the responsibilities associated with taking care of the pet, neighbors and apartment pet policies.
  
  

Location

• Research desirable areas that are convenient to your job and social network to determine a realistic cost for housing. Add moving expenses and commuting costs to your list so you can create a short-term moving plan and household budget. Periodically check classified ads in this area to keep up-to-date with the housing market until you are ready to make the move.