In January 2022, Emma Wu* moved out of her parents' home and into a rental apartment on her own, but several months later, she regretted it.
"After paying $5,600 for the security deposit, which was equivalent to two months' rent, I was left with about $15,000 in my savings account," says the 32-year-old marketing manager.
"With a monthly income of $4,500, I thought I would have enough to continue paying my rent over the two-year lease and still have money left over to save or invest, but six months after moving out of home, my savings were hit unexpectedly - I had to contribute a few thousand dollars towards a family emergency, replace my desktop computer and refrigerator, fork out money to attend an overseas wedding, and pay for a medical procedure."
Emma soon found herself struggling to afford her rent and other living expenses. Now, after 18 months of living alone, she has no intention of renewing her lease later this year, and will instead move back in with her parents so that she can grow her nest egg again.
"Besides those and other additional unexpected expenses, which ate into my savings, I had to furnish the entire apartment - a cost I hadn't given much thought to before signing the lease - and furniture and appliances aren't cheap," she explains.
Moving out - whether to live alone, with friends or with your partner - is an important milestone, and one that many young people look forward to.
If you're planning on leaving the family nest soon, how do you know if you can afford it? Are you financially ready to purchase or rent a property, and handle the ongoing expenses associated with moving out?
What to consider before signing on the dotted line
Denne historien er fra August 2023-utgaven av Her World Singapore.
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Denne historien er fra August 2023-utgaven av Her World Singapore.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
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