Whether you've been staying with your parents or living the student life, moving out on your own can be a very exciting and daunting experience. With new found independence though, comes emotional and financial challenges. Help ensure your move out is a success with the following tried and tested tips.

Relationships and Loneliness

Living alone for the first time can be difficult, especially if it coincides with other major life changes. You may have left your friends behind for a job in a new city, or it may be you who has stayed close to home while they have dispersed. It's natural to feel anxiety or loneliness when moving out for the first time. Forge new relationships and maintain existing ones by:

Keeping in touch. With the availability of electronic communication, it is easier than ever to keep in touch with people. Take a moment out of each day to send out an e-mail, a text or a quick call to stay in the loop with friends and family.

Taking initiative. If you have friends living close by, organize a night out once a month or a dinner party. Reduce costs and planning stress by making your dinner party a potluck. Planning social nights around your favourite TV show, movie or hosting a board game night can also be a fun and inexpensive way to ensure regular 'hang out' time with friends.

Join in. Whether it's a gym membership, a running club or a cooking class, there is something for everyone when it comes to finding the perfect hobby. Many clubs and classes are free, or relatively inexpensive, so find something that matches your interests and your budget.

Volunteer. From pitching in at a local food bank to sitting on the organizing committee of a charity fundraiser, volunteering is a great way to build your resume and meet new people. If you have an organization in mind, contact them and offer to lend a hand.

Talk it out. If you are experiencing pangs of loneliness, talk to somebody you trust about how you are feeling. Along with excitement and a new sense of freedom, stress, anxiety, guilt and pressure are also natural reactions to such a big change. By sharing these emotions with a close friend or family member, you'll tap into another perspective on the situation, and may discover you're not the only one to feel this way.

Get support.Times of major transition are not only stressful, but can also leave you feeling alone or depressed. If these feelings are interfering with your ability to enjoy or handle daily tasks, reach out. Your Employee Assistance Program or another professional can provide you with the tools, insight and support you need to work through the challenges of change.

Learning the Financial Ropes

In the past, you may have relied on your parents to foot many of your expenses (i.e. rent, utilities, groceries, etc.). As a result, you might be a little overwhelmed when that first stack of bills arrives. This is a good opportunity to set a fiscally responsible precedent and pave a bright financial future. Start today and:

Start small. Of course you want your new apartment to look fabulous, but spending a month's rent on a couch may not be in your budget just yet. Get a cheap slipcover or a pretty throw to hide your hand-me-down. Paint is an inexpensive way to spruce up a space. Flea markets and garage sales can also provide you with some interesting pieces without blowing the bank.

Pay your bills on time. Letting bills fall to the wayside can put you on the fast track to a bad credit rating. If you're worried about due dates slipping your mind, arrange to have bills paid by direct deposit from your bank account on payday.

Use cash. Impulse spending is a lot easier to justify if no money actually changes hands. In the blink of an eye, a small credit card balance can grow into a large debt. Think paying the minimum will get you anywhere? With astronomical interest rates on many cards (especially department store cards), and the miniscule money required, you could be paying off that credit debt for the next 20 years. Pay in cash whenever possible and if using credit, avoid interest charges by paying off the balance every month.

Cut down on habits that add up. Have a penchant for five dollar cappuccinos? While you may enjoy your daily hot beverage indulgence, your habit could make you poor. Invest in a coffee maker and a travel mug instead and put that 25 dollars a week to work elsewhere, like at the grocery store or towards rent. If take-out coffee isn't your vice, discover what is-e.g. books, movies, clothing-and look for ways to cut back on spending.

Learn to cook. Watch the food network, buy a rookie cook book or even go online for recipes and tips. Make the most of your grocery budget and:

• Plan your meals for the week. Do your grocery shopping for the entire week in one trip. Making a list will help you avoid ordering fast-food (because you don't have the ingredients for the recipe), and can also stop you from throwing impulse foods into your cart.
• Snack well. Stock up on healthy snacks at home and at the office so you aren't tempted to raid the candy machine or make a pit stop at the pizza joint.
• Pack your lunch. Be strategic about when you choose to go out for lunch. If your boss or your mentor invites you, then go for it. But routinely going out to eat will shrink your savings and expand your waistline.

Raise your savings, not your spending. When you get a raise, pretend you didn't. Don't be quick to trade in your car for a new one, or move to a bigger apartment. Instead of allotting out your added income, bank it.

Moving out on your own is an important and often challenging step in your personal development. Learning how to live on your own, manage your finances and your own space are valuable life skills that take time and effort to develop. By being aware of the potential hurdles and taking a proactive approach, you'll ensure your move out is a move towards a successful, independent and bright future.