I'm 22 and want to move out of my parents' house, but I can't afford rent because my car payments are too high — what can I do to lower my auto and living costs?

Tackling high car payments

A number of things may be contributing to high transportation costs at that age. Let's focus on your auto loan and car insurance.

Insurance premiums tend to be higher for less-experienced drivers, as they're deemed more likely to get into accidents. Companies can also assess risk based on a car's make, model and safety features. A high-end car that's expensive to repair or a car with a high theft rate result in higher premiums.

If you want to try cutting down on your insurance bill, you can start by collecting quotes from multiple companies and select the best deal. Don't be afraid to negotiate, either, especially if you have a good driving record thus far. Ask if there are any further options for lowering your monthly payments.

As for your car loan, even as borrowing rates remain elevated, you may be able to refinance for a better deal if your credit score has improved since you bought the vehicle. What kind of car do you have? If it's new or expensive, you may want to consider swapping it with a cheaper option.

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Rent options

If you're in a situation where you can take your time to find a new place to live, sometimes it can pay to be patient and wait for the right rental opportunity to come along.

But if you're still unable to find something in your price range, you might need to adjust your expectations. That could mean living in a different neighborhood than you wanted or a much smaller space with fewer amenities close by.

Still can't find what you want? It might be time to put those dreams of living by yourself on hold. Co-habitating with roommates may not be ideal for everyone, but it's a great way to cut down on living expenses. Not only does the rent get split, but you may be able to save on general household items.

Take control of your finances

If you feel like you're drowning and can't keep up with your bills, there are further steps you can take to improve your situation.

First, get yourself on a budget so you can track every dollar spent. Next, review your spending and identify ways to cut back. Chances are, there are some discretionary expenses you can reduce, whether it's dining out or paying for subscription or streaming services. And along those lines, do a spending audit to make sure you aren't paying for services you don't use.

If you want to boost your monthly income, you may also want to look at getting a side hustle. This can allow you to afford and save more for yourself.

And if you can afford it, it's a good idea to start an emergency fund. This may take time if you're in a position where you can barely cover rent and car payments. But the point of an emergency fund is to provide a cushion in case of an unplanned expense so you don't fall deep into debt.