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Moving out of home for the first time is a huge milestone in life. Finding a sense of freedom and independence is an exciting time however like any milestone, it is one you should prepare and plan for financially.
Costs to consider when moving out
The one-off expenses that are top of mind are not the only ones that you will incur when you move out of the home. Those who start living away from home for the first time may also find a flurry of other unanticipated expenses, especially during the first few months of moving out. These costs include expenses such as stocking up the kitchen and pantry with cookware and ingredients, subscriptions to Netflix, and miscellaneous annual bills.
If you would like to discuss your options and how you might manage it from a financial perspective, please get in touch.
Personal care (toilet paper, makeup, personal hygiene etc)
Social outings
Alcohol
Tips to reduce household expenses:
Moving into a furnished house or an existing share house where all you need are items for your bedroom is a great way to cut down some of those upfront costs. A sharehouse also means you can split utility bills and household expenses like garbage bins and cling wrap!
Find secondhand furniture on Facebook Marketplace or Gumtree. You can usually find quality items for a fraction of the price.
Look at cheaper surrounding suburbs.
Plan your meals in advance to save on grocery and takeout expenses.
How to Prepare for Expenses Before Moving Out of Home
Moving out of home brings a lot of responsibility, in addition to the independence and excitement attached to it. If you’re planning on moving out for the first time it’s important to plan ahead.
Research
The first step before moving out of home is to research around what your journey will involve and look like. It’s best to consider every aspect of your life and any expenses or events that could potentially pop up in the future so you can be prepared for it. Planning includes finding out the most affordable utility provider, internet provider, and other service providers to get the best deal for you. Additionally, an exploration of what all furniture and appliances come with the house, what needs to be bought straight away and what can wait. It’s also important to investigate what the average rental prices are in your area to give you an idea of how much you can expect to pay.
Another important aspect to consider is growing your financial knowledge. Podcasts like My Millennial Money and She’s on the Money are great places to grow your financial literacy allowing you to have more confidence around your finances into the future.
Budgeting
After you have done your research around the expenses, it becomes easier to budget. You would have a ballpark idea about how much money you will need as a one-off expense and how much will be required on a monthly basis. Put together how much you earn and how much all your expenses add up to, to this, it’s best using a budget planner to ensure you don’t skip over anything.
Even after budgeting, you need to plan ahead, there are numerous unexpected expenses that one needs to be prepared for. This is where an emergency fund comes in useful. The money can be used in unforeseen circumstances like your car breaking down or losing a phone. You might need to reconsider moving out if you do not have sufficient savings for rainy days or your budget is too tight.
Share the expenses and set ground rules
Another important consideration before moving out of home is whether you will be living alone or with a flatmate or partner. If you plan to move out with a partner or flatmates, the move will turn out less expensive as the expenses will get shared. It is necessary to lay down the ground rules beforehand to avoid any conflicts later. You should discuss how to split the bills, grocery payments, and rent payments. It’s also important to discuss what would happen if one person decides to move out later and how you would manage the bond. If you are moving out of the home with a partner, discuss your short-term and long-term goals openly between you. This will ensure that you have a financially healthy relationship and can avoid unnecessary conflict.
Moving out of home is your first taste of responsibilities, along with being the first taste of independence. To ensure you can manage this change, it’s important to do the groundwork first and create a steady budget you know you can stick to and ensure you have a nice emergency fund behind you.
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
