There comes several times in our lives where we have to make a big decision and look towards taking that next life-changing step. Moving out can be one of the biggest for many of us. Are you seeing the signs that are telling you it’s time to move out? But you may be asking yourself when is the best time to move out. Living at home can seem a luxury for most of us, and we take for granted the creature comforts as well as the free rent too.
One of the biggest factors to consider before moving out is the cost, and your savings become an important aspect, if you want to carry out this step. Many of you might be asking how much you need to save and how. Here are some tips on saving money for moving out.
Know The Full Costs Of Living On Your Own
If you want to move out, you need to be determined to save, and aim to be comfortable when you finally do take that all-important step. If this is the first time being on your own, it can seem daunting, but if you are prepared, it will be a great experience.
It’s advisable to know the full costs of living on your own. Your rent or mortgage is the main cost, but there are several other factors to be considered which will go into your budget, this includes:
- Utilities
- Food supplies
- Transportation
- Insurance
To get a better idea, seek advice from a sibling or friend who lives on their own, this provides you with realistic information, determining whether you can afford to live on your own at this time.
Create A Personal Budget
By getting serious about your finances, it’s a sure sign that you’re ready to spread your wings and take on your own place. Making a budget isn’t the most exciting task, but it’s simple and important. This is easily done by recording your monthly income and expenditures – doing this for a number of months will create a more accurate picture of your monthly budget.
This must be done thoroughly, as the more accurate the calculations, the better equipped you’ll be in determining a budget.
Practice While Still At Home
While many of us still living at home may find it hard to pass up letting our parents foot the bill for the major living expenses, you may want to consider getting into the habit of planning for and paying for such necessities. Here are ways for you to practice whilst at home:
- Pay rent – this is one way to demonstrate you’re taking on responsibility. The process of paying rent on time in full is a good habit to form before living on your own.
- Pay for your share of utilities – this is an alternative to paying rent. An example could be paying a month’s utility bill to establish good bill-paying habits.
Preparation Is Key
Preparation is a huge factor when living on your own. There are many different aspects in being prepared including:
- Establishing your savings goal
- Property hunting to see what’s on offer
- Buying the essentials, such as utilities and food, so you’re not leaving yourself without when you move in.
Being prepared shows you’re ready for the next step of moving out and living on your own, and it allows you the excitement of knowing what you have achieved.
Here at Belvoir Birmingham, we can help if you’re looking for your first property, so please don’t hesitate to contact us and we’ll be happy to help you.
