Home Much Money Will You Need to Save to Move Out?
You’ve finished college and you’ve got a job. Life is good, except you’re still living with your parents. You had a taste of freedom at college and you want it back. It’s time to move out. However, before you start looking for your first apartment, make sure you’re aware of the costs involved. It’s not just your rent that you’ll need to save for.
Working Out Budget
If you want to move out get an idea of the rents in your area or in the area in which you want to live. A quick search for two bedroom apartments for rent will give you an idea. Jot down your monthly take-home pay. As a general rule of thumb, divide this by three to work out what you can comfortably afford. Looking for rents in excess of this will be a stretch.
To move out for the first time is a big step and you will need to save to afford the moving and rental costs. This article offers some good tips on how to save to move out.
What You Will Need to Pay to Move Out
- Security Payment – In addition to your rent you will need to pay a security payment or deposit. This is likely to be the same amount as one month’s rent. Also, there is likely to be a cost for a credit check.
These costs are payable before you move out and into your new abode. Assuming there is no damage you will receive the security payment back at the end of the tenancy.
- Moving Costs – Unless you have a friend with a van you will need to cover moving costs. Check to see whether packing materials are including in this cost. If not, you will need to purchase boxes and packing material also.
- Insurance – Factor in a monthly cost for renter’s insurance. This will protect your property in case of damage or theft.
- Utility Bills – As soon as your contract starts you will be liable for the utility bills. Shop around to find the best deals. This will include heat, light and internet etc. Decide whether you will get a landline or whether you’ll stick to your cell phone.
- Furniture – As this is your first apartment you will need to think about furniture. This is likely to include a sofa and chairs, somewhere to eat, a bed, a wardrobe and storage. Factor in extra for things like shelves, lamps and a coffee table. Don’t forget curtains.
Your parents may be able to help you and there may be items you can take with you. If budget is an issue, then try your local thrift stores. Start with the basics and build up gradually.
- Kitchenware – Don’t forget kitchen accessories. You will need a kettle and pots and pans. You will also need to purchase crockery and cutlery.
- Decorating – When you move in you will want to add your own touches and make the place your own. Factor in a cost for any decorating expenses or home accessories such as cushions, pictures and ornaments etc. Read these decorating tips for your first apartment.
When you move out of your parents house and into your first apartment it can be expensive. Plan carefully and put some money aside for unexpected costs that may arise. It’s also an exciting time and a right of passage. Good luck!
