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Moving out is expensive no matter what. This article is here to prove that to you. But before you start getting freaked out, there are ways of getting the overall cost down, and there are ways of making sure you’re prepared. It isn’t just financially that you’re going to pay the price when it comes to moving out, there are a few other areas in which you’ll realize your life is going to change. Above all, moving out has got to happen at some point. You can’t just live with your parents forever. There’s more out there to life, and there’s more freedom to be had. It’s nice living with your parents for as long as possible, who can complain about free dinners and their washing being done?! But eventually the call of independence will come for you, and you’ll know it’s time to move out.
So, if you know it’s close, or if you know you’re moving out anytime soon, we’ve put together a few tips to help.
(Related post: 4 Ways Your House Is Causing Your Back Pain)
If you’re buying a house then things are going to differ slightly. A lot of people try their hand at renting first, but it is a little harder to get onto the property ladder properly once you’ve rented. You’re already going to be paying bills and trying to afford life so it would be harder to pay the deposit. But whichever way around you’re doing it, whether it be renting or buying first, you’re always going to end up buying your first property. How much you want to spend is up to you, but this is the first thing you’re going to need to think of.
Depending on what the size of the property is, the prices are going to go up. You need to try and think of what you’d like in the future. If you’ve got plans for starting a family then a spare room or two is going to be essential. You might as well save for the property you know you’ll be in for years to come rather than one. So the first thing you need to think of is the mortgage you’re going to be paying. You’re going to need to have an initial deposit which is the thing a lot of people struggle to pay for years. But you need to know you’re going to be able to afford the mortgage in the future.
Use a housing loan calculator to see what your estimated monthly payment would be before you even start going to view the house. As nice as it may be, you don’t want to be out of pocket once you’ve moved out. There are so many other fees you’re going to have to pay as well such as the solicitors fees. This will be one of the biggest payments out of all of them. There are other little ones along the way as well. You’re going to have to save around 20,000 if you want to sit comfortably when you move out. This will cover the deposit on your house and hopefully get you a slightly lower mortgage rate. It’ll cover all the other little fees and give you some money to buy appliances and furniture etc. Depending on how much you’re going to need for the deposit, you might need a little more.
Renting is a bit easier and is the choice a lot of people go for. My husband and I are currently renting! It is quick access to your freedom. All you need to do is save a little bit for an advance on the rent and get yourself some furniture. A lot of people choose this way not only for the speed but also to see how a relationship is going to work out. It is sort of like testing the waters to see how living together would go. So unlike with the mortgage, you’re probably only going to have to save a couple of thousand to get your furniture and appliances etc.
There aren’t as many hidden costs to renting, the only downside to it is that you are tied to a contract for a certain amount of time. If you go a few months and realize that moving out is too expensive or it just wasn’t the right time, you might struggle to get out of the contract. As well as the bills you’ll be paying, there will come a time where you will start saving for a mortgage as well which is going to make things slightly more complicated. As long as you’re prepared for it it should hopefully be nothing too stressful. The only other thing to add to renting is that some properties will come with different requirements. So some won’t allow any people on benefits, smokers, or even pets. The last being the hardest part for some people.
Saving is a pain no matter what you’re saving for. When it comes to moving out, it becomes a little bit harder. You’re so desperate for that taste of freedom, but along with all the other things you have to pay such as home and car insurance it can take you a lot longer than you might think. All you have to do is be strict with yourself for a while.
Stop going out, or buying little things you don’t need. If you’re moving in with a partner it really shouldn’t take too long, and you can help each other out when it comes to being a little bit more strict.
If you want to help yourselves a little, banks offer savings ISA’s which mean you can’t withdraw the money until a certain time. We all know how easy it is to put some money into a savings account but take it out a while later for a little treat. Having it locked away is going to be the solution to all your issues. Make sure you’re putting in as much as possible. Give yourself enough to live comfortably with all the essentials you might need, but don’t keep a lot for yourself because you know you want some new clothes, or a night out, those things have to wait!
A lot of couples have family members that can help them out a little with money. Don’t let this be a reason for you to save less. The more you have the easier things are going to be. Act as if nobody is giving you any money and you’ll be so much better off in the long run.
Once Moved Out
Once you move out things can start getting expensive. Yes, the initial buying or renting process might be a bit expensive, but what comes after it is going to last years and years. All of a sudden you’ll have hundreds being taken out of your bank each month whether you like it or not. Making sure you’re ready for something like that beforehand is so important.
Bills are going to become the biggest bane of your life. You’ll want to try and keep them down as much as possible. With things like internet and cable boxes, it is easy to get sucked into having absolutely everything they offer due to the way they sell it to you. They make it sound amazing, even offer you a few months at a discounted rate to draw you in. But once that rate goes up you’re left paying a fortune for channels and internet you probably don’t even use. Just dropping to the basic package can save you $30/40 a month. That’s money you could use for shopping. Which takes us to our next point.
Your first grocery shopping trip sure does make you feel all adulty. But the price at the end of it might shock you. It isn’t just food you’ll be getting each week, it is the essentials that start pushing the bill up a little. Do a meal plan and work out all of the foods that you’re going to need. (Check out how I do my meal planning and grocery lists!) Then try and shop at stores that are offering the best discounts that week. It might be good for you to do an online shop so you can compare the different stores. If there’s a deal of a certain essential, such as shampoo, bulk buy a couple of bottles to save yourself money in the future.
You need to be savvy to save. Make sure you’re trying to save on electricity and water as much as possible as well by turning off plugs and only have lights on when needed. Using energy saving light bulbs is also going to help shave those pennies off your energy bill each month. But as time goes on you will start to find ways to be savvier and it will come naturally to you. Money is always going to be at the front of your mind.