As if you haven't spent enough cash already, there are yet more things to fork out for when you finally move into your own place. You'll need to budget for van hire or a removal firm (or you can try persuading Mum and Dad). Then you need a fridge and a washing machine (if you want convenience and to save money on laundromats).
You'll also need to ensure all the services such as gas, phone and electricity are in your name and that the meters are read on the day you move in.
And don't forget to let everyone know you've moved. Tell your friends and family, any publications you subscribe to, your bank, insurance company, government agencies like Medicare and especially the Roads and Traffic Authority in your state or territory (this is especially important because if you commit an offence and you don't receive your fines, you can automatically lose your licence).
We've listed a few of the major moving out expenses below. Use the table to fill in the costs that apply to your circumstances. You'll quickly know whether or not you can afford it.
| [ ] | Removal firm (if you're paying someone to move you) | $____ |
| [ ] | Van hire (if you're moving yourself) | $____ |
| [ ] | Packing boxes, packing tape, bubble wrap, old newspapers | $____ |
| [ ] | Rental bond (if you're renting, this is usually equivalent to a month's rent) | $____ |
| [ ] | Rent (normally a month's rent in advance) | $____ |
| [ ] | Gas connection | $____ |
| [ ] | Electricity connection | $____ |
| [ ] | Internet connection | $____ |
| [ ] | Phone connection | $____ |
| [ ] | Parking permits | $____ |
| [ ] | Postal redirect | $____ |
| [ ] | Groceries - you'll have to stock up the new fridge | $____ |
| [ ] | Contents insurance | $____ |
| [ ] | Other _________________________ | $____ |
| [ ] | Other _________________________ | $____ |
| TOTAL | $____ |
Whether you're renting or buying, living on your own or sharing with others, independence comes with its fair share of responsibility and costs. There are plenty of things you now have to take care of besides your dirty socks, washing up, taking out the garbage and cleaning the toilet. (Where's mum when you need her??!!)
Ongoing expenses include:
Buying a house full of furniture at once can be a pretty daunting prospect when you're already spending so much money. So how can you make sure you have something to sit on and sleep in without breaking the bank?
Renting furniture.
Renting is a pretty good short to medium term option if you're strapped for cash, especially if you're also after white goods. You get to choose from great brands, and if there are any maintenance hiccups you'll usually enjoy free service and repair. You can often update the products you're renting and payments can be worked into your monthly budget.
Buy a package.
Instead of buying all your furniture in bits, why not furnish a whole room or even the whole place at once and save yourself loads of money and hassle? Lots of shops offer starter packages where you can buy everything you need now, often with no deposit, then pay it back in manageable weekly instalments. But make sure you pay it all off by the date agreed. If you don't the interest you pay may wipe out your bargain price.
Other ways to grab a bargain.
Scour the local classifieds for second-hand bargains and look on eBay or other similar sites. Ask friends and family if they have any furnishings you can buy for mate's rates, have for free, or on loan til they need it back. Finally, don't forget garage sales!
When you need contents insurance.
When you're faced with so many other expenses, it's tempting to cut back on stuff you feel you can manage without. But contents insurance is pretty
important. It provides protection for all your stuff, like CDs, DVDs, computers, furniture, clothing, and jewellery. It's probably worth more than you
think, so use the Contents Calculator to make sure you're not caught short if you're broken into or
there's fire or storm damage.
When you need home insurance.
If you buy a place of your own, home insurance covers the bricks and mortar, fixtures and fittings, and protects you from any damage to the building.
The Home Value Calculator can tell you how much you need to cover yourself for in case of
a burst pipe, or a tree falling on your roof. Also check if you're in a flood area, or have a high fire rating, and make sure your insurance covers you for that too.