Moving out on your own is an exciting time. A space to yourself and a fresh start are all adventurous prospects, but before you take the step into this new style of independence, you have to know how to handle your finances. Aside from the initial costs, there are rolling ones to manage as well, and it is always better to be prepared above all else than to fall down when a bill comes through the letterbox. This guide gives you four top budgeting tips for when you are trying to secure your own rental place.
Understand Your Incomings
It is safe to assume that when the time comes for finding a place for yourself, you have a job or a career to support the venture. But having a job alone is not enough, it is time to sit down with your wage slips and really get to know how much money you have coming into your account on a monthly basis. Most rent payments occur once a month, so even if you get paid in some other format, e.g. once a week or twice weekly, you are still going to have to save or account for that big payment at some point in the month. Your income will also have to cover the rest of the outgoings too.
Get to Know Potential Outgoings
Rent is not the only factor here, and as daunting as it may seem there are some staple bills to get to grips with.
- Council tax. This figure is dictated by which area you live in and what band the property falls under. You can find this out easily by looking online at your local authority.
- Wi-fi and Entertainment. There are various wi-fi and broadband packages out there to choose from, and it varies from area to area what is available. Expect to pay upwards of £30 for this per month.
- Amenities. Water, gas, and electricity are all standing charges that anyone who lives anywhere can expect to pay. Again, the rates vary so it’s worth checking out before you move to get a better framework of what you could be paying.
- Food Bills. Regardless of whether you shop weekly or daily, there are lots of budgeting tips about food shopping that are worth checking out.
Scope out Affordable Options
Once you have the first two parts sorted, it is time to try and find affordable options within your means. Start with a credible site like roomclub.com, filter by your preferred area, and see which results make you want to arrange a viewing. You can also check local papers, noticeboards, and social media to see potential accommodations shared and otherwise.
Stay Within Your Means
When you get the keys, the last thing to remember is that staying within your means is the only way to avoid debt and missed payments. You don’t want all the heartache that comes along with this, so stick to that budget.
Moving out is exciting, but there is a lot to think about before you get through the door of your new place.