Moving out of home for the first time is exciting. The freedom of living independently in your own place or with friends can be exhilarating, and it marks a new stage in your adult life.
But it’s important to be aware of the costs that are involved when renting and moving out for the first time, particularly if you are still studying at university and don’t have a steady income.
Running a house or an apartment costs money, so it’s important to understand that the energy needed to heat your hot water or turn on your lights will translate into a charge on your energy bill. When you move into a new place, it’s important to choose the right energy retailer for your energy needs.
In Australia, there are a number of energy retailers that service different areas. It’s best to do your research and find out the best rates available in your area – particularly if you are on a budget.
If you didn’t pay for food when living at your parents’ house, you’ll need to factor the cost of grocery shopping or eating out into your daily, weekly and monthly budget. When you move out of home for the first time, you’ll also have to invest in all the basics, such as sauces, salt and pepper and an array of cleaning products. If you are living with housemates, splitting the costs of groceries can be an effective way to keep these costs down.
If you want internet access in your new home, you’ll also have to consider the costs of setting this up and the monthly charge. Make sure you do your research and pick a provider and plan that suits your internet needs and usage. For example, if you don’t need unlimited downloads then go for a downgraded version so that you only pay for what you use.
Moving out of home is an exciting time in life. Making sure you’re prepared for the costs of living independently means there will be no nasty surprises, and will make it much more enjoyable.