Are you ready to live independently? Have you thought about what it really will be like living out of home?
If you think you’re entirely ready to move out and live independently then here are a few things to think about first.
Will you be sharing a place or living alone? If you’re planning on sharing, do you like the person you’ll be living with? Have the ground rules been set? Can you afford the place you’re thinking of renting? Will you have enough left over for enjoying life?
It’s going to be expensive for you to leave home so you must be prepared by planning the move and the future months before you leave.
It will be best if you practice the costs before you actually move out. Set out a budget and try living it for a month. Plan your rental payments, food expenses, bills, phone, entertainment costs and car or transport expenses and any other expenses you might have like loans. Don’t underestimate your financial commitments or you’ll be unable to afford to live out of home and will quickly get into financial difficulty. Getting into difficulty now can lead to many problems in the future, such as a bad credit rating, which can affect you for many years. Creditors and banks will see how you coped financially and it will impact your future loans, including home and car loans.
Remember that when you move out there are also costs such as the rental bond (usually a month’s rent in advance), phone, cable TV, gas, electricity and internet connection fees, as well as the set up costs of furnishing rooms and equipping a kitchen.
Knowing how to manage money well is the best foundation to living independently for life and this will have flow on effects to all aspects of your life, so budgeting is a very important first step. Practice budgeting before committing to moving out and living independently.