We all know it’s getting more difficult to leave the nest and start our lives as independent adults. House prices are ridiculous, renting seems like
However, it’s not impossible and 100% worth the cost
1. Decide how you want to move out
First things first – are you going to rent or buy? There’s no right or wrong decision, but you need to pick so you can organise your finances correctly.
Renting allows you to be more flexible about where you live and you can move out pretty quickly. However, it’s harder to save for a property in the future. Plus, you don’t get as much security because landlords can take back their property after your contract is up.
Buying a property is a big investment and can make you a lot of money in the future. H
Related post: How I Bought A Flat At 23 Years Old
2. Create a budget
Once you’ve chosen between buying and renting, create a budget to give yourself a good idea of what you can afford. Write everything down, including your savings and income, then add up your outgoings.
Once you’ve calculated how much you can afford to save for a deposit or spend on rent each month, make a plan to reach your goal.
3. Review your finances
If, after you’ve created your budget, you find that you’ve got lots of outgoings you don’t need (or want), look at reducing these financial overheads.
Subscriptions to Deliveroo and that gym membership you never use might have to be cut if you’re short on cash.
Speak to your parents about reducing or even eliminating the rent you pay. Explain to them that you want to move out and that money will help expedite the process. Of course, this isn’t always possible for everyone, but there’s no harm in asking.
4. Be realistic
Moving into a two bedroom house in a coveted location with a beautiful built-in kitchen and an easy-to-maintain garden sounds great — but it’s not always viable.
This is your first stepping stone into independence, so be practical. Don’t turn your nose up to a property because it isn’t 100% perfect because you’ll struggle to find anything you want.
Consider lowering your budget or moving to a different location if it means that you can do it with less stress and more money in your pocket.
5. Save as much as possible
If you’re serious about wanting to move out, save more money then you think you’ll need. This is the one time in your life that you’ll have the freedom to put away a lot of money, so take advantage of that.
Having extra cash in the bank when you become financially independent for the first time is never a bad thing, and is handy in case of an emergency.
Related post: 5 Steps To Save A Lot Of Money (Realistically)
6. Buy things in advance
Reduce the financial burden by picking things up as you go along to spread the cost of furnishings.
Kitchenware is a good start because it’s unlikely to be affected by the size or style of the property you move into.
Whereas your plan to
7. Learn to cook
Learning to cook won’t help you move out any faster, but you might as well start while you wait to move out
Takeaways and ready meals are expensive and bad for you, so learn how cook basic food like spaghetti bolognese, curry, shepherds pie and other easy, but filling meals that are cheap to buy and quick to make.
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