If you’re planning on, or are in the process of, moving out of your parents house, then we’re here with some tips to help you get prepared! From budgeting to finding the perfect pieces for your home, we’ve got you covered with these hints and tips. This process can be quite stressful, but we’re here to help you get a few things in order.
Whilst you are still at home there is nothing to stop you from practising your budgeting skills, this can prove beneficial for when you do move as you are already in the habit of keeping to a budget to help prevent you from running into the red. For example, create a spreadsheet with all of your monthly expenses that you'll have when you move out.
This should include everything from your rent and bills each month, to all of your non-essential outgoings like gym membership, toiletries, funny candles in the run-up to Christmas and even something as small as medication, as the small expenses add up. Then, stick to your new budget for a few months and then you'll be completely used to it when you move out. The money that would be assigned to your rent and bills usually can be put aside to pay for some furniture or to go towards a deposit for when you move out.
By paying bills on time on your debit or credit card you are building up your credit score. Credit scores are used by banks to decide how financially trustworthy you are, which helps them to make a judgement when deciding to lend you money or give you a mortgage. The better your credit score is the more likely banks are going to lend you money and give you better terms on your mortgage agreement. You should avoid opting to use ‘buy now, pay later’ on retail websites as if you are unable to pay at any point in the future your credit score will be negatively affected.
Instead of spending a lot of money on buying new furniture, you could instead look around charity shops. For example, The British Heart Foundation has dedicated furniture shops all over England that allow you to buy second-hand furniture that is sometimes almost as good as new for significantly reduced prices. If you don’t live near a British Heart Foundation furniture shop there are likely other second-hand furniture shops that you can visit to purchase your new set of furniture for marked-down prices.
You can also look at things like Facebook Marketplace, where people sell furniture really cheap that either can be in perfect condition or you may just need a bit of a clean up to get it how you want it! Just make sure that you always meet the person and get the furniture before giving them any money, if anyone ever asks for a deposit for anything then you need to be very cautious as it could be a scam.
When you move into your new home you should ensure that you find utility providers that are as cheap as possible, you can use online comparison sites to compare prices and different deals that are available to you. Comparison websites will allow you to get a better idea of what you should be paying to ensure that you are not overpaying.
Ensuring that you have a plan in place when you are moving out can help make the whole process much smoother, for both you and your parents!
