Understanding your energy usage
It’s important to get your finances in order before you move out of the family home.
After all, you don’t want to find yourself moving back in with your tail between your legs. So take a look at these tips…
To move into a rental property, you will need enough money to pay a deposit – usually a month’s rent – plus at least your first month’s rent.
You’ll also need to prove to the landlord that you have enough regular income to pay the rent each month.
And don’t forget there will be bills to pay on top, such as:
Living with friends, or other young people keen to share the costs, can make moving into your first rented home more affordable.
But make sure you choose your flatmates wisely.
There are a number of things to check when choosing your first home. These include:
Moving in with friends, or likeminded young people, is a lot cheaper than renting a place on your own, and can be great fun.
It can, however, be a nightmare if your flatmates turn out to be total slobs or party animals.
Money can also be a tricky subject. Ways to prevent problems arriving include:
When you move into your home, you will need contents insurance to protect your belongings in case of burglary, or an event such as a fire or a flood.
If you live alone, a standard policy should be fine. However, if you share a property, you may find it harder to get reasonably priced cover.
If you can lock the door to your room, you can take out a shared house contents policy that covers everything in it – but be aware it won’t cover items left or stored elsewhere in the house.
If you have lots of hi-tech equipment, gadget insurance may also be a good idea.
If you want to buy your own home, you will need a deposit of at least 5% of the purchase price.
So if you want to buy a flat for £200,000, you will need £10,000 plus extra funds to cover buying costs.
Some young people remain in the family home so they can save more towards a deposit, rather than spending it on rent.
Either way, the key is to save as much as possible each month into a high-interest account.
Retirement may seem a long way off. But the sooner you start contributing to a pension, the longer your money has to grow.
All employers are now obliged to enrol their staff into workplace pension schemes.
Any money you pay into these schemes should be topped up both by your employer, and by the government, in the form of tax relief.
But if you don’t have access to a workplace pension, for example if you’re self-employed, you will need to look into other ways of saving.
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