Financial tips on moving out

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moving out
I am almost done with campus and moving out has been a constant line of thought for me. I have never lived on my own before, obviously, so I have taken to reading as much material on moving out as I can get my hands on. Because Easter is almost here and well, my parents did not raise a mean child; I figured I should share a few of the things I am learning.

1. Educate yourself on living expenses.

There is more to living on your won than paying rent and buying food. There is water and electricity bills, then there are personal ones like topping up your phone, something that you’ve been doing using loose pocket change but have to budget or on moving out because then no one will be giving pocket money.

Also, moving out means you are old enough to take on insurance, which is another added expense. So if you are accustomed to having your bills sorted out for you, the independence you seek in moving out night not be all that you thought it would be.

2. Setting up a budget

After I saw how crazy the living expenses can be, I started checking the prices of common household goods my family uses that I would like to continue using on moving out. Ofcourse on moving out, the scale of things I will use/need will be smaller than my family needs but still; they have to be paid for. So take into account the price of groceries, transportation and even choice of TV subscriptions.

A budget should help you factor what is a need and what is a want and then go on to show you how much you can afford.

3. Rent

Once you move out, you are not planning to live on the streets are you? No, I didn’t think so. Rent is going to be a major factor.

Now, when I seat to dream of moving out, I have a few choice neighbourhoods I consider. Truth is I am not used to paying rent so all of it seems like a lot and awful responsibility. So here is what some of those [publications I consulted adviced to do; you could either offer to pay your parents rents, or if you drive pay for your car insurance alternatively (especially if your parents refuse to take the money) put whatever amount you would have given them into a savings account. This prepares you for the responsibility that will turn into your middle name on moving out.

4. Build an emergency cushion

We all want a rosy life. The dreams we have for life after we move out are insane and almost Disney-like, but truth is life isn’t really like that. People lose jobs, fall ill, rents increase and a lot of other unexpected stuff. When you move out, it will be almost impossible to save during your first few months so do this while you can, put money away for a rainy day. So that should anything go wrong and you lose a job, at the very least you will have rent and food to see you through a couple of months.

5. Pay off debt

Have you noticed how active the Higher Education Loans Board (HELB) is on social media? Well, your time is coming and they will be after you to clear that student loan. It wont be a smiling affair, so why not start doing that now so life can be a bit smoother when you move out. It doesn’t necessarily have to be HELB that you owe money but whichever the case; loan sharks on your back isn’t the best way to start your supposedly independent life.

The most important thing in this, however, is not to take on responsibilities you are incapable of handling. Stay with your parents until you are sure you can handle everything you are taking on- you don’t want to move back in with them after two months do you?

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