Tag Archives: Finance

10 Tips for Moving Out // Finance Edition

Afternoon All,

It’s been a series of Public Holidays here in Aus, and I’m unsure of which way is up at this present moment! However, here is a list I’ve been working on for anyone looking to move out. These are a collection of things that I wish I had have known about the finance aspect of moving out.

  1. Establish how, when and who pays the rent and bills from the beginning.
    You don’t want to be that friend that people are waiting to receive money from, nor do you want to be the person paying the bills and waiting for people. Agree on the details of it, and setup automatic transfers.
  2. Write an agreement (outside of the lease) on house rules.
    Here’s a crazy personal example; when I decided on my house mate, I got them to sign off on a roommate agreement stating that if they left anything at the back, i.e. my dog’s domain, I would not pay for the replacement. There’s plenty of draft roommate agreements available for download on the internet.
  3. Understand the ‘deposit’ of getting into a rental prior to jumping into it.
    In most cases, you’ll be required to pay bond, normally 4 weeks worth of rent and then an additional 2 weeks in advance. Then on top of this, you’ll have all the ‘moving out essentials’ you’ll need to buy potentially; fridge, washing machine, cleaning products, etc. It all does add up, so make sure you’re prepared to spend some cash at the start.
  4. Prepay expenses if possible and/or necessary:
    • Internet
    • Electricity
  5. Practice paying rent whilst living at home.
    Parents, majority of the time, just want what’s best for their children. I tried to pay board as soon as I could, and I’m so grateful that I did. However, if parents aren’t interested in you paying board, perhaps you could ask if you could set up a transfer that mimics rent, and they could ‘gift’ it back to you when you’re ready to make the big move.
  6. Know your financial situation.
    Weigh it up before impulse choosing to move out, perhaps you’ll be living paycheck to paycheck and moving out isn’t sustainable yet.
  7. Learn to cook!
    I’m only just learning now, 4 years later… would have saved me a lot of money and I might have been in better shape.
  8. Get a FlyBuys card or an equivalent!
    I convert my points to Flybuys dollars, so on the week’s that are a little more strapped for cash – it’s like having a gift card!
  9. Don’t rely on getting 100% of your bond back…
    Through my own personal experiences and hearing the experiences of others, real estate agents are making it harder and harder to get your bond back, despite saying ‘you’re such a good tenant’.
  10. Try private rentals
    More and more people are going down the road of private rentals – and I totally get it now. Real estate companies aren’t making it easy at present. If you have limited references, pets, or in a town where the rental vacancy rate is very limited, I wish you the best of luck! I found my house mate on flatmates.com.au, and now I mention it to people quite regular; whether they be looking for a room or looking for room mates.

I’m certainly no rental expert. I moved out first at 18, with my cousin, into a private rental where I knew the owners, I think this lasted 6 months from memory. I then moved back home for a year or so when I decided to get my teeth done (perhaps that’s another story?). At 19, I moved out again with a friend from school, this was through a real estate agent. This is probably the point in my life where I had the most personal growth to date. We lived together for a year. At 20, I was fortunate enough to purchase the property that I now live in. In more recent months, I have become that of a ‘landlord’ when I made the decision to find a house mate. So I suppose  I’m not a complete novice to the expenses involved in renting.

I hope this lists helps some of you when making the very exciting decision to move out. As always, happy to answer any questions on the topic.

Much Love,
Baby Sloth xx

Advertisements