Sustainable Living
Moving Out On A Budget? Here’s How To Get Started…
One thing that holds many back from a first-time move is money anxiety, but it doesn’t have to be this way.
It is, of course, important to access the situation before moving. However, don’t let unnecessary anxiety about money hold you back from taking the next big step in your future. At Clooper, we’ve come together to break down the basics of moving out on a budget.
SET A GAME PLAN
Before you start spending anything, plan. Go over your finances, your savings, your future spendings, and your weekly budget going forward. Don’t forget the little things! Smaller regular payments like Netflix and Spotify add up. Don’t forget to include them on your list while you’re weighing up your funds!
Make a note of your current expenses, and your other future expenses. Other expenses to include are rent, water, gas, electricity, broadband and council tax. Think of also how much you spend on groceries per month, or week if that works for you. Comparing deals on the market can help if you’re unsure of who to pick in regards to broadband. Clooper Switch can help you to compare for free! Click here to find out more.
SAVE IN ADVANCE
A huge boon to moving on a budget is having savings to fall back on. You will need to pay for moving expenses such as a truck to carry your furniture and petrol to get to your new home, especially if it’s far away. You’ll also need a deposit for your new rental. Ordinarily, this is a similar price to a month of rent.
You also may need to buy new furniture for your new home, or new appliances, such as a microwave or a coffee pot or a new bed frame.
Our advice is to have an emergency savings fund on top of your regular savings fund. This way, if your savings fall through and the worst happens, you’ll always have money to fall back on. You can’t plan for everything. A boiler may turn faulty, or you may have a water leak, or any number of small disasters could happen. It’s always best to be as prepared as possible.
SET AND STICK TO A BUDGET
It may seem tempting to throw caution to the wind and completely wing your first move. However, this isn’t advisable. Moving out on a budget and keeping that budget is the best way forward by far. As mentioned earlier, you may experience small issues in your home that could cost money. If you have no savings and no budget, you’re at serious risk of not being able to fix these issues before they become out of hand. Thus, becoming even more expensive.
The average budget template we recommend is this:
- Rent
- Gas and electricity bills
- Minor bills (spotify, netflix, amazon prime)
- Water bills
- Council Tax
- TV Licence
- Broadband and phone bills
- TV bills
- Parking charges
- Petrol
- Groceries and necessities
- Transport funds
- Social time funds
- Savings
- Emergency savings
It may be of interest to start sticking to this budget before you move. Even if you’re not paying rent yet, you can budget your spending to get used to what it will be like when you move in.
You can also even buy PDF templates with pre-made budgeting lists on them! Though this is moving on a budget, so we understand this extra expense might not be ideal. On sites such as Pinterest, you can find free templates from talented artists. This may help if you’re a visual learner and find visual stimulation makes it easier for you to stick to a routine!
BE PATIENT
With yourself, and the process. This is a huge new step for your future. It won’t happen overnight. Moving on a budget takes time, careful planning, and dedication. But don’t forget the fun! You’re moving for the first time. This is such an exciting time, just remember to be kind to yourself, and minimize overwhelm by planning and not rushing.
Best of luck to all of the new tenants out there. We’re rooting for you! For more tips for first-time movers, see our post with handy tips here.
This blog post is not intended to constitute legal and or financial advice.
