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Flying the nest
Whether you are a parent of a child leaving home or it's you who's taking your first steps into independence - setting up home for the first time can be both exciting and scary.
Worrying about whether they/you can cope financially can be reduced by some careful planning and self-imposed rules.
The thrill of the supermarket
Find out which is your nearest supermarket and if they run a customer loyalty scheme. By joining you can collect points/stamps which add up to money offer vouchers or discounts.
The urge to stock up on everything naughty and nice will be huge but these little delights can be costly. Draw up a shopping budget, making sure you have enough to afford the essentials before splurging on the luxuries.
In the months leading up your big move start stocking up on certain essentials. Things like cleaning products, toilet rolls, dry food products like pasta, rice salt and pepper - anything that won't go off or expire. By spreading the cost over the weeks before you move, means you won't have a huge shopping bill to contend with from the start. And watch out for those buy one get one free offers.
Have a plan!
It may sound boring but take the time to draw up a budget. In the past you may have only had a few personal bills to deal with such as credit cards and mobile phone. Moving out will, unfortunately, open up a whole new world of bills such as gas, electricity, phone, council tax, house insurance, TV licence and so on.
Make a list of all the bills you'll have to pay, including the approximate monthly amounts and when they are due to be paid. Paying your bills by direct debit or standing order can make things easier as the amounts will deducted automatically from your bank account.
If you can, try to put a little money away each month for emergencies. You never know when you might need a little extra cash to cover any unexpected repairs or re-decorations you may have to do.
Be safe
Make sure your property and possessions are covered by the right level of insurance.
Did you know householders between 16 and 24 are three times more likely than average to be burgled?
Always check that your doors and windows are locked and ensure your possessions are not on display to prying eyes.
Go green
Switching off lights when leaving a room and not leaving appliances on standby not only help the environment but can also cut your energy bills.
Buying energy efficient light bulbs may be more expensive but they tend to last a lot longer, thereby saving you money in the long run as you won't need to replace them as often. Making sure your property is energy efficient doesn't have to be difficult and there are a few simple things you can do which could save you money.
There is no denying the first few months in your new home will be costly. However with a little planning and restraint you can avoid financial disaster, which hopefully means not having to making regular withdrawals from the bank of mum and dad!
Source: Time For Money