Flying the Nest: Money Saving Tips for Moving Out
Note: this is a guest post from Nikki Gilliland
Although you might have finally saved up enough cash (and courage) to leave home, moving into your own place doesn’t necessarily mean you’ll be able to stop budgeting. Far from it in fact… due to the added pressure of keeping up with rent, bills, insurance and general living costs – especially if you live in an expensive city like London – you’ll probably find yourself being more strapped for cash than ever before.
But don’t let money worries take over; whether you’re renting or taking your first step onto the property ladder, take heed of the following tips on how to save money when moving out…
Be frugal with furniture
Instead of spending your savings on new sofas, coffee tables, beds and curtains: try finding alternative ways to furnish your new home. Whether this means looking for a place that is already furnished, shopping from second hand stores or the online marketplace – it’s never worth buying brand new items unless you’ve got the financial freedom to do so. A great tip is to ask friends and family if they’ve got any old (or merely unused) furniture knocking about. From bookcases to forgotten about kitchen appliances, you’ll be surprised what some people might be more than happy to part with!
Find the best home insurance rate
Whether you’re buying or renting, ensuring you’ve got the correct type of home insurance is vital for your financial security. Not only could a mistake lead to you getting caught out if you’re burgled or suffer damage, but by looking for cheaper rates, you could save money in the short term too. If you’re hoping to get a good deal on buildings insurance, our advice would be to search for 40% off home insurance. But similarly, even if you’re renting, you should never take it for granted that you’ll be completely covered by your landlord’s protection. Always check beforehand and if your contents aren’t taken into consideration, look for 50% off home insurance online to get the best rate possible.
Consider a house share
You might prefer to live by yourself, but another way to remove some of the financial load would be to live in a large house share. That way, instead of being the sole bill payer, you’ll be able to split the cost of rent and bills with a group. Not only will this help with utilities, but if you’re really lucky, you could even share food, washing powder, and a whole load of items that are cheaper when you buy in bulk. Plus, it’ll probably be loads more fun too!
Wherever you’re moving to, don’t let money worries take the enjoyment out of the experience. You might not have financial freedom just yet, but living independence might just be the first step!
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.