Moving house can be expensive and stressful. Luckily, it doesn’t have to be as costly as everyone claims. All you need is a bit of savvy know-how. Lucky for you, we’re here to spread wisdom with our top tips on how to save money and transform you into a moving guru.
Cut your outgoings
You can save more towards moving out by spending less on:
Travel costs: If you drive, see if you can make your car insurance cheaper. Car sharing or switching to public transport could save you money too. Travel by bus or train? Check if a railcard could cut the cost and book in advance to save.
Mobile phone: On a contract? Check if you can switch to a SIM only deal to save money or haggle for a cheaper price.
Entertainment: Cinema tickets, nights out, Netflix, drinks at the pub, they all add up.
Writing a budget to find out where your money is going and where you can cut costs is a great place to start too.
Earn extra cash
If you work full time your salary is likely to be your main source of income, so asking for a pay raise could really help your efforts.
There are lots of other ways to earn a little extra too. You can turn your old mobile phones into cash, sell your unwanted stuff online, use a penny jar to save up your loose change, or look at cashback credit cards to earn extra cash on your spending.
Work out how much cash you need
To be able to move out you need:
- Enough money saved to pay upfront costs like your rental deposit and agent fees
- To earn enough money to pay your ongoing costs, like rent, council tax and utility bills
- These amounts will depend on your plans after leaving home, but common ongoing costs include: Rent or mortgage, Council tax, Service charges, Gas & electricity, Water bills, Broadband & phone.
Should you borrow to help you move?
This is best avoided. Starting off living independently with large outstanding debts is going to make things harder at a time when you will be adjusting to paying your own way. If you think you might need to borrow some cash to get you started, you might need to consider waiting a little longer before moving out on your own.