There will be other expenses in addition to your rent or mortgage. You will have to pay for everything in your house and everyday living items. The section below will describe some of the costs you need to consider.
When you move out rent isn’t the only cost you need to budget for. Other items you will need to budget for may include:
- Damage deposit: Many landlords charge an extra months’ rent before you moving in. This is for a security deposit in case you damage the apartment or house. You will need to have this saved up before you move out.
- Utilities: You will probably need to pay for your electricity, gas, hydro, internet/tv and phone. The costs will differ based on what you choose and how much you use.
- Furnishing your new place: The place you are moving in to may not have furniture or small household appliances (for example a toaster, microwave, kettle). If you need them, you will need to include the cost in your budget and make sure you can afford them before you move out. Tip: You can buy things second hand to save a few dollars!
- Food and everyday items: You will need to budget so you are able to buy food for yourself. You will also be responsible for buying things like toilet paper, deodorant, toothpaste and cleaning supplies. The cost can differ based on what you choose and where you live.
- Parking: Not all places have free parking, especially in the downtown areas of cities. If you own a car you might need to put parking into your budget.
- Renters Insurance: You have the option of buying renters insurance for your new place and everything inside it. It’s highly recommended to get this insurance! This will cover you in the case of a fire, flood, robbery and other unfortunate events. The cost will vary by the company you choose, where you live and what you have to insure.
Important note: It is very helpful to calculate your budget and all the costs related to moving out before you actually move out. If your budget seems really tight, you should ask yourself if you are truly able to move out at the moment. This doesn’t mean that you won’t be able to move out one day, it just means you need more time to save up. To learn more about making a budget visit the Money section.
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