Moving Out of Home - Tips For Young People Moving Out of Home - Tips For Young People | Page 4
Additionally, you need to protect yourself against identity theft by securing your personal
information in a place that cannot be found or accessed. If possible, sign separate leases
with your landlord so that you are not held responsible if your roommates skip out on the
rent or other bills.
07 How Much Will You Need to Spend on Furniture?
When you first move out, you may need to furnish your apartment with secondhand items
that you get from family or thrift stores. Once you save some cash, you can use it to add
newer items to your apartment to create a more welcoming space.
Making the frugal choice now will help you to afford a nicer home in the future because it
will help you to avoid debt. Take the time to hunt for deals. You can work on designing the
home you want with careful planning and saving.
08 Are You Protecting Your Credit Score?
Many young adults ruin their credit when they first move out. Late payments and failure to
pay your utilities on time or having them turned off can ruin your credit. Be sure you pay
all of your bills on time so that when you want to buy a house, your credit will help you
qualify for a good loan.
The habits you form when you first move out will follow you throughout your adult life. Be
sure to be responsible and pay your bills on time, and you should be able to manage your
finances effectively.
4.0 Issues to consider when moving out of home
It's common to be a little unsure when you make a decision like leaving home. Think about:
whether this is your choice, and if you feel ready, or if you are feeling pressured to
move out by other people
whether you have somewhere safe to live – if you are under 18 you might find it
difficult to rent a house or sign a lease.
whether you have enough money to support yourself – ask someone to help you
draw up a budget to be sure that you can afford to cover the essentials like rent, bills
and groceries. You could also use the Centrelink How to budget page, or
MoneySmart’s budget planner.
You may choose to move, but find that you face problems you didn't anticipate, such as:
not being ready – you may find you are not ready to handle all the responsibilities
money worries – the cost of living independently may surprise you, especially if you
are used to your parents providing for everything. Debt may become an issue