How Much Money Do You Need To Move Out Of Home?

Saying later to your creators and moving out of home brings a tonne of perks like...

• You won't cop your mum razzing you for not making your bed 🛏️
• You get to come and go without someone grilling you with q's like "where're you going?", "who're you going with?", "will you be back before dinner?"
• Your place can have pre's and kick-ons... better yet, you can throw a party every week 🎉

I hate to burst your bubble, but those perks don't come cheap. 🤑😵‍💫

Living outta home can be pretty exxy but don't start looking at selling your kidney on the black market just yet! All ya need to do is sort out a budget of sorts. Here are the costs you'll need to consider.

Part One: Upfront Costs Of Moving Out

Bond: When you rent a property, you'll need to pay a rental bond before you start your lease. This is financial protection for the landlord or property manager - say you finish your lease with suss stains all over the carpet, smashed windows and a hammer in the wall (what parties were you throwing man?!!), you probably won't get that bond back. Buuut if you keep your place spick and span, it'll be all yours at the end of your lease! Happy days.

Rental bonds are normally up to four weeks’ rent in most states. So if rent is $200 a week, your bond will be $800.

Connection fees: When connecting to wifi and an electricity plan, you'll need to fork out a little bit as a connection fee. These are never too gnarly and will be split between you and your roommates. Wifi fees normally cost from $50 to $130. Electricity connection fees are pretty cheap - we paid $20 for ours 📶

Furniture, homeware and appliances: I've got two words for you... ✨Facebook Marketplace✨ 

You don't need a brank spankin' new washing machine, fridge or couch. You can find some insane deals on Facebook Marketplace (or Vinnies, the side of the road... honestly, send it). 

Essentials that you'll need to buy include things like:

🍳 Kitchenware

• Plates and bowls 
• Knives, Forks and Spoons 
• Water cups, glasses and mugs (also wine glasses for when you're feelin' classy)
• Oven trays 
• Toaster
• Microwave
• Kettle
• Pots and pans

🛋️ Living room

• Lounge 
• Decor -- pillows, art, rugs, lamps, bookcases
• TV and cabinet 
• Table and chairs

🛏️ Bedroom

• Mattress
• Bed frame
• Bed sets (bottom sheet, top sheet, duvet, duvet cover, pillow protectors, pillows and pillowcases)
• Bedside tables, shelving, bookcases, wardrobe organiser

🚽 Bathroom

• Shower curtain
• Plunger
• Bath mat
• Soap dish and soap
• Bathroom bin

🧽 Cleaning supplies

• Vacuum cleaner
• Brush and dustpan
• Floor mop and bucket
• Cleaning rags
• Floor cleaner
• Spray surface cleaner
• Dishwashing liquid
• Laundry detergent

You'll need to work out your priorities in terms of your budget. What you can nab for free from mates, grab second hand or buy from Kmart! There are some pretty snazzy pieces for budgets on the smaller side. 

Part Two: Ongoing Costs Of Living Out Of Home

Rent: Unfortunately, I'm not psychic so I have no idea what rent you'll be paying. As this is easily your biggest ongoing expense, a rule of thumb is you don't wanna be paying more than 30% of your weekly wage on rent. 

When I moved out of home for the first time, alongside uni, I was making roughly $600 a week + about $300 on youth allowance. (Thanks government xxx)

I was paying $240 on rent which is perfect - under 30%!

Utilities and Wifi: Utilities generally include electricity and water. In most rentals, you won’t need to pay for water as the landlord pays for you 💦

Wifi is normally charged monthly. Electricity is normally charged quarterly (every 3 months). These utilities are especially nothing to worry about when you're splitting with roommates. As an example, I live with three others so:

✨ My wifi costs $15 a month

✨ My electricity costs about $70 a month

To keep those electricity costs down, be a friend of mother nature and switch of everything when you're not using it! 🌱

Groceries: I am a frugal queen who:

a) loves to make massive batches of curry, stir-fries, pies...etc, so I don't have to cook and it's CHEAP

b) I plan my meals out each week so I don't waste any food and I know exactly what groceries I need to buy

This may sound complicated and time-consuming, but it genuinely saves me time. Mate, I've lived on the same curry pie and burrito bowl leftovers all week. All I've had to do is bang on the microwave. 

My groceries cost $70 a week. Sometimes this obviously spikes if I need more cleaning products or toiletries, but I'd say aim to spend around $50 to $100 weekly. 

Transport: This all depends on if you have a car or use public transport as well as how far you live from your workplace, the supermarket and anywhere else you regularly need to get to. This is the maths you'll need to work out on your own.

Livin' your dang life: You need to account for treat yo-self purchases like concerts, clothes, books, coffees, drinking on the weekend... etc. Always account for some fun spending money on the side. 

Here's my rough spending each week:

Rent: $205

Groceries: $70

Utilities: $20

Transport: $35 (Buses and ubers) 

= $330 week. Bear in mind that I work at a pub and almost make that all back on one Sunday shift... Not bad, aye. Obviously, everyone's budget will look different so don't use this as gospel! It's just an example of how to live comfortably.

Now, if you wanna learn more about budgeting and adulting, get a load of our FinLit Academy with Westpac! You'll get a rundown on earning, spending, and saving your dosh in the big wide world and get around all those financial topics you don’t learn at school. Trust me, you're gonna want this if you're moving outta home!! Suss it out here (oh and btw, it's totally free... We're here to make you money, not take it 😉).