Relocating from one’s family home and leaving their parents behind is not an easy step for most people. Living alone demands an amplified level of independence compared to that demanded when living under your parent’s roof. This transition usually requires a lot of planning and execution, and one of the most crucial steps is having a financial plan. Below we touch on some key areas that you should focus on when coming up with a budget.
- Hauling expenses
The most essential step when changing homes is arranging how your belongings will be hauled from your parents’ home to your new place. If you are looking to spend as little as possible, you can take a couple of trips between the residences in your car. However, this approach is cumbersome to apply if your relocation is taking you a long distance from home. In such cases, it is best to reach out to skilled movers in Okotoks, especially if you have bulky items among your possessions. In most cases, relocating companies charge about one hundred dollars per hour if the haul is over a short distance. The price of one that takes you across the country, on the other hand, is determined using several factors, including the distance being covered and the weight of items being transported.
- Security deposit
If you are relocating to an apartment, you will most likely be required to pay a deposit. This amount differs depending on the building you’re moving into. It is advisable to check state laws to see if there are any caps applied on how much can be charged to ensure you pay the right price. The deposit is equivalent to rent for one or two months, and it will be returned once you move out after deducting fees for any damage.
It is recommended to relocate to a place that does not demand more than thirty percent of your income in rent. Prior to embarking on the relocation, make sure you are prepared with rent for at least the first two months.
- Utility services
Some apartments cover all utility bills in the rent amount, but you will most probably have to dish out more for some or all the services. Ensure you chat with your landlord well before the relocation so that you can make arrangements for payments and connections. Some of the basic areas to cover in your financial plan include water, gas, electricity, and the internet. When working with a small budget, you can save costs by bundling things like the internet and cable to exploit discounts.
Mostly, people living with their parents depend on another party’s cooking or share the duty among several people. When living along, however, you will have to take care of the food costs and prepare yourself. Ensure you calculate how much you are bound to spend on food per week. Also, invest in a fridge so that you can freeze food and cut down on eating out.
- Mode of transport
Once you settle into your new place, you’ll need to find a way to move around whether it’s going to work or exploring. When using a personal vehicle, key in how much you’ll spend on gas and other payments such as insurance. If you’re using public transport, look into the best option and find out if advance passes are granted for buses.