First Time Home Bills
LIVING ON YOUR OWN, WHAT BILLS TO EXPECT
If you´re considering moving out on your own for the first time and renting a space, you will want to make sure you can afford it. Below is a list of expenses to consider from month to month. Research the cost of everything according to your needs and the area you want to live in to make sure it will fit within your monthly paycheck.
1) Security or Damage Deposit – this will vary depending on your landlord and location, but it is usually the amount of one months rent. If you are living with a pet, many landlords will ask for a non-refundable pet fee.
2) Rent – landlords will expect your rent to be paid on time each month. If you have signed a fixed term lease, they may ask you for post dated cheques so you will have to be sure the money is in your account on that date.
3) Gas, Electricity and Water – you will be expected to pay these each month however some landlords include all or some of these in the cost of your rent
4) Telephone, Internet, Cable – depending on your needs this will be something that will be paid monthly
5) Groceries – if you plan your meals out and watch for sales and discounts you can save money in this area and get away with a big grocery trip once a month.
6) Living Expenses – consider what you do for entertainment in a month. Movies, dinner, hobbies, etc. As well as the things you can´t live without; cell phone, hair cuts, prescriptions, etc.
7) Travel – consider your cars expenses such as monthly payments, rent, gas, repairs, or if you don´t drive, taxi or bus costs.
8) Just in Case Fund – it´s always good to have enough cash tucked away so that you could make ends meet for a month without an income. That way if you lose your job or have an unexpected expense come up, you don´t have to panic.