For young people, often the first step when moving out of the family home is to share a rental property with a friend or group of friends.
|Before you move out|
It's vital to assess whether you have the financial ability to support yourself, and to budget accordingly. Also try and learn about the economics of running a household before you take the plunge with your own.
Certainly one of the greatest gifts parents can give their children is an understanding of personal finances, and household logistics and economics. The world can be a harsh place when you're starting out!
Before you move out, make sure you can afford to do it.
|Consider the likely start-up expenses|
Remember that your first grocery bill's likely to be much more expensive than your ongoing bills. That's because you'll need to stock the pantry with a range of items that don't need to be purchased on a weekly basis.
|Consider the likely ongoing expenses|
Remember to plan for who'll share the various household bills and how these will be shared. If you think you need further help check out our budgeting.
If you're leaving formal or informal care to live independently, you may be entitled to government assistance as part of the Transition to Independent Living Allowance. Call TILA (Department of Education, Employment and Workplace Relations) 1300 761 961 to see if you qualify.
|Choosing your housemates|
This is never easy. Sometimes you won't know people very well before you move in, at other times you may think you know someone but things can be different when you're living together and sharing various expenses.
The other area to discuss is finances. Here are some things to consider.
Be aware that if your name is on the lease and you paid the bond, even if your friends damaged the property, you're the person responsible.
There are a number of places to look for help when moving out and you'll find information about your rights and responsibilities as a tenant from the links below.
Federal government assistance
|How we can help|
ANZ has a range of products and services that can assist people who are moving out for the first time or getting back on their feet.
An A-Z Review® - of your everyday banking with an ANZ Personal Banker could make your banking more convenient and find solutions to help you get the most from your money when you live with friends. Request an A-Z Review® at your nearest ANZ branch.
ANZ Home Insurance (Contents cover) - Great for renters, this covers your belongings including, appliances, computers, furniture and valuables, against damage or loss both in and away from home. Find out more about ANZ Home Insurance (Contents cover).
Budget planner – Setting a budget you can stick to is easier with a budget planner. We'll help you follow the money trail to see where it all goes and how much of it you could be saving. Create a budget.
® A-Z Review is a registered trademark of Australia and New Zealand Banking
ANZ Home Insurance is co-issued by OnePath General Insurance Pty Limited
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