**collaborative post**
Living at home with mum, dad or both? If so, you aren’t alone. A study led by think tank Civitas early this year revealed that a quarter of 20-34 year olds in the UK live with their parents. If money is holding you back from flying the nest, worry no more. You can easily save up and move out with these top tips.
Cut out unnecessary costs
As you’re living at home, your rent is unlikely to be particularly high — but what other expenses are eating into your income? Are there any unnecessary costs? Do you regularly travel by taxi, for example? Or are you a fan of take-out coffees? Chances are that you don’t actually need everything you’re currently paying for.
So, be ruthless: cut out the non-essentials. Though it may seem tricky at first, it’ll likely boost your savings and help you towards securing your own place more quickly.
Consider ALL costs
The price of a property — whether you’re renting or buying — is one thing. Your living costs are another. It may sound obvious, but it’s crucial to take all expenses into account when you’re building a moving out fund. These tend to include utility bills, council tax, TV license and food. For a clear idea of how much this is all likely to cost, start with the basics: food. Head to the supermarket and buy solely for yourself, for either the week or month, and see how much it costs.
Trusted price comparison sites tend to be the best place for working out the cost of bills, while information on council tax can be found on the GOV.uk website. For full financial protection both before and after you move out, remember to consider all costs.
Remind yourself why you’re saving
Very often, if we really want to do something, we find a way to make it happen — and moving to a new home is no exception. But like anyone, your motivation may wane at times, and in these moments, you could feel tempted to splash your savings on something unrelated. And this is when you need to reinforce to yourself why you’re saving.
Why don’t you use phone reminders and post-it notes to spur you on throughout the day? Choose something that will inspire you, and you’ll more likely to stick to your budget.
Though it may sound hard, getting enough money together to move out from your parents’ home could be easier than you expect. With a little financial planning, what’s to stop you from finding the property of your dreams?
