Moving into your first home. How to budget and essential items to consider.
If you’re thinking about moving out for the first time and want your freedom and independence, you probably have a lot on your mind. In this post, we’ll check out your budget and the essentials you’ll need to make that move to your first home.
Why you should have a budget.
Having a budget is a great way to take control of your money and make it work for you.
Clarity and awareness – A budget shows you exactly where your money goes each month, making it easier to see where you might be spending too much.
Financial control – It helps you avoid overspending and helps you make better choices about how to use your income.
Goal achievement – Whether you’re saving for a home, paying off debt, or building an emergency fund, a budget keeps you on track.
Reduced stress – When you know your bills are covered, and your savings are growing, it can give you peace of mind.
Preparedness for emergencies – A budget helps you set aside money for unexpected expenses, so you’re not caught off guard.
How to Create a Budget to Move into a First Home
- Start by writing down how much money you make each month. Include all sources of income after tax. (Wage, benefits, side incomes, etc.)
- List all your fixed outgoings (things that generally stay the same). Don’t forget to include costs that happen yearly, like insurances, subscriptions, etc., and divide them by 12 to get a monthly average.
- Rent
- Council tax
- Electric
- Gas
- Water
- Mobile phone/broadband
- Insurances (home contents, health)
- Any loans or debt payments
- List all your other outgoings (things that change each month) and put down an average that you have spent over 6 months.
- Groceries
- Transport (bus or car expenses)
- Entertainment (gym, takeaways, cinema)
- TV licence
- Netflix, etc
- Clothes and shoes
- Toiletries and hygiene products
- Then subtract your outgoings from your total income to see your budget.
- Use the 50/30/20 Rule as a Guide.
- 50% for needs (rent, bills, groceries)
- 30% for wants (entertainment, hobbies)
- 20% for savings and debt repayment
At this point, you might need to cut down some outgoings or adjust the 50/30/20 rule.
- With this information, you should now have a good idea of what you can afford for rent. Make sure you can afford the rent without stretching yourself too thin.
- Set a savings goal – this will be to cover some initial costs.
- Security deposit typically equals one month’s rent
- First month’s rent
- Home essentials
- Moving van and person
- Any savings you want in place for emergencies
You’ve got an idea of your budget for rent, so it’s time to start saving and looking for your next home!
Essential Items Needed When Moving into a First Home.
Items for your first home. Moving into your first flat or house is a big step toward independence, and having the right essentials can make settling in much easier.
Here’s a list of items that I think are important. Once you have the basics covered, you can add decor and personal touches to make it feel like home at a later date.
Bedroom
- Bed frame
- Good mattress
- Pillows
- Duvet and bedding sets
- Wardrobe and hangers
- Drawer
- Mirror
Living room
- Couch
- Coffee table
- TV and TV stand (optional)
- Computer Desk (if you have a computer)
- Computer chair
Kitchen
- Pans and baking trays
- Cooking utensils (wooden spoon, tin opener, etc.)
- Knives, forks and spoons
- Mugs, Plates, Bowls
- Microwave or Air Fryer
- Kettle and toaster
- Fridge
- Freezer
- Washing machine
- Cooker
Bathroom
- Towel set
- Bath mat
- Toiletries
- Toilet roll
- Toilet brush
- Storage basket for toiletries
Cleaning
- Cloths, sponges, kitchen roll
- Cleaning products like polish, bleach and disinfectant spray
- Vacuum cleaner or a brush/dustpan
- Mop and bucket
- Bowl for washing pots and a dish drainer
- Bins and bin bags
- Drying rack
- Iron and Ironing board (optional)
General
- Tool kit with hammer, screwdriver, etc.
- Scissors
- Batteries
- Light bulbs
The thing I’m putting on its own is curtains. Some rented places already have blinds installed. However, I moved into a flat that only had curtain rails. And no, I didn’t think about buying curtains until I went to close them and they weren’t there. Of course, it had to be the bedroom! Something to keep in mind before you move in! 😊
Found this useful? Share this post with your friends and family! Do you think I’m missing anything? Please let me know in the comments section!
