How To Budget For Your First Flat

When first moving out of your home, the excitement is never-ending. But equally, it can be extremely nerve-wracking, especially as large sums of money are involved. However, at Wizzcash, we have life-saving loans on offer for when you have an emergency, including short-term loans of up to £1,000! Alongside this, the people at Wizzcash offer a range of services to their clients, such a direct lending and quick approval so that you can get moved into your new flat in no time. So, keeping that in mind, budgeting for your first flat can be amazingly simple when you have secure funding to support you.

Living Expenses to Consider

When living under the same roof as your parents, it’s easy to forget about the endless water and electricity bills. So, when you’re moving into your first flat, it’s massively important that you consider the costs of living expenses. When shopping for a flat, ensure you include these factors into your budget through rough estimates of how much each utility will cost. Furthermore, get as many quotes as possible from different companies so that you can compare the cost across the flats that appeal to you. Once you’ve got your heart set on the ideal flat, we at Wizzcash are at your fingertips, with endless tips on how to save and stretch your budgets.

Insurance and Deposits

If you’ve got the costs of living expenses under control, it’s time to think about the up-front costs when moving into your flat. A lot of places on the market will ask you to put a security deposit down on your flat. Unfortunately, if you’re using a broker when moving, you may have to pay additional fees on top of your original rent payment. To keep your budget safe, try to secure a non-refundable deal, as this way you’re more likely to pay less money for the initial move. More deposits may include pet deposits if you’re planning on living with pets, and also utility deposits. When it comes to insurance, the majority of management companies will ask you to pay for renter’s insurance. Although this might sound like more hassle, it’s wise to insure any belongings that you bring with you to your first flat to ensure you’re fully covered. Even though these different expenses seem extortionate, Wizzcash are happy to help if you need to cover any unexpected expenses, with our loans starting at £300.

Finding the Ideal Rent Cost for You

As daunting as all of the above expenses seem, with sensible budgeting in place, there will be a rent deal out there for you. If you’re monthly rent was to cost £2,000, it would be crucial to make sure you are earing £4,000 a month to cover it due to the other living expenses. To put it in a simpler way, if you’re paying out more than 25% of your salary on living expenses, you should consider looking for cheaper rent. This way, budgeting will be made much simpler and you’ll be able to easily keep your money under control. You don’t want to be a slave to your flat, so it’s important that once your budget has covered any rental and living expenses, you have spare money for personal uses.

If you take advantage of the tips provided above, you should be able to move into your first flat with ease due to careful and skilful budgeting. Happy moving!

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