How you can afford to move out of your parents basement

Are you a young millennial looking to move out of home, but not quite keen on giving up your morning coffees and weekly avo smash? There are ways you can afford to move out of home while still enjoying this small luxury.

Follow the 50-30-20 plan

This plan is an easy rule of thumb to follow when learning how to budget.

It states:

  • 50% of your savings should be spent on “Needs”, such as rent
  • 30% should be spent on  “Wants”
  • 20% should be saved for a rainy day

This is a smart way to start living within your means and ensures that you always have a balanced budget. Of course, once you get the hang of it, feel free to shake things up and customize this rule according to what you see fit.

Live with roommates

Living with roommates makes economical sense, but some of us may be wary to do so. After all, we’ve all heard at least one “annoying roommate” story, whether its about the girl with no sense of any personal space or the guy who comes home absolutely hammered every morning at 3am. But it doesn’t always have to end in misery.

When it comes to living with roommates, its important that some house rules are laid out. Aside from ensuring that your temperaments match, agree on matters such as how much contribution is expected towards household bills and cleaning habits. By being honest about what is expected from each other, its a lot less likely for conflicts to arise.

Find a suburb outside the city

Living on the outskirts of the city centre doesn’t mean that you have to settle for less. Using Liveable, we churned out a couple of suggestions that take into consideration how far the suburb is from the city, whether there are things to do in the area and last but not least, its affordability.

For example, in Sydney, both Summer Hill and Ashfield are less than 30 minutes to the city via public transport. Costing an average of $246/week and $229/week respectively for shared housing, these suburbs are also convenient, with a high number of restaurants, bars and supermarkets in their vicinities.

Cook more

Put down Deliveroo and close your Ubereats app. That’s right – instead of collecting that piping hot pizza, pick up a bag of groceries instead.

Not only will this save you heaps of money, but restaurants and commercially prepared food are notorious for being high in fat and salt. By taking the time to prepare yourself a hearty home-cooked meal, you’ll get a peace of mind knowing that your food is more nutritious and healthier for you in the long-run.

How you can afford to move out of your parents basement