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Leaving Home – How To Make It On Your Own

Information verified correct on December 11th, 2016

Leaving home successfully.

It is a big occasion in anybody's life when the time finally arrives for you to move out of home to start a life on your own. Sometime it is not planned, it is thrust upon you by circumstances, on other occasions it can become necessary if you are to take up a job offer. Whatever the reason, it is undeniably a life changing moment.

The important thing about leaving the family home to make it by yourself out there in the wide open world is that you must be able to pay your own way. You will have to have an income stream of some kind so that you can pay your bills and be able to support yourself. This could come about with help from your parents such as would occur if you have had to leave home in order to pursue  further education. Otherwise you will have to have a job that pays you a sufficient amount whereby you are able to meet the rent, pay your power costs, buy adequate food and generally be able to 'keep your head above water.' To do all this you will need the following arrangements:

  • You will need a bank account of your own. Having your own bank account goes hand in glove with branching out on your own. When you have to fend for yourself you will find that money takes on a whole new perspective. Basically everything you do will depend on whether you have the money to do it with or not. If you haven't the funds available you simply can't do it and this means going to that certain party you have been looking forward to, accepting a dinner invitation, or spending a weekend away with friends. Before you flew the coup mum or dad probably would have fronted the cost for you but now you have chosen to become independent you have to assume the responsibilities that go with it. This means opening a bank account in your own name and budgeting.
  • You will need to make and stick to a budget. You have probably heard it before and you can be certain that you will hear it again but the best way to handle your money is by budgeting. When you make a budget and stick to it you will be living to a certain discipline. You will have a set amount of money coming in and in order to live you will have to pay a certain amount of money out. The secret to your short term and long term financial success isn't all that complicated. All you need do throughout your life is to make sure you are always earning more money than what you are spending. Make that your lifetime rule number one right from the start, to always live within your budget means.
  • Link your accounts for added functionality. Many people leaving the comforts of their family home to make it by themselves prefer to have all their earning placed into their bank savings account. By doing this you are able to link a debit card to your savings account and pay all your bills either through the use of the card or online through internet banking. Online banking and debit card use gives you an up to date record of your transactions that are readily available at any time of the day or night. Although a credit card can be handy in an emergency it is best avoided, especially when you first branch out on your own. It is far better to save for the things you want and start off small, buying pieces of good furniture only as you can afford it. In the meantime you can always get by with cheap furniture from a second hand shop. Even a cheap second hand car will get you to all the same places as the latest model Ferrari.
  • Saving for the future should start right from your first pay. Once you have your budget and bank account sorted out there comes the matter of 'saving for a rainy day.' None of us can predict our futures with any certainty but what we can assume is that at some stage something is sure to go wrong and when it does you should be ready. You can protect yourself by having enough in reserve to get you over a tough time such as losing your job or falling ill and becoming unable to work. To ensure you give yourself a chance to avoid the worst of such a situation occurring you should aim to put some money away each pay day. Have this included in your budget so that it can grow into a deposit on your own home in the future, or help you to buy a better car. The important thing is to start building a reserve so that it will always be there as a cushion should you need it.
  • Never ignore the importance of insurance. You are now in your own flat, or apartment and everything you have in there with you will have a value if lost, stolen or destroyed in a fire. To ensure you are not out of pocket should any of these events happen to you should have all your possessions insured under a content insurance policy. The same goes for your ability to keep earning as you can only remain independent while you can earn an income. To ensure your cash flow will be retained you should take out income protection insurance that includes trauma and death cover.

Do all this and you will be giving yourself the best chance of succeeding in your endeavour to 'go it alone.'

Compare accounts below

Rates accurate as at: December 11th, 2016 Learn about our information service
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ME Online Savings Account
Ongoing, variable 3.05% p.a. rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit MasterCard using tap & go. Available on balances up to $250,000.
3.05% 1.30% 1.75% $0 $0 / $0 Open More
Citibank Online Saver
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
3.00% 1.70% 1.30% $0 $0 / $0 Open More
RaboDirect High Interest Savings Account
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 2.00% p.a. Available on balances below $250,000.
3.05% 2.00% 1.05% $0 $0 / $0 Open More
Bankwest Hero Saver
Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
2.65% 0.01% 2.64% $0 $0 / $0 Open More
AMP Saver Account
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
2.55% 2.10% 0.45% $0 $0 / $0 Open More
ANZ Online Saver
Introductory rate of 2.85% p.a. for 6 months, reverting to 1.25% p.a. Available on the entire balance.
2.85% 1.25% 1.60% $0 $0 / $0 Open More
Westpac eSaver
Introductory rate of 2.71% p.a. for 5 months, reverting to a rate of 1.25% p.a. Available on the entire balance.
2.71% 1.25% 1.46% $0 $0 / $0 Open More
HSBC Serious Saver
Introductory rate of 2.25% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
2.25% 1.60% 0.65% $0 $0 / $0 Open More
BankSA Maxi Saver
Introductory rate of 3.00% p.a. for 3 months, reverting to a rate of 1.05% p.a. Available on the entire balance.
3.00% 1.05% 1.95% $0 $1 / $1 Open More
Bank of Melbourne Maxi Saver
Introductory rate of 3.00% p.a. for 3 months, reverting to 1.05% p.a. Available on the entire balance.
3.00% 1.05% 1.95% $0 $1 / $1 Open More
BankSA Incentive Saver Account
Ongoing, variable 1.85% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
Bank of Melbourne Incentive Saver
Ongoing, variable 1.85% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $1 / $1 Open More
ANZ Progress Saver
Ongoing, variable 1.91% p.a. when you link to any Australian everyday bank account and deposit $10+ each month. Available on the entire balance.
1.91% 0.01% 1.90% $0 $10 / $10 Open More
Westpac Reward Saver
Ongoing, variable 1.85% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
ANZ Access Advantage
Earn a $100 shopping voucher.
For opening a new account by 18 Dec 2016 and shop three times with your new Visa debit card by 8 Jan 2017 (conditions apply).
Visa $0 $2,000 No monthly account fee when you deposit at least $2,000 per month. Other fee waivers available based on your personal situation. Open More
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply. Open More
AMP Access Account
An everyday transaction account with fee-free banking.
Visa $0 $0 Unlimited fee-free transactions at rediATMs, $0 transaction fees using BankNet, mobile banking and BankPhone. Open More
AMP Cash Manager
Ongoing, variable 1.50% p.a. when you link to an AMP Visa debit card and deposit $2,000+ each month. Available on the entire balance.
Visa $0 $2,000 No transaction fees and waived monthly fee when at least $2,000 is deposited. Open More
Westpac Choice
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
Mastercard $0 $2,000 No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Deposit at least $2,000 per month and enjoy no monthly service fee. Open More
Bankwest Easy Transaction Account
Pay no ATM fees at over 10,000 ATMs in Australia (conditions apply).
Mastercard $0 $2,000 Minimum deposit of $2,000 per month needed to waive the monthly account fee otherwise $6 monthly fee applies. No ATM fee applicable at Bankwest, CBA, NAB, ANZ, Westpac, St.George, BoM and BankSA ATMs in Australia. Open More
St.George Complete Freedom Account
10% Cash back for online gaming purchases.
Waived account keeping fees when minimum deposit is met with no minimum balance.
Visa $0 $2,000 No account keeping fees, if you deposit $2,000 per month plus no minimum balance required. No ATM fees when using St.George, Westpac and BankSA ATMs. Open More
BankSA Complete Freedom Account
Open one in less than 5 minutes with Cardless Cash available.
Visa $0 $2,000 No monthly account keeping fees when you deposit at least $2,000 in the account each month. Free access to BankSA, St.George, Westpac and Bank of Melbourne ATMs. Open More
BankSA Express Freedom Account
Get Cardless Cash, free SMS and email alerts.
Visa $0 $1,000 Avoid ATM fees when using BankSA, St.George, Bank of Melbourne and Westpac ATMs. Avoid the monthly fee if you deposit $1000 into this account each month. Open More
Bank of Melbourne Complete Freedom
Get Cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts.
Visa $0 $2,000 No ATM fees when you use Bank of Melbourne, BankSA, St.George or Westpac ATMs. No monthly fees when you deposit at least $2000 into this account each month. Open More
Bank of Melbourne Express Freedom
Get Cardless Cash and PAYG branch and cheque services.
Visa $0 $1,000 No ATM fees when you use Bank of Melbourne, St.George, Westpac and BankSA ATMs. No monthly fees if you deposit $1000 into your account each month. Open More
BankSA Sense Everyday Account
Save and budget – get two accounts working together and save faster.
Visa $0 $2,000 Use over 3000 BankSA, St.George, Bank Of Melbourne and Westpac ATMs in Australia for free. Open More
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Bankwest Online Term Deposit
Bankwest Online Term Deposit
2.30% 2.50% 2.70% 2.70% 2.60% 2.60% 2.65% 2.65% $1,000 Open More
RaboDirect Term Deposit
RaboDirect Term Deposit
2.40% - 2.60% 2.70% 2.90% 3.00% 3.05% 3.30% $1,000 Open More
St.George Term Deposit
St.George Term Deposit
2.20% 2.00% 2.30% 2.60% 3.10% 3.20% 2.80% 2.95% $1,000 Open More
Bank of Melbourne Term Deposit
Bank of Melbourne Term Deposit
2.20% 2.00% 2.30% 2.60% 3.10% 3.20% 2.80% 2.95% $1,000 Open More
BankSA Term Deposit
BankSA Term Deposit
2.20% 2.00% 2.30% 2.60% 3.10% 3.20% 2.80% 2.95% $1,000 Open More
Citibank Term Deposit ($75,000)
Citibank Term Deposit ($75,000)
2.50% 2.50% 2.95% 2.35% 2.35% 2.35% 2.35% 2.35% $75,000 Open More
Westpac Term Deposit
Westpac Term Deposit
2.10% 2.00% 2.20% 2.50% 3.00% 3.10% 2.70% 2.85% $5,000 Open More
ING DIRECT Term Deposit
ING DIRECT Term Deposit
2.10% 2.60% 2.10% 3.00% 2.70% - - - $10,000 Open More
Rates are displayed for the terms and minimum deposit sizes listed in the table above. The rate you receive could vary depending on your deposit size and interest payment frequency.

Shirley Liu

Shirley is finder.com.au's publisher for banking and investments. She is currently studying a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

1.30
Citibank Online Saver

Maximum Variable Rate

3.00%

Standard Variable Rate

1.70
Bankwest Hero Saver

Maximum Variable Rate

2.65%

Standard Variable Rate

0.01
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

2.00

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