moving-out-1

Leaving home: How to make it on your own

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: May 28th, 2018 Learn about our information service
$
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Monthly Account Fee
Bank of Queensland WebSavings Account
Introductory rate of 2.90% p.a. for 4 months, reverting to the standard rate of 1.30% p.a. Available on balances up to $5,000,000 and subject to approval above this balance.
2.90% 1.30% 1.60% $0 $0 / $1 Go to site More
ING Savings Maximiser
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.
2.80% 1.15% 1.65% $0 $0 / $0 Go to site 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 Go to site More
Bankwest Hero Saver
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
2.60% 0.01% 2.59% $0 $0 / $0 Go to site More
Bank Australia Bonus Saver Account
Ongoing, variable 2.60% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
2.60% 0.15% 2.45% $0 $0 / $1 Go to site More
HSBC Serious Saver
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
3.00% 1.60% 1.40% $0 $0 / $0 Go to site More
AMP Bett3r Account - Save Account
Earn a competitive, ongoing rate of up to 2.25% p.a. and set personal savings goals. Receive linked Pay and Spend accounts to help manage your money effortlessly.
2.25% 1.50% 0.75% $0 $0 / $0 Go to site More
RaboDirect High Interest Savings Account (SMSF)
Introductory rate of 2.70% p.a. for 4 months, reverting to a rate of 1.90% p.a. Available on balances below $250,000
2.70% 1.90% 0.80% $0 $0 / $0 Go to site More
HSBC Flexi Saver Account
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
2.50% 1.25% 1.25% $0 $0 / $0 Go to site More
Citibank Online Saver
Introductory rate of 2.85% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
2.85% 1.70% 1.15% $0 $0 / $0 Go to site More
RaboDirect SMSF PremiumSaver
Ongoing, variable 2.15% p.a. when you link to an RaboDirect High Interest Savings Account and increase your balance by $200+ each month. Available on balances up to $250,000.
2.15% 0.90% 1.25% $0 0 / $0 Go to site More
Westpac Life
Ongoing, variable 2.30% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
2.30% 1.50% 0.80% $0 $0 / $0 Go to site More
$
Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details Monthly Account Fee
NAB Classic Banking
Impressive digital perks. $0 monthly account fee. Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
ING Orange Everyday Account
$75 cash bonus. $0 monthly account fees. Receive a $75 cash bonus if you open a new Orange Everyday account, enter the promotional code and deposit at least $1,000 within a calendar month and make 5+ card purchases (T&Cs apply). Get a competitive ongoing variable rate when linked with an ING Savings Maximiser.
Visa $0 $1,000 ING charges no ATM withdrawal fees and offers a rebate on any third-party ATM fees and international transaction fees when you deposit $1,000 and make 5+ card purchases a month. Go to site More
AMP Bett3r Account - Pay Account
Manage your budget effectively with a bundle of accounts. $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month from a source that is not another AMP bank account. Enjoy linked individual Pay, Spend and Save accounts to reach your savings goals.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at rediATMs in Australia. Go to site More
HSBC Everyday Global Account
No foreign ATM or transaction fees. $0 monthly account fee. Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies.
Visa $0 $0 Go to site More
Bank of Melbourne Complete Freedom
A flexible option for those living in Victoria. Manage your budget with a spend tracker and pay with Samsung Pay. $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at Bank of Melbourne, St.George, Westpac and BankSA ATMs. Go to site More
NAB Classic Banking with Platinum Visa Debit Card
1% cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance. $10 waivable monthly account fee. Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria. Book travel and restaurants through NAB's 24/7 Concierge Service.
Visa $0 $0 $10 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
HSBC Day to Day Transaction Account
Open an account and easily switch your regular payments over from your current bank. $0 monthly account fee. Through your linked Visa debit card, you can access exclusive shopping, travel and restaurant deals here and abroad through HSBC's home&Away Privilege Program.
Visa $0 $0 $0 account keeping fees. Unlimited free withdrawals at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site More
St.George Complete Freedom Account
Pay with Samsung Pay & manage your budget with the St.George Spend Tracker. $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Go to site More
Westpac Choice
Complimentary Student or Youth Discount Card $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria. Full-time students and those aged 31 and younger save thousands on travel and experiences through the complimentary Student Discount Card
Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at St.George, Westpac, Bank of Melbourne and BankSA ATMs. Go to site More
ANZ Access Advantage
Pay with Apple Pay, Google Pay & Samsung Pay. $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 25 or if you meet other eligibility criteria.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Go to site More
BankSA Complete Freedom Account
$50 cash bonus available. A flexible option for those living in South Australia. Manage your budget with a spend tracker and pay with Samsung Pay. $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at BankSA, St.George, Westpac and Bank of Melbourne ATMs. Go to site More
MyState Everyday Account
$100 cash bonus. $6 waivable monthly account fee. Receive cash bonus when you make five or more Visa card transactions within the first 30 days of opening the account (new customers only). Monthly account fee waived if you deposit at least $2,000 a month. Apple Pay, Google Pay, Samsung Pay available.
Visa $0 $2,000 Go to site More
Rates last updated May 27th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. Min Deposit Interest Earned
Citibank Term Deposit
-
-
2.80%
-
-
-
$100,000
RaboDirect Term Deposit
2.30%
-
2.50%
-
2.50%
2.70%
$1,000
Firstmac Term Deposit
2.40%
-
2.50%
-
2.65%
2.75%
$5,000
RaboDirect Term Deposit (SMSF)
2.30%
-
2.50%
-
2.50%
2.70%
$1,000
MyState Bank Online Term Deposit
2.50%
2.35%
2.50%
1.50%
2.70%
2.80%
$5,000
St.George Term Deposit
2.05%
1.85%
2.15%
1.90%
2.45%
2.50%
$1,000
BCU Term Deposit
1.25%
0.71%
1.40%
0.71%
1.45%
2.55%
$1,000
BankSA Term Deposit
2.05%
1.85%
2.15%
1.90%
2.45%
2.50%
$1,000
Bank of Melbourne Term Deposit
2.05%
1.85%
2.15%
1.90%
2.45%
2.50%
$1,000
Bankwest Online Term Deposit
2.35%
1.50%
2.60%
1.50%
2.65%
2.60%
$1,000

Compare up to 4 providers

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 Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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Related Posts

Savings Account Offers

Important Information*
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
Bank Australia Bonus Saver Account

Maximum Variable Rate

2.60

Standard Variable Rate

0.15
Citibank Online Saver

Maximum Variable Rate

2.85

Standard Variable Rate

1.70
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10

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