moving-out

Starting a New Life and Moving Out of Home

Information verified correct on December 10th, 2016

A guide for young people: starting a life of your own.

Moving out of home can be one of the most exciting times of your life to date. It is not so much the physical act of moving as this can be met with a certain sadness, not to mention a little apprehension of not quite knowing what is ahead, but it an important symbolic time. It means you have left the protection of your parent's home and are ready to make it on your own. Much like a bird standing on the edge of its nest looking at the ground far below and not knowing whether to trust its wings to keep it from the impending disaster of hitting the rocks head first. It finally builds up the courage and flies away. That is exactly what you are about to do yourself. Your wings represent your ability to fend for yourself and you now feel you are ready to do it.

It won't be a big deal if you have properly prepared yourself but it is not only the fact that you will be able to come and go as you wish, make your bed or leave it, put on dinner or go to Maccas, it is that you have taken on a responsibility. A responsibility to be an independent citizen, a responsibility to look after yourself and a responsibility to pay your own bills.

The little things that mean so much

It might sound a bit like mum talking but there are some obvious little things about looking after yourself that can go a long way to making the whole exercise that much easier. Little things that you will come to learn one way or the other but if put into your awareness right from the start could make the transition that much smoother, these are:

  • If you have an electric dryer don't use it continuously. Dryers use a lot of electricity and can run up your power costs to an alarming level. Only use them when you have to, otherwise hang your washing out in front of the fireplace or heater. Preferably on the clothes line if it’s not raining.
  • Don't advertise to all and sundry that you have moved out of home. This can be easily seen by all if you leave peg marks on your clothing. Hang your clothes out to dry by their hems or bottom edges.
  • Take a moment to empty out all your pockets before placing your clothes in the washing machine. If you don't do this you will find how much of a mess tissue paper  can make to your clothing.
  • Ignore what the washing powder box tells you about how much to add to each wash.  Whatever is says use half. If you don't believe this do what the packet says and watch the bubbles take over.
  • Take out contents insurance immediately. You don't want to start living independently by losing any of your property to a thief or a fire.
  • Find a drawer or box of some kind to keep your receipts. Now you are living independently you will need to do your own bookkeeping. Especially if you are sharing the accommodation and you need proof to show you have been keeping up with your share of the costs.

Finding the best accommodation:

  • Start looking early. It is not easy to find good rental accommodation so you will not want to leave it to the last minute and have to accept something sub-standard. Get out and about early. Put the word out that you are looking for somewhere to live. You could be surprised how many friends might know of a vacancy somewhere. Get the morning paper before sunrise if need be and be the first to ring a potential landlord. Do whatever it takes but don't expect a landlord to be ringing you offering you a city penthouse while you lounge about at home sipping coffee in your nightgown.
  • Don't forget that you are now entering a world that revolves around money. Before you can enter rental accommodation you will have to pay at least four or six weeks rent as a bond and four weeks rent in advance. Make sure you have it ready to pay over as soon as you get lucky. If your accommodation is unfurnished you will have to furnish it yourself. Don't go all out and spend a fortune on the best furniture available. You will find second hand furniture shops are everywhere and their prices are usually quite affordable.
  • Food is a high cost item that you probably never spoke to mum or dad about much before leaving. It is even dearer if you eat out too often. If you have many friends who are also living independently you might like to eat out at a different persons home every now and again, as well as inviting them to your place to return the favour. There are cheap recipes available and you can discuss these types of things with friends to learn the best way to save money in this area.
  • Look after your health. What you don't want to risk is what would you do if something was to happen to your health. Now you are by yourself you will need to protect your earning capability with income protection insurance, preferably include trauma insurance with a death cover. This type of protection will ensure your rent will still be paid even if you are too ill to attend work. If you came down with a serious illness or injury your financial affairs would all be protected and if you were to die nobody would have to pay your debts for you, including your funeral costs.

Compare accounts below

Rates accurate as at: December 10th, 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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