A Millennial’s Guide to Saving Up to Move Out

Saving up money to move out can be a daunting task, but it is definitely possible with a little planning and effort

Moving out of the comfort and security of a family home or shared living arrangement can be an exciting leap toward personal growth, but it often requires careful financial planning and disciplined saving.

In this blog post, we will navigate the financial landscape together, equipping you with practical tips and strategies to help you save money efficiently, empower your journey, and turn your dream of moving out into a tangible reality. Whether you're envisioning a solo apartment, a cozy shared space, or a place to call your own, this guide will empower you to take the necessary steps to achieve your goal.

Factors to consider when picking an apartment.

Picking the right apartment can by quite tricky as many factors usually come into play.

By following these tips, you can get the right apartment for you and your needs.

Location:

Evaluate the location of the apartment in terms of proximity to your workplace or educational institution, public transportation, amenities, and essential services such as grocery stores, hospitals, and recreational facilities. Consider the neighbourhood's safety, ambiance, and overall convenience.

Rental Price and Affordability:

Determine your budget and look for apartments that fall within your price range. Consider not only the monthly rent but also additional expenses like utilities, parking, and maintenance fees. Ensure that the cost of the apartment is manageable with your current income and financial goals.

Apartment Size and Layout:

Assess the size and layout of the apartment to ensure it meets your needs. Consider the number of bedrooms and bathrooms, as well as the overall square footage. Determine if the layout is functional and if there is enough storage space for your belongings.

Amenities and Facilities

Check the amenities offered by the apartment complex, such as a gym, swimming pool, laundry facilities, parking, and community spaces. Consider which amenities are essential for your lifestyle and prioritize them accordingly.

Lease Terms and Conditions

Read the lease agreement thoroughly and understand the terms and conditions, including the length of the lease, rent increases, pet policies, and rules regarding maintenance and repairs. Ensure that you are comfortable with the lease terms before signing.

Pet Policy

If you have a pet or plan to get one in the future, review the apartment's pet policy. Determine if there are any restrictions on pet types, sizes, or additional fees or deposits associated with having a pet.

Maintenance and Repairs:

Inquire about the maintenance and repair procedures of the apartment complex. Find out how maintenance requests are handled, response times, and who is responsible for the associated costs. A responsive and reliable maintenance team can make a significant difference in your living experience.

Parking and Transportation:

Assess the availability and cost of parking if you own a vehicle. Additionally, consider the accessibility of public transportation options and the ease of commuting from the apartment to your regular destinations.

Noise Level

Consider the noise level in and around the apartment. Assess if the unit is located near busy streets, construction sites, or noisy neighbours. If possible, visit the apartment at different times of the day to get an accurate sense of the noise levels.

Safety and Security:

Research the safety features of the apartment complex, such as secure entrances, surveillance cameras, and well-lit common areas. Look for any history of safety issues or crime in the area.

Rental History and Reviews:

Research the rental history of the apartment complex and read reviews from current or previous tenants. This can provide valuable insights into the management's responsiveness, maintenance quality, and overall satisfaction of residents.

Future Flexibility:

Consider your long-term plans and evaluate if the apartment aligns with your future goals. Assess if the apartment can accommodate any potential changes, such as a growing family or remote work arrangements.

A guide to saving money to move out according to millennials

Here are a few tips to help you get started as you prepare to save up money to launch yourself into a life of independence.

1. Set a goal

The first step is to set a goal for how much money you want to save. This will help you stay motivated and on track.

2. Create a budget

Once you know how much money you want to save, you need to create a budget to help you reach your goal. This will involve tracking your income and expenses so you can see where your money is going.

3. Cut back on unnecessary expenses

Having decided on your budget, you can start to cut back on unnecessary expenses. This could mean eating out less, cancelling unused subscriptions, or finding cheaper alternatives to your current expenses.

4. Automate your savings

One of the best ways to save money is to automate your savings. This means setting up a direct deposit from your pay check into your savings account. This way, you won't even miss the money, and you'll be saving money automatically.

5. Get a roommate

If you can, consider getting a roommate to help you save money on rent.

6. Look for affordable housing

There are a number of affordable housing options available, so be sure to do your research and find a place that fits your budget.

7. Be patient

Saving money takes time, so be patient and don't get discouraged. Just keep at it, and you will eventually reach your goal.

Factors that may prevent you from saving

Saving money in Nigeria requires a lot of discipline.

As most people enter their productive age, they often find it difficult to save money.

But what makes it hard for people to save money? Let's identify the causes, so you can improve yourself and start saving regularly.

● Always wanting the best new things

People have the tendency to get easily bored and always want to follow the latest trends. This is the first reason why individuals are known to rarely save money.

A good example is smartphones which are usually released annually by a number of brands.

● Impulse buying

Next to craving new things is impulse buying. It is one of the biggest weaknesses most people face.

Some people find it hard to save money because they can’t refuse a discount offer.

Yes, discounts or cashback can help reduce your expenses, as long as you buy items that you really need. It's a different case when you weren't previously interested in buying the item but were tempted by a discount.

● Stagnant salary

Do you feel that your expenses continue to increase while your salary stays the same? You are not alone; this is a phenomenon experienced by many Nigerians which makes it even harder for them to save money.

Sometimes, just reducing expenses is not enough. You can try to increase your income by opening a side business.

Today, there are many freelance gigs that can help you shore up your income.

● Mountains of debts

Due to excessive spending, it is not uncommon for people to use loans to meet their primary or even secondary and tertiary needs.

The problem is when you are late in paying this debt. When it comes to that, the instalments will grow larger and without you knowing it, the debts will accumulate.

If you have loads of debt, you should prioritize yourself to pay off all debts you have before adding large expenses.

● Inability to manage finances

Unfortunately, there are still many people who are financially illiterate. In some cases, they tend to not schedule their routine expenses, such as electricity and internet bills, resulting in late payments and penalties.

nairaCompare offers various saving and investment that can help you manage your finances well. Visit nairaCompare to compare savings accounts and select the one that’s best for you!

Tips to help you pick the right apartment

Picking the right apartment can be a daunting task. There are so many factors to consider, from location to price to amenities. Here are a few tips to help you narrow down your choices and find the perfect place to call home:

● Consider your needs

Think about what you need in an apartment. Do you need a lot of space? Do you need a parking spot? Is proximity to your workplace important to you?

Once you know what you need, you can start to look for apartments that meet your requirements.

● Consider your wants

In addition to your needs, it's also important to consider your wants. Do you want an apartment with a view? Do you want an apartment in a certain neighbourhood?

Some of these factors might not be very important to you, but it is always good to outline them, so you know what you are looking for.

● Visit the apartment in person

Once you've found a few apartments that you're interested in, it's important to visit them in person. This will give you a chance to see the apartment for yourself and make sure it's a good fit for you.

● Ask questions

You don’t want to move into your apartment and begin to discover things for yourself.

When you're visiting an apartment, don't be afraid to ask questions. This is your chance to learn as much as you can about the apartment and the building.

● Trust your gut

When you're looking for an apartment, it's important to trust your gut. If you don't feel good about an apartment, don't rent it. There are plenty of other apartments out there.

Moving out can be a big challenge, but it is definitely possible with a little planning and effort.