If you’re looking to break free of personal debt once and for all, we can help. We provide debt and bankruptcy solutions that are life-changing and permanent, so you can erase debt from your life.
Our Life-Changing Debt Solutions are designed to permanently get you out of debt once and for all – so you can stop worrying and start living again.
Debt can be overwhelming. For that reason, our Licensed Insolvency Trustees are always here for you. let’s discuss the options available to you. Your debt-free future starts now.
If you’re planning on moving out for the first time, you’re likely experiencing a flood of emotions. On the one hand, you’re excited to enjoy a newfound sense of independence. On the other hand, you’re anxious about the strain it will place on your financial wellbeing. It’s completely normal to feel nervous about these added costs and how you’re going to afford them. But learning to create a budget will be helpful as you transition to your new environment.
To assist you in this process, here are a few things to consider as you prepare your first budget:
Determine Monthly Net Income
The next step, which is slightly more difficult, is to calculate your monthly expenses. It may help to begin with the bills you were already paying while living with your parents. These could include your mobile phone, vehicle or transportation expenses, your gym membership, personal care, clothing and entertainment costs – anything you already know the cost of. On top of those, you will need to account for several new expenses; these include rent, electricity, heating costs, cable and internet, insurance and food. If you’re unsure, ask your family and friends what these expenses cost them and then adapt to your situation – again, remembering it is best to overestimate those costs and adjust later as necessary.
Once you have a clear picture of what you earn and what a typical month of living on your own will cost, you should then start thinking about some emergency scenarios which might place unexpected strain on your finances. This might be a vehicle breakdown, a lost or stolen phone, a hard drive failure on your laptop or anything that will require a major payment to fix. It is not a matter of if one of these events will occur, but when. So, it is important to set some money aside in your budget to ensure you can afford to manage it.
Finally, you need to factor in the cost of your first move. Upon signing a new rental agreement, most landlords will require first and last month’s rent, plus a security deposit. Of course, you will also need to furnish your new home, so you should account for the cost of a couch, bed, tables, dishware, cookware, cutlery and linens. You then need to decide whether you’re going to rent a moving van, hire movers, or rely on your family and friends to lend a hand. These costs all add up and will be well above and beyond your typical monthly or emergency expenses.
Our team of Licensed Insolvency Trustees will help you
explore the debt relief options available to you and
together we will find the solution that best fits your
situation. Set up your FREE, no obligation consultation
MNP is committed to protecting your
privacy. We promise to keep all of the information you share
with us confidential.
*310-DEBT doesn’t operate in MB, NW ON and QC.
Contact a Trustee
Find a local Office