4 Things You Should Do Before Moving Away From Home
Moving to a place you can call your own can be scary and exciting at the same time. However, having freedom and independence means having to face your responsibilities head on and being on your own. Before jumping straight to house hunting, here are a couple of things you need to do to prepare for your big move.
Know what to expect
Much like anything else, make sure to do your research first. Start with identifying the area that you want to live in. It’s better to choose a location that’s closer to your workplace as this could lessen your travel time and transportation expenses. If possible, choose a neighborhood where you have trusted people living in close proximity.
If you know someone who already resides in the area, ask them about the community and what it’s like living in the neighborhood. You may also scout for places where you can do groceries, eat, have your laundry done, etc. to get a good perspective of living expenses once you’ve moved in.
Be honest about what you can afford
Of course, moving to a new home means having a plan and a budget. Consider how much you’re currently earning monthly to see how much you can set aside for your rent and living expenses. As a rule of thumb, you can allot a maximum of 30% of your monthly income to go to your rent. Anything higher might not be sustainable as you still have other expenses that you need to take into account.
Create a game plan
Once you’ve identified how much money you are willing to spend on rent, it’s time to take into account other expenses that come with moving. These may include advance payments, security deposits, moving costs, association dues, and more. Sum these up and you have the total amount you need to prepare.
Don’t forget to create a monthly budget for your living expenses once you start living independently. List down all your financial responsibilities and make sure to prioritize settling your bills each time your income comes in. Having a monthly budget and sticking to it helps you manage your finances better and gives you more opportunities to save a little extra.
Start building your funds
Now that you have a solid idea of how much you need to set aside in order to live the independent life, start working your way towards your goal. You can begin by saving up at least 10% of your income each time you receive your pay check. You may also take on extra work or start a new business to add to your income. If you’re on a deadline, there are several alternative ways for you to get more funds like applying for a loan.
Funding your move with CIMB Bank is easy! With just a few taps on your phone, you can apply for a Personal Loan on the CIMB Bank PH App and borrow up to PHP 1 Million! Apply using only one ID and one payslip and enjoy ZERO disbursement fees when you opt to disburse your loan to your CIMB account. Absolutely no early settlement fees! Experience a fast and seamless all-digital application.
PLUS, if you are an existing CIMB Bank account holder, you may qualify for the CIMB Bank Loan Loyalty Program. A first-of-its-kind program where you can enjoy yearly increasing rebates starting with 10% for the first year and up to 30% by the fifth year. All you need to do is pay your monthly loan payments consistently and on time!
Just apply and get approved for a Personal Loan on or before March 31, 2021 to become eligible. Make a move towards your financial goals!
Learn how you can apply for a Personal Loan using the CIMB Bank PH App: