Moving out of your parents’ or family home isn’t as easy as it sounds. There is a multitude of factors and new expenses to consider.

Managing your own household and life is a step forward in your journey towards financial independence.

We list seven expenses that you should consider when you move out. Learn more about these to make your life easier.

1. Monthly loan repayments or rent

Living on your own is stressful. After all, you are either buying a new home or renting, and these two come with expenses that you did not think much about when you were staying with your family.

These are probably the most significant expenses to think about, as you will be spending close to 30% to 50% of your salary every month on them.

Calculate your lifestyle expenses wisely and decide if you can afford the rent or loan.

You can also engage a licensed financial planner before moving to a new home.

2. Renovations and furnishings

Whether you are renting or purchasing your new home, there is the possibility that you will want or need to make some design modifications.

Home renovations, no matter how big or small, would still take up quite a big amount. Shop around for the best quotes from contractors before engaging a trustworthy, affordable and reliable contractor.

If you are renting, be sure to clarify with your landlord what renovations are allowed.

Furnishings can also leave a hefty dent in your pocket. The good news is, even without renovating, furnishings can make a huge difference in the look and feel of your new home.

Consider your preferred colour scheme and the purpose of each area in your new home to help you narrow down what you should aim for.

Be sure to measure twice to make sure you get furnishings that are the appropriate size so you won’t have to buy replacements.

3. Household appliances

Once you have your home, you need to add some household appliances. And these don’t come cheap.

You would need to buy and install lights and ceiling fans, especially if you are moving into a brand new home.

Then, in goes basic appliances, such as a refrigerator, stove, washing machine, and water heater.

Next, consider other appliances that suit your lifestyle, such as an air conditioner, a hairdryer, a coffee machine, a microwave oven, an oven, an air fryer, a water filter, and an air purifier.

Be prepared and think about as many household appliances you would need for your home.

4. Electricity bills

This is probably something you would have always heard your parents complain about – the cost of electricity.

While you might have left your air conditioner on for long periods of time when you were still living with your parents, you certainly would not be able to do so in your own home if you are starting out on a small budget.

Electricity is expensive and depending on how you use your electrical appliances at home, you can expect high electricity bills if you don’t learn to be more economical in your decisions and habits at home.

Now that you are paying for your own electricity, you would need to pay particular attention to the energy guzzlers, such as the air conditioner, oven, electric kettle, and desktop computer.

A good measure of per person usage in the home is around RM30 to RM100.

5. Internet bills

What would you do without an Internet connection? These days, having WiFi has become more of a necessity than a luxury, especially since everyone is now embracing the work-from-home life.

If you don’t need high internet speeds, you would probably get by with a package that costs less than RM100 per month.

However, if you are working and need high speeds for meetings, you would probably have to spend more.

Furthermore, you might have to spend on certain hardware like Wi-Fi routers and you would want to invest in good ones.

6. Food and groceries

When you were staying with your parents, you would almost always be eating at home. You likely didn’t need to spend that much on food and groceries. Your parents would have sorted out your meals and bought groceries regularly.

But now that you are moving into your own place, you would have to spend on food and groceries out of your own pocket.

Since takeouts and delivery services cost quite a bit, it’s advisable to stock up on groceries.

While buying instant food and meals will cut down on your preparation time, they are not healthy when compared to regular food. You might want to consider prepping your meals beforehand and cooking in bulk to reduce the amount of cooking time.

This article first appeared in MyPF. Follow MyPF to simplify and grow your personal finances on Facebook and Instagram.