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Eureka moments - those classic, unforgettabe phases in your life where you experience important milestones for the very first time.
Over the next few weeks nzgirl will bring you a series of articles on how to get through and survive these exciting transitions, from dealing with your first 'real' job to buying your first car. First off we show you how to get your finances sussed when it comes to the world of flatting... There's nothing as exciting as fleeing the family nest and going it on your own. Whether you're new to flatting or have had a taste test in a hostel situation, we have all the tips you need to get you on your way to domestic bliss!
Things to think about...  1: Work out a budgetNo one wants to slum it with baked beans every night so a budget is key to making sure you can afford new shoes, pay the power bill and buy decent groceries. Figure out your fixed costs by talking to friends already flatting, then work backwards to figure out how much rent you can pay a week and what's left for luxuries like superfast broadband or Sky TV. You don't want the cost of putting a roof over your head to make you so poor you can never venture out from under it, so be realistic. Check out this nifty Westpac budget calculator here to make getting started simple.  2: Plan for the unplannableWhen you're flatting for the first time you'll be amazed at the expenses that just pop up - whether it's the broken window as a result of a rather good party or the colossal power bill because you didn't realise how much money the heater was sucking up - you need to have a money reserve. It's a good idea to get in the habit of saving 10% of what you earn. Before you know it you'll have a nice little contingency fund all saved and waiting for a rainy day... or a flatmate who skips out owing rent. For more information on finding the right savings account for your precious dollars, just click here.
.jpg) 3: Find somewhere to liveYou need to work out if you want to move into an existing flat, find a place with people you already know and be joint tenants or take on the lease yourself and find flatmates. There are pros and cons for each situation so it all depends on what you're comfortable with. The next step is to work out your preferred area so you can narrow down your search. Check things like the amount of bond and rent in advance you'll need to stump up and whether you have to pay a letting fee. Westpac has a great property checklist which is well worth printing out as it details lots of potential trip-ups you may not think to ask about, like who mows the lawns or pays for the water.  4: Suss your flatmatesDon't automatically assume your best friend will be the best person to live with. There's a big difference between enjoying a night out with someone and living with them 24/7. Different attitudes to cleanliness or incompatible social routines will have a big impact on the harmony of your house and can lead to ruined friendships and far too much drama. Look for likeminded people who you're comfortable being around.
Make sure they're fairly organised, responsible and have the means to cover their share of rent and expenses - there's nothing worse than a freeloader!
5: Insure yourself You probably don't think this is necessary as you don't own a lot. But imagine replacing the contents of your wardrobe alone. Even if you're a chain store bargain fiend your clothes, shoes and accessories could easily add up to $5k. Westpac's Renters' Contents Cover is specially designed for flatters and not only covers your stuff, but can help with temporary accommodation if your place becomes un-liveable and gives you liability protection for accidental damage to someone else's property. Believe me, you're stupid not to have it. Find out more here.  6: Share responsibilityWhether it's dishes or bills - make sure the load is even. Have different accounts in different flatmates' names so one person doesn't have all the responsibility (and the liability!). Someone might take care of the phone, another the power and so on. That way you’re all responsible for making sure those bills are paid. It's also a good idea to have a flat account that money for rent, bills and miscellaneous costs come from. Just make sure everyone is contributing the same amount (setting up APs is essential) and paying when they should. Talk to your bank about joint account options and make sure you're on the best type of account to minimise fees. Read more here. With these basics under your belt you're more than ready to head into the incredibly fun world of flatting. But if you still feel like you need more info check out this page here which has great tips and links to useful sites for everything from tenancy matters to flat finding.
Gemma
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