![]() Buildings insurance covers your property in the event that it is damaged through fire or similar large-scale damage. ![]() Home insurance ensures the valuables inside your home are protected in the event they are broken, stolen, or damaged in a fire. You will need to pay for contents insurance once you move out and, depending whether you own the property, you may need to purchase buildings insurance as well. On average, water and waste bills are around £40 per month. ![]() Most providers charge for both water and sewage, however in some areas, you will have two bills from separate companies (one for water and one for sewage). Water bills can be paid monthly, 6 monthly, or annually depending on how you set up your account with your provider. You can head over to our article on how to minimise your household bills if you're finding it tough to keep up with your payments. Gas and electric bills can vary month by month, but the average cost per 2 person household is around £150 per month. Mortgages are infamously expensive, and topped a list of Brits' biggest financial concerns earlier this year. All the bills you need to pay when you move outĪn average rent or mortgage payment across the country is about £700 per month, (this will obviously vary depending on the area so could be substantially more or less). The bills discussed in this article are estimations and based on a couple moving in together for the first time. It is vital you know exactly what you will be expected to pay before taking the step to rent or buy your first home. In this Millennial Money episode, Damien and I discuss all of the bills you need to account for before you move out.
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