FLATTING TIPS
Wahine mā – is it your first time flatting? We have some tips and tricks we hope will help. From flat bank accounts to saving power we have it all for you below!
- Many banks offer free accounts that aren’t necessarily student accounts. Because your flat will incur joint costs like power, internet and household expenses if you cook together, it makes things easier if you agree to transfer one amount a week to cover the basics. At the end of the year, once all bills are paid, what’s left over can be shared among everyone. This type of account can be a great way to run a flat’s finances.
- When flatting you’ll have to pay for your power which can be a lot especially in winter! Your electricity isn’t connected to your landlord, so you’re able to choose whoever is cheapest.
Power costs vary according to which energy retailer you use – use Consumer Powerswitch to compare what’s best for your flat. The Energy Efficiency and Conservation Authority (EECA) also has lots of useful tips on how to keep your heating costs down.
Talk to your flatmates and make sure you are all on the same page when it comes to your power bill.
There are some good habits you can incorporate that can help to save pūtea in your flat! These include:
- Turn off lights when you leave a room.
- Use energy saving light bulbs.
- Turn off your hot water cylinder if everyone goes away for term breaks – there’s no point heating a tank of water in an empty flat.
- Electric blankets are cheaper to run than fan heaters because they use less megawatts per hour.
- Turn TVs off, not to standby.
- Defrost the fridge and freezer regularly – an inefficient fridge is expensive to run.
- Get into the habit of charging your laptop and phone at university while you’re studying at the library or study areas – it also means you’ll be fully charged when you head home.
- If your local area charges for water and you’re renting a flat, check if your landlord covers it. If not remember to budget for that.
- Flatting often means eating on a budget but you don’t need to eat poorly just because your budget is limited. See our article here on eating on a budget for some tips and tricks to save you money.
- Money management is key when you are first flatting. Thinking about how you spend your salary, wages or government contributions is really important. An easy budget planner can help and give you some understanding of where your major expenses are. As we mentioned above you need to allocate money for:
- Rent
- Power
- Internet
- Groceries
- Car expenses/public transport
- Insurance (car and contents)
- Other discretionary items like clothing or health expenses
- Remember you need to also pay a bond and often some weeks rent in advance when you move in. If you are starting to think about flatting this is a great first step. Do some research and find out what an average room or house will cost and then aim to save 2-3 weeks rent and a 2-3 week bond in advance so you have this in cash ready to go. This can often help speed up the rental process as well as you do not have to scramble to find money once you find the perfect whare for you.
We want you to also invest in yourself with some savings or investment contributions. It can be hard but sticking to a budget will really help until you get settled.
The information contained in this document is intended for general guidance and information only and is not personalised to you. It does not take into account your particular financial situation or goals.
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