Managing my money for young adults
Managing my money for young adults

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Managing my money for young adults

11 Session round-up

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BOBBY SEAGULL:
So, let's recap on the things to focus on when choosing your accommodation. First, are the location and size suitable? Is the property sufficiently equipped to accommodate everyone who wants to share it? You also probably don't want to live too far away from your place of work or study, as this will mean that you spend a lot of money and time on travelling. If you're a student, you probably want a place close to where other students live to make it easier to enjoy the social side of university life.
Second, is the property safe? You should check for smoke and CO2 alarms. Landlords are required to provide these. Are there any obvious hazards in the property? Maybe loose wiring or broken windows?
Also check out how secure the property is. Has it got good locks or maybe a burglar alarm? Has your own bedroom got a lock too? Burglars often find student accommodation to be easy pickings, so avoid properties that look unsecure.
Third, check out the full details in the contract with your landlord. Use your family to help here, as they may have experience of rental agreements. Often, the devil is in the detail of the small print. You need to know not only the key financial details like the rental amounts and the dates it is paid, but also details about exactly what things in the property you’re responsible for. You should also check out the details relating to the deposit you will normally have to pay. For example, what can be deducted from the deposit when you end your tenancy and move out?
Finally, when you move in, take photos and list details relating to issues about the state of the property at the point you take responsibility for it. Report immediately any issues you have. If you fail to do this, you may be blamed and charged for things that were not your responsibility.
So remember this checklist – is the property suitable? Is it safe and secure? Make sure you check that contract, and address any issues about the property immediately. Do all this and the chances are that your tenancy will go smoothly and you'll avoid any unfortunate financial consequences.
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This has been a session with a single focus – the financial realities of living in shared rented accommodation. Even if you don’t go on to college or university after school it’s fairly likely that at some stage of early adulthood you’ll be in a house share.

Be alive to the reality that during a house share there will be issues that you’ll have to tackle and resolve.

  • A number of things (hopefully only a small number) are likely to go amiss with the property – perhaps a breakage of a piece of furniture or the malfunction of a kitchen appliance. This is just the way life goes.
  • Tensions in the relationships between some housemates are common even if everyone was best friends at the start. This can happen simply through living life together at close quarters, often in accommodation that might not be spacious.
  • Some surprises might occur that affect people’s budgets – perhaps a larger than expected heating bill due to a cold winter or a breakage that has to be paid for.

The information and checklists in this session should help you face any glitches when you’re in a house share and help to keep your finances in order.

You should now be able to:

  • make good decisions about choosing a rental property
  • understand the financial costs of renting a property
  • know what responsibilities you will have as a tenant
  • understand how to deal with issues that might arise during the tenancy
  • understand the impact living in a shared rental property has on your budget.

You can now go to Session 6 [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] .

If you are a teacher working with young adults, you might find this additional guidance for teachers useful.

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