Alaa wants to move out of home and find a place to rent for herself. Find out how she can afford it.
Alaa, age 32, is living with her mother following a recent separation from her partner.
She works regular, casual shifts as a waitress at several restaurants in Adelaide. Earning around $750 per week (after tax), she’s looking for an affordable home to rent, as she doesn’t yet feel ready to buy.
Alaa begins by going to the HomeSeeker SA website and reading the information on renting.
After working out her budget, she calculates that she will have about $350 a week for rent after covering her expenses. She also learns there is government support available to make the initial cost of renting a bit easier.
Alaa prepares her documents and finds a unit available to rent for $250 a week with a $2,000 rental bond around the corner from her mum’s house in the western suburbs. She doesn’t have much in savings, so she applies for (and receives) government support to help cover the cost of the rental bond. Alaa is also relieved to learn that, if she has her working hours reduced and can’t afford her rent one week, there is government assistance available.
By following these budgeting and saving tips, it’s her aim to and save up enough to buy a place of her own – but for now she has the independence she needs by renting.
Alaa works out her finances as follows.
|
Monthly income, after tax (approximate) |
$3,250 |
|
Monthly rent |
$1,120 |
|
Bond and rent up front |
$2,240 |
|
Left over for savings and living expenses per month |
$2,130 |
Disclaimer
Advice contained in this website is only of a general educational nature and should not replace financial advice from a qualified professional, tailored to your specific and personal circumstances.
