towards independence Flashcards
what are reasons young people may have for leaving home/living independently?
-going to college/uni
-employment-to find or start a job
-desire to be independent
-disputes with family
moving out pros
independence, privacy, no rules, new friends
moving out cons
cost-rent & bills, managing finances, chores-cleaning & cooking, dealing with roommates
issues with moving out
cost/affordability
mental health
what are some essential documentation when moving out?
medicare card- to access free medical treatment or claim a rebate on private treatment
birth certificate
photo ID- a drivers licence or an alternative to a drivers licence
organisations that provide support when moving out of home
government: department of social services, centrelink
religious: salvation army, anglicare
community: lifeline, community centre
what are the steps in renting a property?
- find the property
- obtain the residential tenancy agreement
- complete condition report
- pay a reservation fee
- read and sign the lease
- pay the rental bond
- pay rent in advance
- take possession and move in
define residential tenancy agreement
the standard agreement between tenants and a landlord when a house or flat is being rented
define landlord
the person who owns the premises being rented
define tenant
the person/s who rent a property from a landlord
define reservation fee
usually one week’s rent that will reserve the premises for a person while their application for tenancy is being considered
define a bond
money that is lodged with the Rental Bond Board. used to cover any damages or cleaning costs if the rented premises are left in an unsatisfactory condition
what is a condition report
details the exact condition of a property when new tenants move in
define “quite enjoyment”
the landlord cannot interrupt the tenant unannounced
what should a tenant be provided with by the landlord or agent?
-new tenant checklist
-your lease
-2 conditional reports
-a bond lodgement form
-your keys
define a kitty
a central fund of money that has been contributed by a group of people every week, ongoing costs fund
common problems for tenants
-failing to carry out repairs to the property
-failing to respect tenants’ privacy
-excessive rent increase (due to high demand)
shared accommodation pros
meet new friends, develop social networks, reduces living costs
shared accommodation cons
arguments over who pays what, arguments of lifestyle factors (cleaning), legal liability issues regarding property damage, failure to pay rent
identify some one-off establishment costs
street parking, bond, furniture, moving van, home suppliances
identify some ongoing costs
rent, groceries, internet, water & electricity bills, rent, streaming services, insurance, entertainment
what are strategies to minimise financial problems?
monitoring spendings - keeping records of everything and avoid impulse buying
superannuation - to have money for retirement
budgeting - a list of planned income and expenditure over a period of time
how do you manage your taxes
make sure is has been calculated correctly and do an annual return to not have under or over paid
what is insurance?
used by people to be financially secure to face any type of problem in life
