Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

December 01, 2011 10:06 ET

The Information You Need to Take a Crucial Step in Life: Moving Out on Your Own

OTTAWA, ONTARIO--(Marketwire - Dec. 1, 2011) - The Financial Consumer Agency of Canada (FCAC) has published a new resource for young people who are considering moving out on their own for the first time. This resource provides information to help them identify the costs, assess their options and make the best decisions for themselves.

"Moving out for the first time brings new financial responsibilities to many young adults, who are used to relying on their parents to manage finances," says FCAC Commissioner Ursula Menke. "Now, they have to make sure they can pay their bills while maintaining their homes and pursuing their own goals, including education."

Moving Out on your Own is a new resource that forms part of FCAC's complement of life event-based financial literacy resources.

This resource explains all the expenses people will incur when they move into their own place for the first time: regular costs like rent, utilities, laundry, parking, taxes and maintenance, as well as the one-time "start-up" costs such as moving expenses, furniture and dishes, cable and Internet connections, legal fees and a security deposit.

Before moving out

FCAC recommends that you:

  • Consider options to reduce costs, such as sharing accommodations.

  • Check your credit report and credit score. Most landlords will want to run a credit check on you as a potential tenant to be sure that you have a good financial history and will pay your rent on time. Read Understanding Your Credit Report and Credit Score on FCAC's website.

  • Make a budget: learn how to tell your wants from your needs, and set up a realistic budget that takes into account your financial goals, saving for emergencies, paying down debt and saving for the future.

Moving Out on Your Own also explains how to identify and avoid fraud and scams, and provides worksheets and other resources to help you prepare a realistic budget that you can live with. The full resource is available on FCAC's website.

About FCAC

With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.

You can reach us through the FCAC Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: www.fcac.gc.ca.

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