You will have a few significant outgoings when you first set up a new tenancy:
Your refundable holding deposit of one weeks rent per tenancy.
Your first month’s rent.
Your security deposit which will be a total of five weeks rent per tenancy where the rent is under £50,000 per year, or six weeks rent per tenancy where the rent is £50,000 or over per year.
Other initial outgoings might include the purchase of furniture if you rent an unfurnished or part furnished property
Once you have moved in, you will have ongoing costs:
Your monthly rental payments.
Your council tax payments. Sometimes these may be included in the rent.
Your utilities including gas, electricity and water. Sometimes these may be included in the rent.
Phone bills, broadband and line rental.
Make sure you take all of these costs into account when you’re thinking of renting a property. Remember too that it’s important to keep paying your rent, on time and in full, as this may affect your credit score.
Write down a projection of all your monthly outgoings (not forgetting money to spend on food, clothes and the leisure activities) so you can see how much money you have left for rent.