Moving out from your family home for the first time is a big milestone in your life. Living on your own means no curfews, no rules and no restrictions. However, as fun as this may sound, freedom comes with big responsibilities too. One of the many things that you should really be prepared for is your financial responsibilities. Now that you are on your own, the bills, groceries and utilities are all in your hands. Don’t worry, here are 4 helpful ways for you to save money when you move out on your own.
As much as possible, don’t buy new furniture or decorations.
I know that you are excited to decorate your own place but these things can wait. Buying used furniture and DIY decorations will save you a lot of money. Check out Craigslist for cheap (and sometimes free) items and Pinterest for DIY ideas.
Educate yourself on living expenses.
When you were still living with your parents, I’m sure that you had no idea how all the expenses run in the house. Now that you will be on your own, you should familiarize yourself with all of these – renter’s insurance, security deposits, budget for grocery shopping, water, gas, electricity, cable, phone services… etc. Quite a handful, huh? That’s why before you make the big leap, consider all of these first and evaluate your income and current financial situation.
Separate your WANTS from your NEEDS.
You have to be wise and smart when it comes to your expenses if you don’t want to fall into a downward financial spiral. If you don’t really need it, don’t buy it. Do you really need a cable subscription? Do you really need to go out for dinner all the time when you can cook your own? How about taking the public transportation? The little things and lifestyle change can definitely save you a lot of money.
Save up for emergency.
Like I said, living on your own means there will be no mom and dad to come to the rescue right away. That’s why it is important for you to build an emergency fund. Always put money aside every time you receive your paycheck. It doesn’t have to be a big amount but it will really help a lot when you need it.