The time has come. You are finally going to leave the safety of your nest and fly into the wilderness called ‘living on your own’. Exciting, right? But with great excitement comes great responsibilities. You’ll be the adult in the house now and manage everything, from grocery shopping to putting the trash out, you will have to do everything. Plus making that pocket money or salary last the entire month is a task in itself. So, here are some ways for you to manage money while you set on to the adventure of exploring the world and yourself in the process.
1. Keep aside funds for necessities
First thing first, you need to chalk out the necessities. You don’t want to fall short on funds on necessities like rent, utilities, electricity, etc. So, as soon as you get the money for your monthly expenses, put aside funds for all the necessities.
Budgeting is a good thing and a sensible thing, especially when you are living on your own. In the beginning itself figure out how much you will need to spend on what. This will give you an idea on which expenses you need to cut down on, and where you can afford to spend more.
3. Try to buy things in bulk
You can save a lot of money when you buy things like groceries and other necessities in bulk. You can also avail a lot of offers when you buy stuff in bulk. Keep a day aside in the beginning of the month to buy non perishable items and you will be sorted.
4. Make a fun fund
Being responsible doesn’t mean you can’t have fun, right? When you are budgeting you need to make a fun fund too. While you’re at it, try to stick to your budget during the week so that you can have the money to spend on entertainment on weekends.
5. Save and invest
At the start of the month, put aside at least 10% of your income to save and invest. You can invest it with the option of auto-debit at the beginning of the month itself so that you don’t end up spending this money.
6. Rent instead of buying furniture
When it comes to getting furniture for the house, go for renting instead of buying. Buying furniture becomes more of a liability than an asset. When you’d plan to move out from your place, it’ll be hard to carry them everywhere so it’s better to rent instead of buying. There are several websites like rentomojo, furlenco, etc to rent furniture.
7. Try not to overuse your credit card
A credit card is a useful tool but if you don’t use it sensibly, you can get into a lot of trouble. You can set your credit limit a bit lower than your income and spend money through credit cards and repay with your income. Here, you will need to ensure that you are not overusing your credit card. Making payments through credit cards also helps you gain some rewards which you can use for your flight booking, hotel bookings, etc, which can also come in very handy.
8. Book tickets in advance
Always try to book tickets in advance. This helps you save a lot of money. You can utilize the offers and rewards you get from your credit card here. If possible, travel on the weekdays, as the fare is generally lower as compared to weekends.
9. Cook at home instead of takeouts
If you are not a pro, at least try to learn to cook some basic dishes. Cooking is a basic skill that everyone should know. This will also help you save a lot of money as those takeouts and deliveries can be hella expensive and unhealthy.
And lastly, have fun. Enjoy the process of living on your own and growing in the process.