We all had this period in our lives when our only wish was to be independent and move out of our parents’ house. The moment we started planning it, reality slapped us in the face. Being on your own comes with a price. As we all have been through this, we all more or less adapted to the new situation and (hopefully) successfully dealt with any problems, which came our way. If living on your own is on your wish list, be prepared and look ahead.
Understand Living Expenses
When you are living with your parents, you do not think about expenses common to a household. A rent, a renter’s insurance, water, electricity, gas and cable services and personal expenses are all costs to be covered when you live alone. If you are not sure about items you will have to pay for, ask your parents to advise you.
Set up the Budget
With the paper and the pen in your hands, make a list of your monthly expenses and set up your budget. Determine how much money you will have to give for each item on the list. How much money will you be left? Avoid making a budget list in your head only, money can easily slip away. Making a list will put everything into perspective.
Find a Flat
After you set up a budget, it may turn out you need to scrimp and save for the time being in order to be able to pay the rent. You should not let this discourage you as you can save up by choosing a flat with a lower rent. Check out the flats in the suburbs as they are usually cheaper. However, include the additional transportation costs on your list. On the other hand, you can try looking for the flats near your work. These flats are more costly, but you do not save on transportation. Get more advice here.
Parents Can Help
When you find a flat, you will need cookware, silverware, curtains, bed sheets, towels… Fortunately, you do not need to buy all of it. Any regular household has a plenty of these things, so ask your parents if they can help you. You may think that the only problem may be how to ship them to your new flat. Not any more as you can opt for a variety of custom designed packaging boxes and crates to suit all your needs, say at a Perth-based company offering a range of packaging supplies.
Build an Emergency Fund
Whatever happens unexpectedly related to your finances, you need to be prepared to account for it in advance. Being a grown-up includes building savings. In case you lose your job, or in case you need to pay medical expenses, you need to have an emergency cushion, which can help you until you get on your feet. It is also recommended you have three-month savings before you start fending for yourself.
Learn to be Resourceful
During a first couple of years, you may need to learn how to spend money more wisely. Cooking your own food instead of dining out, walking and biking instead of using public transport/a taxi, repurposing your belongings instead of throwing them away are only some of the elements constituting an independent life.
As you can see, taking care of yourself is not the easiest thing to do. Nevertheless, it is a part of growing up. Living alone has its own benefits you will encounter the moment you choose this path. In the meantime, use our recommendations as they will certainly help you at the beginning of a new chapter in your life.