6 answers

What do I need to learn how to do before moving out and living on my own?

Asked Cottage Grove, Minnesota

I wasn't taught a whole lot at school about what living on your own entails, and now the time has come where I am becoming an adult and have started preparing for my future. I have yet to learn how credit works, as well as interests and loans. I dont know how to do my own taxes or what investing looks like. I want to know where I would learn these things, and what the hardest/most important aspect of living on your own is to keep in mind. #money #taxes #debt #student #student-loans #interest #credit #livingathome #independently-funding-my-education

6 answers

Emily’s Answer

Hi Kate!

Moving out and living on your own is certainly a big next step in your life, but very exciting! I'd say there's certainly some key things to prepare for when moving out. See below:

1) Grocery shopping and cooking for yourself: Before living on my own, I never had to shop or cook my food! Getting a few basic recipes nailed down beforehand would be a good start so you have some ideas of what to make for yourself to maintain a healthy diet!

2) Being on your own schedule: I used to have my parents help wake me up for bed or drive me to practice and so on, but living under your own roof means that's no longer the case. It's important to keep a schedule for yourself and ensure you have the appropriate alarms / meeting notices set! Agenda books work super well for me!

Katie’s Answer

Updated

Hi Kate!


Good question! It definitely difficult to start out on your own and there is a lot that you never think about before moving out. My recommendation would be to start by using mint.com. It is a great website that helps keep all of your finances in organized in one place. You link in any accounts you have open (checking, savings, loans, etc) and then they set reminders of when you have to pay your bills and what not. The website also allows you to build a personal budget and tracks your expenses against the budget. It also offers you suggestions on ways to save money or invest it.


Also, do some research to find out how much you should be spending based on your income (for example this website: https://www.nerdwallet.com/blog/finance/how-much-can-i-afford-to-spend-each-month/).


As far as taxes go, there are plenty of websites that help you go step by step to build your return. Try e-smart tax.


Hope this helps!

Katie recommends the following next steps:

  • Build a mint.com account
  • Link in accounts/loans/credit card/ etc.
  • Build a budget for yourself to manage your expenses.

Neeraj’s Answer

Updated Bengaluru, Karnataka, India

Most of the answers have given a definitive guide for how to manage your finances and all that. I would add to this and suggest you keep a clear idea of how you're managing all domains of YOU. This includes taking care of your health, relationships, *happiness*, ability to spend time with yourself, your skills,etc. Keep track of everything you did the whole day, align it to all theses areas and also set clear goals when you wake up everyday.

Hongyun (Heley)’s Answer

Updated
  1. To be financial aware - make budgets, track spending, do some investments and savings that's best suited for you.
  2. Also to be responsible for your own living in a healthy way, such as having enough hours of sleep, being mindful of what you eat, and taking care of yourself.

Kevyn’s Answer

Hi Kate,

Personal financial planning is one of the hardest facets of life to master. To help you out please find a list of free PFP courses you can take on various sites online. If you do not have access to wifi or a computer I suggest going to your local library and using their computers. Or ask a local high school if you are able to use theirs.

Another skill that is difficult to master, and can save you a lot of money is cooking. Please find another link to a cooking course for beginners below. This advice doesn't just apply to cooking, but don't be afraid to ask for help from other people; especially if you are just starting to live by yourself. One of the best skills you can have is knowing when to ask the right questions.

Kevyn recommends the following next steps:

  • https://www.themuse.com/advice/13-free-classes-to-help-you-manage-your-personal-finances-like-an-adult
  • https://www.instructables.com/class/Cooking-Class/

Brian’s Answer

Updated Atlanta, Georgia

I would suggest finding a job and working and learning how important it is to get a job and keep it. Work hard save a lot of money and learn how to budget your money. Take on a credit card so you can learn how to pay bills in a timely manner. Most importantly save as much money as you can and learn how to pay your bills on time and budget. This will help you succeed when you are on your own. It is important to save a lot of money in case you lose your job or the company goes out of business so you will have a nest egg saved and have money to support you until you find another job. Good luck!