Hi Kate, before moving out you want to consider financial planning. I know you must be very exited living on your own and you should be but fun times often end when your finances are not properly planned out.
First, do you have a stable and secure job? It’s important to feel secured around your monthly paycheck-unless you have financial support from your family or additional saving. Proper budgeting is the key to a successful adulthood. You want to write down all your bills-include monthly rent, phone bill, cable bill,electricity, water and total them up as these are your priority bills and must be paid.
Do you own a car-then you need to include your monthly car payments as well as your insurance-unless the car is paid off, then just the insurance. Attach the gas spending, parking.
Then, you add your food, clothing, fun time funds you want to spend.
Take your monthly paycheck and start subtracting all your monthly spending and see how much you must spend and what’s left of your check. Then, write down what can you eliminate from the must monthly bills- for example- maybe you don’t need a car and can use public transportation. Maybe you spend too much money eating out, buying coffeE/tea every morning-switch to buying a cup and making coffee at home. How much do you spend going to salon-getting mani/pedi/haircut.
Do you have let’s- if so-make sure you include that as part of your spending.
There are many budgeting apps available -mint,better money habits-also did you open a bank account. Make sure you open checking and saving account-make sure you the one that offers you the most rewards. Saving account- I recommend that you start saving early- every penny helps and every dollar makes a difference-with time everything adds up and makes an additional saving for emergencies. Link your tow accounts and ask a bank representative to schedule an auto transfer to your saving account at least $5 every other week. If you multiple that by 52 weeks- it would be an additional $520 per yearly.
When it comes to your monthly rent- the best advise is to make sure you have at least 3 months worth of saving in your bank account. Just in case- you loose your job,unexpected energies might happen- you don’t want to worry about your rent bill while you are looking for another job.
Try not to carry cash in your wallet as the experience shows it spend faster on unnecessarily items. When you are going into a store weather it’s food or grocery shopping- make a list at home of what you need first-this way you will follow your lost and not just browse and pick items that you didn’t plan to purchase.
Always look for coupons and don’t be ashamed-if you can save-save always- don’t waste money that you work hard for. Remember, there will always be things that you really want-I recommend don’t buy it right away- sleep on it and then look for best deals-there is noon eyes need to impress-living a financial freedom is a better choice of life then being paycheck to paycheck.
Cook at home-sometimes a dinner can cost you less hen$10-potato veggies, a snack, cup of rice- all healthy and lots of saving!