With all the expenses that come with adulthood (bills, food, rent, etc.), how do you balance them all and anticipate surprise costs?
All of these expenses add on top of your student debt, so how do you handle them for a stable financial future? student-loans student-debt debt financial-planning financial-aid financial-services scholarships money-management
The best thing is to always maintain your fixed cost (rent, bills) as low as possible. Your variable cost , which includes surprise cost , becomes more manageable as a result . Food can be a fixed cost or variable cost depending on your lifestyle . Hope that helps
When you juggle multiple priorities, it is hard to see what is the most important. My recommendation is to have a good mix. It is always best to pay your bills first. If you have any extra after then you should immediately start saving an emergency fund for those surprises. It can be as little as $10-$200/month. Even if you start small, the idea is to get into the habit. I am adding the links to some articles that would be great for you to get started on. They will cover the basics of budgeting and starting an emergency fund. Take the advice and tips that make sense for you and implement if you can. Good luck getting started!
Base your spending on your income, no on what you want. Plan to save 20-25% of what you make so you can easily pay for emergencies when they come, and they will come.
Live minimally, save, invest, and work to increase your income over the course of your career. As your income increases, both your lifestyle and savings should increase too.