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Budgeting tips for freshly moved out individuals

Budgeting tips for freshly moved out individuals

You’ve just moved out of your parents’ house and you’re completely clueless about how would you budget your salary. If you are in this situation, you may not have thoroughly thought about your decision to move out of your house.

First things first, let’s clarify that once you’ve moved out and started living alone, you’re now responsible for managing your finances. So, to help you with this, here are some tips on how to budget your money when you moved out.

Budgeting tips for freshly moved out individuals

Set a budget

List all your monthly expenses. Your rent, utilities, groceries, transportation, and entertainment. Add this up until you come up with your estimated monthly expense. Now, deduct this from your monthly salary. After deducting it, you’re now left with your budget for your Shopee/Lazada impulses and your savings.

Track your expenses

You can make sure that you are staying within your budget by keeping track of your expenses. Use an application, spreadsheet or the classic write your expenses on a notebook so you can monitor your expenses and adjust your budget if necessary.  

Have an emergency fund

Unexpected expenses can hit you really hard. So, it’s important to have a fund in case there’s an emergency. Save at least four to six months’ worth of your living expenses. You should only use this in situations that you didn’t expect will happen. Your hospital bill, car repair, furniture repair, and other emergencies. Try your best not to touch this fund whenever you’re having the itch to get a new tattoo, or piercing, and even spend on unnecessary shopping. Got you on this one!

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Save, save, save

Cook at home, and avoid eating out. Eating out sometimes won’t hurt your budget that much. But, if you eat out every day, you’ll realize that this is really expensive and you’ll end up eating unhealthy processed foods just so you can save.

What you can do to avoid this situation is to buy groceries in bulk and go to wet markets so you can save a lot. Save as much as possible because this is necessary for your financial growth. If this is neglected, you’ll be financially stagnant after years of working and a time will come that realizing this won’t do that much because it’s already too late.  

Moving out is both a terrifying and fulfilling experience. If carefully planned, things will go smoother than you expected.

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