• Home
  • About
  • Lifestyle
  • Tips
  • Fashion
  • Business
  • House
  • Travel
  • Women
  • Blog
  • Contact
    • Facebook
    • Instagram
    • Twitter

Womens Tomsols

Women in Business. Fashion. Home. Lifestyle.

Financial Tips for Young People Moving Out for the First Time

February 21, 2019 by Danielle Leave a Comment

Finally moving out of your parents’ house could be both scary and exciting. You feel excited because you are finally free. You do not need to follow all the strict house rules. You are also living in a different place for the first time in your life. You will have exciting opportunities ahead. At the same time, you worry that things will not end well. You also need to work hard to survive. These are some of the financial tips you need to remember as you plan to be independent for the first time.

List all possible expenses

You can learn from your parents how they budget their money each month. Since you are not paying them, you might not have any idea how expensive the bills could be. The recurring fees include water, gas, cable, electricity, phone, internet and many others. You need to know the rough estimate to prepare for them each month.

Create a realistic budget

Apart from the recurring bills, you also need to pay for food and transportation. If you took out a mortgage, you need to be responsible for the payments. Determine how much you are making each month (minus the taxes) and create a budget around it. Do not forget that you have to pay for insurance and have enough to set aside for savings. Make the necessary adjustments if your income is not sufficient.

Build an emergency fund

You need to save money for rainy days. You need at least 10% of your monthly income set aside for emergency purposes. You need to have these funds in case you lose your job, or you face a medical emergency. You might also have other unexpected financial burdens.

Start paying off debts

Now that you are living independently and making money out of hard work, you need to be responsible for paying off your debts. Start with your student loans. Some people take decades to finish paying their student loans. If you owe your parents a lot of money because they helped you settle down, you need to repay them even if they did not ask for the payment.

Change your lifestyle

You cannot live the same way now that you are surviving off your wages. You cannot keep running to mommy anymore because you ran out of money. It means that you need to stop having endless parties. Do not be an impulsive buyer anymore. Think twice before you purchase anything that you did not include in the budget. Learn to cook, so you do not eat out all the time.

You might feel worried about the idea that you are becoming independent, but it needs to happen at some point. To start the process, you can contact removal companies Cheltenham offers, to help you move out right away. You might try to drag your heels since you do not want to move out. With the help of a moving company, you will be out of your parents’ place to start a new life in no time.

Image: Unsplash.com

To learn more about the Women’s Tomsols Blog, check out our about page!

Benefits of Hiring an Event Planner
What To See in London, If You Like Luxury

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About

Hello and welcome to my blog. My name is Danielle and I am a fashion artist who also runs a successful small business.

Yes, running your own business is not always easy. It took a lot of hard work and determination to get where I am today. But over the years, I have met a lot of great people who have impacted my life in a positive way.

NewsLetter

Lets Connect With us

  • Facebook
  • Google+
  • LinkedIn
  • Twitter

Facebook

Womens Tomsols

  • 5 Things You Wish You Knew Before About Makeup Brushes

    What is a makeup brush? A makeup brush is an instrument with bristles that are used to apply makeup or paint the face. While the handle is typically constructed of plastic or wood, the bristles themselves may be made of natural or synthetic materials. Cosmetics mix better into the skin when applied with the proper brush. Makeup brushes allow for a more accurate application, which makes the makeup appear more… [Continue Reading]

    [ Read More ]
    5 Things You Wish You Knew Before About Makeup Brushes
  • Top Tips for Helping Your Child Maintain a Healthy Weight

    Childhood obesity is a serious issue across the US and the numbers of overweight children have been on a steady rise for decades. Excess weight at a young age carries risks of developing multiple conditions, like diabetes, elevated blood pressure, breathing difficulties, high cholesterol, joint issues, and more. It may also create social and psychological problems, such as body image issues, low self-esteem, and difficulty fitting in. Parents can do… [Continue Reading]

    [ Read More ]
    Top Tips for Helping Your Child Maintain a Healthy Weight
  • How Much Does It Cost To Replace Casement Window Sashes?

    Casement window sashes are one of the most common types of casement windows. They come in various styles and arrangements, such as single-hung or double-hung. You can find casement window sashes in vinyl, wood, aluminum, and fiberglass. The sash is essential because it holds the window’s glass panes together. This is also a good window style when keeping out drafts and heat loss. Casement windows also help to stop air… [Continue Reading]

    [ Read More ]
    How Much Does It Cost To Replace Casement Window Sashes?
  • A Guide To Finding The Perfect Tall Jackets

    If you are above average, it can be hard to find a tall jacket and looking for the right jacket for the right season is harder as each garment has different characteristics, and reading this article can help one distinguish and determine the right jacket to buy. There are different types of jackets, and wearing the wrong one can freeze your extremities, causing frostbite, trench foot and hypothermia. The same… [Continue Reading]

    [ Read More ]
    A Guide To Finding The Perfect Tall Jackets
  • Plus size clothing Do’s and Don’ts Style guide

    Practising the art of expressing oneself and being creative with your everyday wardrobe is a smooth way to go! Life is all about new things; sometimes you succeed, other times you do not, but if you expect less and explore more, you may find good things to embrace. You can always mix and match your plus size clothing. Do’s Experimenting You always succeed after failure because it teaches you something… [Continue Reading]

    [ Read More ]
    Plus size clothing Do’s and Don’ts Style guide

About Us

Hello and welcome to my blog. My name is Danielle and I am a fashion artist who also runs a successful small business.

Yes, running your own business is not always easy. It took a lot of hard work and determination to get where I am today. But over the years, I have met a lot of great people who have impacted my life in a positive way.

Womens Tomsols

© 2023 · Pretty Creative WordPress Theme by, Pretty Darn Cute Design