Moving out and living independently is one of the most important benchmarks of anyone’s life. I remember when I moved out of my home, I was very excited mainly because I wanted to decorate my home according to my aesthetics, party all night, have friends over and stay up all night. However, this myth soon turned into my worst nightmare when I realized that I would also be paying for everything.
This might seem like you do not have to do a lot but when by the end of the month most of your money is spent on making ends meet and staying afloat, you hardly worry about overnight parties and sleepovers. After paying rent, groceries, a power supply, and an internet connection, I was left with just enough money that I could afford transport to work.
Within the first three months, I was working two part-time jobs, studying, and working on a side hustle just to pay for the necessities. Eventually, I reached my breaking point and that is when I reached out to a financial expert who was also my senior at university.
By using his advice and slowly learning to dedicate a budget, I was able to get back on my feet and save enough money to travel. You might be thinking I am exaggerating but if you are also struggling financially after moving out, these tips can help.
- Determining the Biggest Chunk of Expenditure
My biggest monthly expenditure was internet and food mainly because I was staying out for studying and job so electricity was not such a big hassle.
However, the internet was a necessity and regardless of where I was going, I needed a good internet connection both cellular and residential. This is where I started comparing prices and found Xfinity internet plan because it helped me save money with its basic package, and with its free nationwide hotspot; I was able to get a connection instantly.
For the food, I stopped eating outside. Since I was working at a restaurant part-time, I would generally get staff food, which was enough for me. However, I also learned about Too Good To Go, which was a lifesaver. With this app, I was able to eat from all of my favorite restaurants, bakeries, and eateries without spending too much money.
- Learning to Batch Cook
As a student, cooking can be very exhausting and in my case, I was spending most of my time in the library working on assignments. To make matters worse, I had a part-time job in a restaurant so cooking was not something that I wanted to do after coming home. This is where I learned to batch cook. I listed down all of my favorite dishes and then prepared them on the weekend. This helped me save a lot of money while I was eating home-cooked, healthy meals without spending too much money.
- Cut the Coffee Spree
Believe it or not, getting coffee in the morning was making me broke and I was unaware of it. Most of the coffee places near my apartment were offering me a simple latte for almost 7$. Just like most people, I always thought that 7$ was not too much.
However, by the end of the month, I was spending almost 200 dollars on coffee alone. After just one month, my friend told me to switch to homemade coffee. Within a few months, I was able to save a lot of money and this helped me get another part-time job in a coffee shop.
- Online grocery Shopping
Going to the store means, you will be buying more than you need. Moreover, you will spend money on fuel and if there is a sale going on, forget about staying within budget. This is very common and I have been through all these issues. However, I learned about online grocery shopping with discount offers.
Most online shops offer introductory discounts, so if you make more than one account, you will save a lot of money in the long run. As a student, I used almost all the online grocery shopping apps where I could find a lot of discounts.
- No Eating Out Until You Have Enough
Eating out will cost you somewhere between 10 dollars to 20 $ based on what you like to eat. If you look at it as a daily food budget, this might not seem too much however; with three meals a day and some expensive dinners here are there, you will end up splurging a lot.
To avoid this situation, try to allocate per monthly budget for these activities. Budget allocation will not just help you save money, it will also help you to know if you should spend more money or avoid it at any given point.
Bottom Line
The above-mentioned tips might not seem a lot but they will help you save a lot of money if you use them in the long run. Most people also use budgeting apps so you can list down all your expenses, savings, and earnings. These applications are very good for people who struggle to maintain a budget or end up spending more than they mean. Some of the apps can be directly connected to your bank account so you can track the expenses easily.
