You are an adult, just graduated from college and now it is time to go out on your own, fully. No dorm room, no roommates, no parents to take care of you. Just you, a new job and new life. But, do you know there is more to living on your own than just finding the right place to lay your head. You have to know how to manage your money, what type of bills you will have and how to make sure you don’t live beyond your means. (your income amount). I know when I was first on my own I had a hard time. I remembered seeing my parents be able to buy what they wanted, but didn’t really realize that the financial state they were in didn’t happen overnight. They saved, paid bills on time, and budgeted for things. I never really thought about it and didn’t realize until I started to make money and spend money that there is so much more to it than just write a check or charge it.
A fresh graduate has to figure out many things. First, figure out what you monthly income is. Next, figure out what you can spend a month on a place to live including your utilities and things you can’t live without. Then, figure in your food expense, car, insurance, gas, and unexpected monthly expenses like medical bills, car repairs, home repairs, etc. With a good financial budget one can live life and not worry where their next meal will come. But, you need to learn to budget, and give up the idea of having the whole world in your hands, overnight.
If you need help you can always find tool online that will point you in the right direction. If you have been out on your own for a bit now and need some help, like a financial tuneup don’t stress as life is life and we all go thru hard times. Hang in there, and enjoy life.
Disclosure ~ Inspired by Genworth Financial.