Five Tips: How to Afford Living Alone?

1
How To Afford Living On Your Own?
If you are looking to move out of your current
situation and into an apartment on your own, then
you should start planning early. If you properly
handle your finances, you will find that living
on your own will be relatively stress-free and
affordable. Here are some potential tips to
consider when preparing to live alone.
2
Establish a Budget
Before looking for an apartment or a house,
establish a budget so that you know how much you
can spend per month. You should financially
budget for the following expenses ? Rent ?
Utilities ? Car payment ? Insurance ?
Gas/Car maintenance ? Recreation Once you
have created your budget, you may want to share
it with a friend or parent to see if they believe
it is reasonable and contains all of your
potential bills.
3
Pay off Debt
Before moving out, try to pay off as much debt as
possible. If you have a balance on an outstanding
credit card, try to eliminate or pay it down
while your financial obligations are still low.
Since living on your own may be more expensive
than living with others, you will want to pay off
as much as possible.
4
Don't Overextend Yourself
When looking for an apartment or house, look for
something comfortable, yet financially
reasonable. Although you may have found a place
that offers nice amenities, can you really afford
it throughout the duration of your lease? You
should look through various surrounding
communities to find something safe, comfortable
and affordable.
5
Save For a Rainy Day
Before you move into your apartment, make sure
you save a cushion of money just in case
something unexpectedly arises. For example, you
may have a nice job that provides a decent salary
with benefits. However, what happens if you are
laid off or fired? If you do not have a saving
account to rely on, you may be evicted from your
apartment.
6
Consider Making Lifestyle Changes
You may want to change certain aspects of your
life when moving on your own. For example, if you
constantly go out to eat, consider making your
lunch at home and bringing it to work. If you go
to happy hour four times a week, you may want to
cut back to only two nights a week.
7
If you go with the budget accordingly and spend
your money prudently, you will find that living
on your own is financially possible. Find ways to
cut down on your costs, save some money, and plan
early to ensure that living on your own will not
be a financial burden.
8
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