Today it is very common young people under 30 want and seek to become independent . However, they choose to rent spaces together with other people or, “roomies”, because there are few young people in that age range who receive a salary high enough to manage to live alone. That’s why they need financial advice so they don’t have to go back to their parents.
According to data from the CONDUSEFhousing is the main expense that a person allocates from their income, and although it is recommended not to exceed 30%, in most cases the income can lead you to consume between 40 and 50% of your income, not including the services.
Financial tips for when you live alone
So, if you are thinking that it is very easy to leave your parents’ house, I suggest you read the following tips:
1. Have a savings plan
If you plan to move for the following year, it is best to start saving now, what you are saving by living in your parents’ house will help you raise considerable capital to start in a new place. The best thing is that your income allows you to pay it with a maximum of 30%, but at the beginning there are also large expenses such as: furniture, deposits or advances, decoration, adjustments, etc.
2. Organize your expenses
You will have already noticed that there are expenses that are repeated every month and you cannot delay, it is best to make a monthly budget that helps you see precisely how much money you have and where you allocate it, in this way, you will be able to see where to cut expenses or What can you stop spending on?
3. Apps are what’s up today
Lean on applications that help you keep track of your finances to prevent you from losing the fight for independence in the first months. You can download my free app on iOS or Android, I know it will help you a lot to achieve your dream of becoming independent with its financial advice.
4. Put your capital to work
Having your money stored in the bank, where it does not generate any return is not an option, I always say that “money that falls asleep is taken by inflation”, so start moving your money to investment vehicles that help you grow financially, Cetes are a great start if you have never invested and you can do it from 100 pesos.
5. Savings fund
An accident or illness is never scheduled in our monthly agenda, therefore, it is necessary to have an amount of capital available to help you solve this type of inconvenience.
6. Do not spend what you do not have
Buying with a credit card could leave you at zero if you don’t know how to handle it, remember that this plastic is not an extension of your salary, it’s someone else’s money that charges you interest, so don’t get carried away by card promotions and the months without interest. Think about how long it will take you to pay for a microwave that you were able to buy with cash!
7. Treat yourself
Not everything has to be savings and deprivation, if you have already met your monthly payments and are generating returns in an investment vehicle, going out to eat or to the movies will make you feel happy with your financial achievements.
Finally, if you want your income to increase before the end of the year, I recommend my free ebook 5 strategies to earn extra money which will help you achieve your goal of living alone faster, remember that this new stage can be very fun and enriching for you, as long as you control your finances.