Living on Our Own

Hi readers!

This week’s topic is about “Living on Your Own”.

What do you think about the topic, readers? For me, I think it’s a very interesting topic. Why? Because I want to start living on my own as soon as I graduate from college. The problem is that I need not only to be emotionally ready, but also to be financially independent. Well, I need that because I don’t want to find myself moving back home – or worse, falling into debt when things don’t work out for me because my plan to move out is premature. This makes me even more realize that preparing to live on one’s own before moving out is essential.

In my English class, I am reminded about types of living expenses or we can call it as moving-in costs. Moving-in costs can include more than rent/mortgage payment. Cleaning deposit, security deposit, utilities deposit, and telephone deposit are also moving-in expenses we may not immediately think of. But that is all theory.

Here is the real thing we need to plan:

If you want to live on your own like me after graduating from college, we can start it by setting up a budget that would allow us to rent an unfurnished apartment (oh yes, an unfurnished apartment). So basically, we need to calculate our future income, our fixed expenses, and our flexible expenses. Future income includes our future job, side job(s) (optional), and other (optional). Fixed expenses can include rent/mortgage, car insurance, and car payment. Flexible expenses are savings, food, utilities (gas, electric, water), transportation, bus fare, gas and oil, parking and tolls, repairs, clothing, entertainment, household items, and personal items.

After that, the formula goes like this: Future income – (Fixed expenses + Flexible expenses)

Note:
*All variables are per each month (future income each month, fixed expenses each month, and flexible expense each month.)
*The result of the formula determines whether it is possible for us to live on our own or it is not.
**If the result is plus, it means there are still some money left per month. Congrats-!
**If the result is minus, it could mean that our future income is not enough, our living expenses are too  much, and so on. Anyway, we need to do something about it by any means, so that living on our own becomes more realistic and attainable (y).

Well, a little motivation for readers who may experience the feeling of biting off more than you can chew while setting up the budget for living expenses:

Learning how to make a budget isn't the most exciting thing I do too when I first thinking about living on my own, but I am taught that it can make the difference between just getting by and making the most of my money so I can enjoy my independence to the fullest.

Best of Luck for Us!