After Graduation: A Guide to Getting Out on Your Own

Written by  //  2014/12/05  //  Money Management  //  No comments

Finally, you’ve graduated, hung up your cap and gown, and now you are ready for the next big step in your life, getting out on your own. This is an exciting time, and you’ll be tempted to get started right away. However, there are certain steps you’ll want to take to make sure you’re ready. You don’t want to come crawling back to Mom and Dad after only a few months!

Start Saving . . . Now!

Chances are, you aren’t sitting on a million dollars or more in the bank. Thus, if you haven’t already started, you need to start putting away money as soon as you can. Not only do you need a safety net of cash when you’re on your own, you’ll also need a lot of cash just to move into a new place. Expenses such as security deposits, furniture, food, appliances, and the like all pile up fast. It goes without saying that you’ll need a job to accomplish this!

Prepare a Budget

Sit down and tally up all the things you absolutely have to have (food, shelter, heat, water, etc.), everything you mostly need and would like to have (cable TV, internet, gym membership, etc.), and all the things you consider luxuries (your daily coffee, a personal masseuse, etc.). You will discover very quickly how much you’ll need to earn every month to be on your own. And you’ll learn very quickly how much that daily coffee is worth to you!

Live Within Your Means

No doubt you will want to live someplace safe and comfortable, but make sure it’s affordable, too. Finding an apartment for rent is the best place to start. Browse websites like Wall2Wall Media that specialize in Kitsilano apartments and rentals in your area; you should be able to screen out all those apartments outside of your budget. Also consider having a roommate. Not only does having a roommate cut many of your bills in half, it will also stave off those lonely blues, which have brought many a young adult back to their childhood home.

These essential guidelines will provide a solid foundation for you as you head off on your own. Nothing is more exciting than that first night in your own place. Just make sure you’ve prepared enough so you’ll be able to sleep at night.

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