Things to Know Living on Your Own

Living on your own is widely different from living with your parents or sharing an apartment with your friends or college mates.

If you’re a recent college graduate who’s moved out on their own, you’ll have to be more resourceful than you’ve ever been.

There are several things to consider, such as cost of living, security devices, budgeting, and getting a job.

 Hopefully, the tips listed in this article will make the transition easier.

Journal Your Income

For starters, you’ll need to write down your monthly income and expenses.

Include fun expenses like cable and Internet, as well. Getting your financial situation down will help you to make decisions that will cut your expenses.

Cost of Living

When analyzing the costs of living, housing should be a major consideration. This category includes rent, utilities, homeowners association fees, and household maintenance.

Prices differ from city to city. Other factors that can influence cost of living include the number of roommates and grocery stores available in the area.

However, there are some basic principles that should be followed regardless of the area you’re living in.

Keeping track of your expenses will make it easier for you to decide how much to spend on each category.

In addition to housing, utilities, and food, there are other expenses you must consider, such as health care and education for your children. These expenses are not always shown in the monthly budget, but they have an impact on the overall cost of living.

Also, remember to budget for the unexpected. It’s a good idea to save for a few months of these expenses so you won’t run out of money too soon.

One of the biggest costs of living on your own is housing.

Rents in various cities can vary widely, but in general, the average rent for a one-bedroom apartment in the first quarter of 2021 was $950.

Rents tend to move almost proportionally with the average income.

By understanding what it will cost you to live independently, you can better prepare your budget.

After all, you don’t want to end up in a situation where you can’t pay your bills.

Living on Your Own in Your 30s – Financial Considerations

Security Devices

Security is a major concern if you are planning on living on your own.

You can use a security camera to monitor your small apartment or house from a distance.

These cameras usually don’t cost very much and connect to your Wi-Fi.

Many cameras have built-in sensors that detect motion and sound. These cameras will alert you if anything happens.

If you are not sure how to install these devices, there are 4 steps to follow. You can also purchase a security system for your home from a professional.

Home security systems are available for both professional monitoring and self-monitoring.

Professional monitoring services can call local emergency services if an alarm is triggered, while on-demand monitoring services allow you to monitor your home without a professional monitoring service.

Prices and coverage vary, but you can save money and monitor your home without a professional.

Other standalone devices you can install include video doorbells, motion sensors, and smart locks.

Window and door sensors are an essential part of any security system. Installing a camera on your window or door is a great way to catch burglars in the act.

You can find security cameras for almost every budget, so you can find one that suits your needs.

Another way to protect your home is to install motion sensor lights.

These sensors provide additional safety for walking around your property at night, as well as illumination of any bad deeds that may take place.

Budgeting

Budgeting when you live on your own can be challenging but it is possible to stay on top of your finances with a little planning.

First of all, make sure that you set aside 30% of your monthly take-home pay for rental costs.

You may find this too low, but other expenses can add up quickly. Remember to consider other expenses such as utilities, entertainment, and groceries.

Many people overlook these expenses, but they add up quickly.

It is important to note that utility bills are not always the same from month to month. Some are seasonal, and you will need to budget for extra money during the hot summer. Others are monthly.

If you’re unsure of your expenses, you can use a budgeting app. If you’re using a spreadsheet, you can always refer to the InCharge Debt Solutions budget calculator,  which helps you calculate your monthly expenses.

One of the most important tasks to remember when budgeting is to keep track of your bills. If you miss a payment, it can cause a large out of balance in your budget.

It’s a good idea to set up automatic payments or create a bill calendar to keep track of your bills.

You can also use a sample budget provided by the Consumer Financial Protection Bureau.  Remember that your bills may change at any time, so keep a schedule.

Getting A Job

If you’re living on your own, you’ll have to think about every expense and figure out how you’re going to meet them.

While this can be a challenge, there are some ways to make ends meet while living on your own. Here are some tips:

Getting A Roommate

Having a roommate gives you the chance to socialize with someone else, which you may not have the time to do on your own. Living on your own can be lonely, especially if you have other responsibilities.

A roommate can help you out by sharing the housework. Having a roommate can make you feel less alone, too!

Having someone to talk to on the phone and hang out with is an excellent way to bond and enjoy your time together.

You may find yourself having to work out some differences with your roommate. Be sure to ask for their help, if necessary.

Remember the Golden Rule: Do unto others as you would like to be treated. This applies to your roommate as well as your friends.

You should treat them with respect and be open to new ideas and suggestions. Make sure to communicate with your roommate, as well as with your landlord.

The Advantages for Living with A Roommate

The advantages of having a roommate far outweigh the disadvantages. Having someone to share your space makes life easier, as you can share the housework and pet care duties.

You can also carpool to work and save money on transportation costs.

Another advantage of having a roommate is that you can meet new people. You can become friends with your roommate’s friends, which will be beneficial for networking.

Finding A Trustworthy Neighbor

As with any relationship, you have to develop trust in your neighbor to maintain a healthy living environment.

Even though you might not have met the person, a neighbor’s advice can be very valuable.

If you feel unsafe around a certain neighbor, he or she may yell at night or have an alarming menagerie.

In these situations, a neighbor can be helpful and provide you with a list of local services and resources.

If you have children, you should consider asking your neighbors for advice or assistance if you need help with something.

Often, neighbors reach out first to you for help with small issues.

It can be difficult to approach a neighbor, but if you know someone well, you can count on them to offer you help.

Moreover, good neighbors always help their neighbors. So, it’s crucial to get a good neighbor so that you can count on their help whenever you need it.

Besides offering advice and assistance to your neighbors, you should also be polite with them.

If they are not respectful, you should consider asking a representative of your neighborhood association to intervene.

Moreover, your neighbors should be respectful and trustworthy so that they can help you out in times of trouble.

Doing so can help you avoid getting into a feud with the neighbors next door. However, there are a few other things that you should consider before contacting a neighbor.

Benefits of Living on your own

While there are benefits of sharing your living space with a room mate as highlighted earlier, there are many benefits of living on you own on the other end.

You Get To Decide How Much Money You Spend

You also get to decide where you spend your money. You can save money by living in an apartment instead of a house. You can also save money by eating at home rather than going out to eat.

You Get To Make Your Own Rules

If you live alone, you can choose how much sleep you need and when you go to bed. You can wake up whenever you feel like it. You can set your own schedule. You can even work from home.

Living alone has many advantages, including the freedom to pursue your interests without having to worry about others’ opinions. But there are also downsides, such as loneliness and isolation.

Final Thoughts

There’s no doubt that living on your own has its perks. It gives you more freedom than being part of a family unit. However, there are also some challenges you will need to be mindful of when living on your own.  

For instance, you’ll need to find ways to make sure you’re safe at night. Also, you won’t have anyone to help you out when you’re sick.

And finally, you’ll have to learn how to cook for yourself.