Living on your own has many implications. Primarily, it means that you’re responsible for all of your bills, utilities, and other expenses.
In essence there many important life lessons that living on your own teaches you.
Living on your own also gives you the freedom to live how you want, when you want.
While the thought of moving out of your parents’ home (or the apartment you are sharing with your friends or college) can be overwhelming. Living on your own is unavoidable at a certain stage in your life.
There are many challenges that come with living on your own, however if your transition is well-planned and budgeted for, the move becomes manageable and stress fee.
There are a few important things about life that living on your own will teach you.
What living on your own teaches will also may surprise you. There is a lot to learn about yourself when you’re living by yourself, from financial independence to self-respect.
There’s a lot to gain from living on your own, too, including coping with daily tasks and achieving a certain sense of fulfilment.
Read on to discover more about these benefits of living alone. But first, let’s take a look at what living alone teaches you about money and owning your wallet.
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Financial Independence
Financial independence can mean many different things to different people.
For many, it means being free from income concerns. In reality, this is not the end of worries. Living on your own will allow you to pursue your special interests and lifelong goals. Here are some tips to help you become financially independent.
Let’s begin by defining what financial independence means to you.
Defining Financial Independence
When you define financial independence, you’ll have an easier time achieving it.
Calculate your annual expenses. If you are living on a single income, your annual expenses should be approximately $10,000. Multiply this amount by 25 years.
You may need to work for a longer period of time than this to reach financial independence.
If you want to retire at age 65, your annual expenses should be $250,000, and so on. However, you should also consider how much money you want to save.
Establish a Budget
Setting up a budget helps you stay on track financially. Start by deducting fixed expenses from your monthly income.
Then, divide the rest into flexible expenses. You can then go shopping with this extra money. This will help you determine how much you can afford to spend.
If you are comfortable spending a little money, you can pay for an occasional treat. You may even find that you can afford to buy a new pair of shoes or buy a new sofa!
Living on your own requires a lot of discipline. You may need to make some sacrifices in order to achieve your goal. Unlike a traditional budget, a FIRE budget is a lot less likely to include extras like luxury items, fancy houses, and expensive cars.
But the rewards are well worth the sacrifices. It is possible to achieve financial independence without debt or a stressful job.
If you have the drive and desire to live a stress-free lifestyle, this may be the right move for you.
One of the biggest hurdles to financial independence is irresponsible use of debt.
Many new college graduates find themselves receiving tempting credit card offers, which make “easy money” appear within their reach.
However, it’s important not to fall into this trap. When you use your credit card, you’re setting yourself up for problems that may hinder your ability to achieve financial independence.
Instead, always pay with cash whenever possible and avoid making purchases using your credit card.
Pro Tip: Once you’ve determined how much money you will need to make each month, figure out what kind of job you would like to do. Do you want to work at home, or go into business for yourself? Are you interested in being self-employed, or working for another company? Are you in a position to take on a side hustle?, etc.
These are critical questions that you need answer in a bid to ensure that your independent living is healthy, affordable, balanced and stress free.
Self-respect
While living on your own will certainly teach you more independence and responsibility, it will also help you develop more self-respect.
Self-respect is vital to developing healthy relationships with others and to fulfilling your potential. In order to develop self-respect, you must first accept yourself as you are.
Then, work to become your ideal self and be happy with who you are. This will make the world a better place for you and everyone around you.
Learning to respect yourself requires daily effort. If you are too sensitive about your feelings, other people will also notice.
Learning to accept yourself for who you are means addressing your emotions head on. When you feel uncomfortable, act accordingly.
You are disrespecting yourself if you constantly seek approval from others. If you’re constantly focusing on your faults, you’re only allowing others to focus on your shortcomings.
Learning to be Honest
Learning to be honest is another crucial aspect of self-respect.
No one will respect someone who lies, so you have to learn to be honest and accept responsibility for your mistakes. This is a great part of adulting.
Honesty isn’t always easy, and it often involves pain, but it’s essential for self-respect.
You can’t live your life sugar-coating every single thing, so you must learn to face the truth honestly and compassionately.
Self-respect starts with knowing your values. Your values are firm beliefs about what matters in life.
They help you determine how to live each day toward your values. When you find your values, you’ll find self-respect is a natural result.
You can also learn to treat others with the same respect you show yourself. The most effective way to do this is to develop a set of good habits.
Developing self-respect starts with defining who you are. By defining yourself, you’ll gain confidence and a moral nerve. This is essential to living on your own.
It also helps you learn to set standards for others. Being honest with yourself means you’re always upholding the truth.
It’s also important to develop your own character and make good choices. The more you value yourself, the more people will respect you.
Being Able To Cope With Everyday Tasks
The benefits of being able to cope with daily tasks when you live on your own go beyond immediate pluses.
Learning New Skills
You may have to learn new life skills, or develop a sense of self-reliance, as you are the only person responsible for the home and other people in it.
This is where Do It Yourself (DIY) instinct must kick in. You may have to learn to work on your garden, just to keep it tidy or to grow some vegetables.
You may also need to learn to be a handy man or woman and learn to fix things are broken within your living space.
Not very problem you encounter requires a paid expert to fix.
You may also be faced with emotional distress and isolation. To prevent this, it is best to plan your activities in advance.
Finding Fulfilment In Living Alone
For some people, being alone can be lonely. For others, however, being alone is a positive experience.
In fact, living alone may even lead to deeper soul searching. It may be the time to evaluate your relationships and find out what is missing.
Having no other people to interact with can allow you to identify what you need and want in a relationship and work to make that priority more prominent.
However, when living alone, it is important to be prepared to face the challenges that come with being alone.
For those who are accustomed to a routine of socializing and interacting with others, changing your surroundings can be a great way to renew your spirit.
The same old things can make us feel drab and stagnant, so changing your environment can help you feel refreshed and more content.
Changing your environment can be as simple as taking up a new hobby or painting the living room a bright neon color.
Whatever you choose to do, try to find ways to make the change that will make you feel better about yourself.
Final Thoughts
Do you want to break free from the daily grind of having to please others?, living on your own is not as hard and overwhelming as it seems especially if your transition is well calculated.
The advantages of living alone are many. One of them is the freedom you will have to do whatever you want.
The only limit is your imagination! It is your life, so spend it doing what makes you happy.
Whether it’s meditation, exercise, or something else, there is no better way to discover your true self than living alone.
Moreover, living alone will allow you to explore the depth of your feelings, personality and character.