Staying alone is a dream come true for many. The freedom to make our own decisions and the independence of doing things as we please is something we all imagine we will do as adults. But there are of course some hard truths we need to deal with as well -like managing finances which is, honestly speaking, no cakewalk! At home, we do not have to worry about our savings and optimizing money in hand for the month. But now that you are alone, living in a PG accommodation, it is time to take matters in your hands.
So how to manage personal finances while staying alone?
Watch Your Monthly Expenses:
Certain expenses like rent and supply bills are a given. However, you can always cut down on your daily expenses and also go for slightly more economic rental accommodations to help you save more every month. Taking up residence in co-living spaces like Stanza Living can help you save on your monthly rentals without compromising on your comfort. It is all about smart saving.
Start a Side Hustle:
We are living in the times of the gig economy where freelancers are gaining recognition among many top companies and startups. You too can freelance on the side of your main job to cash in that extra money which will go straight to your savings account. Having a side hustle not only helps gain that extra money but also develops a diverse personality to your personal and professional attributes. The best part? It doesn’t matter where you live to work remotely. You could be in a PG in Vadodara, flat in Delhi, or at home in Indore – you will have the flexibility to work anytime, anywhere.
Make a Budget Chart:
Making a budget chart makes you accountable for your actions as you can track your spendings and analyze your expenditure behavior. By having your chart in front of you, you are able to scrutinize where you can cut corners and save that money instead. However, you need to be tough on yourself and be diligent in drafting this project. Be honest and you too shall save!
Have a Savings Account:
This is a no-brainer. It is always a good idea to save a certain portion of your total income in your savings account, no questions asked. Make sure that you have a savings account in a different bank from your regular account so that you are not tempted to withdraw that amount. This way, you will end up having cushion money for emergency situations and not be broke at the end of every month. You can also have a recurring account in your current bank in which you can give your bank the instructions to deduct a certain amount every month. Therefore, you won’t even realize but your money will automatically be saved.
Sales and Coupons are Your Best Friends:
Chances are that you come across sales and coupon offers every day. Make use of these opportunities and buy your everyday stuff from wholesale budget shops instead of running to the mall every week. Plan your grocery bills, essential bills and other necessary expenditures and get those items in one single trip. Repeated trips to the store will have you spend more than you need and, in the end, you might not be able to achieve your savings goals.
Nobody said living alone was going to be easy and savings will be a cakewalk. However, these are small steps for a secure future which will make you more responsible and a little richer than you are today.