Flying The Nest: The Harsh Financial Realities Of Moving Away From Home
Let’s face it; most youngsters can’t wait to move away from home and start living an independent life! They look forward to living somewhere and not getting told what to do by their parents. Or getting “nagged” for not washing the dishes or folding their clothes!
As you can imagine, moving out of home gets perceived as an act of rebellion by some people! Humour aside, some people aren’t fully aware of the harsh financial realities of life. And that includes the time when they move out of the family home. Here’s what most people would write to their younger selves if they wanted to leave home:
You need a well-paying job
The idea of moving out of the family home and into one’s own place is an exciting one. The sad truth is that it can turn into a nightmare if you can’t afford to live there. Imagine the shame you’d feel asking your parents if you could move back home because you were broke!
It’s not surprising that many youngsters have done just that. It stands to reason that a well-paying job is something to get first BEFORE finding somewhere to live. Yes, calculating living expenses might sound boring to some folks. But, it’s an essential step to confirming affordability.
You need to select a property in your price range
Want to live in a sleek city center apartment? That might be the dream of many a young person. Of course, that will only ever be a dream if you can’t afford such an extravagant property!
That’s why it makes sense only to look at potential new homes that you can afford. There are scores of apartments for rent, so there won’t be a problem finding an affordable one.
Sure, that might mean living further away from the city center. That doesn’t mean you can’t commute with a car or public transport, though, right?
Don’t go crazy with credit cards and loans
Despite the economic downturn, more of us are getting credit cards and loans than ever before! Yes, credit cards provide a convenient way to buy things now and clear the balance later. But, too much credit card debt can cripple you financially.
And if you live away from home and need to support yourself, it can be hard to keep your head above water. Instead of amassing lots of credit card debt, restrain yourself from impulse buys. And save up for expensive purchases that you must have at all costs!
Other financial realities one only realizes when moving away
So, the above are some of the things you may have told your younger self. For those of you that haven’t flown the nest yet and are in your teens, what else is there to know?
Well, when you move away from home, it’s not easy to get free money from the bank of mom and dad. So, if you fancy a night out with your buddies, you can’t expect them to give you some cash for it. And if you’re broke until payday, don’t assume they can keep your finances afloat until then.
I hope this post has been insightful to you. See you soon!