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Friday, November 25, 2022
Eager to live on your own? Have plans to move out of your parents' place? At YNCU we know how exciting it is to get your own place and start your own journey. We also know that school does not always prepare you for the financial responsibility that comes with moving out. We are here to help! Here are some financial tips on how to live on your own:
Budgeting is very important as it ensures you are able to buy your essentials and still have a little money on the side. Figure out how much money you are making monthly and what your monthly expenses are. From there you can allocate portions of your money to different areas and determine how much wiggle room you have each month. YNCU has helpful tools that will make this easy - like our household budget tracker and student budget tracker. Using these tools can ensure you are not running out of money before your next pay day.
As important as it is to budget for your bills, it is equally as important to ensure you are paying these bills on time. By paying your bills on time with your credit card, you will build up good credit and have an easier time securing a loan in the future. Avoiding paying your bills can have negative consequences on your finances and can even lead to debt or late fees. Set yourself up for success by setting a reminder for yourself to pay your bills promptly every month.
As you plan out your budget, make sure you are planning to save some money each month. This will help keep you financially stable. You never know when you may need to have a little extra money so plan to set some aside each month. These savings can go toward your retirement, paying off any debt or anything else that may happen. It is also a smart idea to plan for emergencies. Emergencies can happen at any time (take the pandemic for example) and you never know when unexpected costs will arise. YNCU can help you with planning your emergency savings account. Learn more about the Emergency Savings Plan here!
Make sure you are keeping an eye on your financial transactions. Certain accounts may have fees for each transaction and you could be acquiring extra fees without realizing it. Be sure to check the details of your card (credit card limit, transaction fees, etc.) and plan accordingly. Monitoring your transactions can also help prevent fraud as you can report any transactions that were not made by you. Keeping a close eye will help keep your finances safe.
Planning your meals before you go grocery shopping can help you avoid purchasing unnecessary groceries. Food costs are drastically rising so shopping with a purpose will ensure you are only getting the essentials. Try to avoid food waste by using whatever you have in the fridge before you go shopping. Cooking in bulk and freezing the leftovers is also a good way to save money on groceries and save you time on food prep.
Try to learn as much about finances as possible. There are many external resources that can help you. Also make sure you ask for advice when you need it. Just because you are moving out on your own does not mean you can not ask for help. Chances are you are not a financial expert, so connect to people who are. At YNCU we have many experts who are happy to help!
For all your general financial inquiries and how you can plan out your financial goals, come talk with someone at your YNCU branch!
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Your Neighbourhood Credit Union (YNCU) is a licensed credit union operating in, and under the laws of, the province of Ontario. Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA) .
