If you have recently graduated from University and are heading back home, the chances are that you’ll be looking for something to do pretty quickly, so that you can get out on your own.
After living away at University, moving back in with mum and dad can be a necessity, but not what you have planned long term. Which is why it is a good idea to have a plan on how you are going to save to be able to afford to move out.
As much as mum helping with the laundry and cooking meals is convenient, moving out and having a place of your own can help you to properly ‘adult’ and get things going with a career.
So here are some of the things that you could add into your plan, to make sure that you’re being savvy with your money, so that moving back in isn’t going to be a long-term plan. Is there anything else that you would add to the list?
Travel For Less
The magic to saving money is to spend less than you have coming in. But that can be easier said than done sometimes. But in everything that you do, look for ways to spend less.
For example, transport. If you drive, then you can make your car insurance cheaper in a number ways (one of which might be to have a parent as the policyholder and you as a named driver).
Get a young person’s railcard if you travel by train a lot, or look for monthly passes on buses or trains as ways to cut costs.
Cut Your Phone Spend
It can be all well and good having the latest phone, but when it costs you a lot of money each month to do so (sometimes as much as £45 a month), it is a good idea to cut back.
You could keep a handset after a contract is up, and then move onto a SIM only contract. You can keep your old number, but just pay for the minutes, data, and texts, which can be around £8 a month, as you’re not paying for the handset.
Start a ‘Bottom Drawer’
A bottom drawer was traditionally for women to start collecting things for a home, often linens, in preparation for being married and moving out. But nowadays, it can still be applied, but more to just the moving out!
You could look for some short term self-storage when moving home and use that space as a place to store the things you buy and collect for your new home. It could be furniture, accessories, or things like kitchen items, or bedding.
Earn Extra Cash
If you have a job, then that will be the main source of income. But if you want to save more money each month, then it could be a good idea to temporarily earn a second income.
For starters, it could be something small like selling your possessions that you no longer want or need. It could be an online job like copywriting or completing surveys.
While the money may not be great, it can be a good way to save as you could just put all of those earnings into a savings account.
Disclaimer: This is a collaborative post.