Living on your own has many advantages. You can live by your own rules, not worry about tidying up after someone else or have to deal with noisy flatmate or other people’s unhygienic habits.
However, as appealing as this may sound, the freedom of living on your own comes with extra responsibility, financial and otherwise.
You no longer have roomies to split those everyday household bills with. Make a budget to plan for electricity, internet and gas bills. Money smart have a great budget planner wizard if you need help getting started.
Cooking for one can be difficult and not really motivating. As most recipes are designed for 2 or more people don’t let homemade food go to waste. Try cooking batches of meals for the week making enough (leftovers) for the next day. An economical way of eating plus, frozen meals are perfect for those nights when you don’t want to cook!
3. City vs suburb – this is all about a lifestyle choice.
Do you thrive on the buzz of the city and being surrounded by people? Then an inner city apartment may be better suited to you, that way you can enjoy the company of people close by with all the benefits of living alone. If you prefer a slower pace and enjoy having space, then you may want to consider living in the suburbs
4. Room to entertain
Creating a welcoming space for guests to pop in for an afternoon cup of tea will ensure you’re never lonely. Plus, it helps prevent always spending money from catching up over a coffee at a local café
5. Keep on top of rent/mortgage repayments
With nobody else to assist with paying the rent or mortgage, consider taking out income protection insurance to help you out if you are unable to work through injury or illness. It might not be something you think you immediately need, but it’s a reassurance that there’ll be support in a time of need.
6. Build an Emergency Cushion
An outcome of living on own, disposable income can quickly become a thing of the past, and saving money is nearly impossible – at least in the beginning. Before making the move and while you still have a surplus income, put a portion of your pay check toward a high % savings account to build up a nice emergency fund in case you lose a job, incur a medical expense, or encounter some other unexpected financial burden.
7. Get familiar with your toolkit
Learn basic maintenance such as how to change a light bulb or fix a blocked toilet from watching ‘how to’ videos. Make sure you have at least a basic tool kit and if all else fails have a list of emergency plumbers, electricians and contacts on speed dial as required.