Living Alone: Staying Financially Independent

While studying many students find that staying on campus or with family is both convenient and allows them to save money. However, once you start working, living at home may no longer be a viable option. You may want your independence, or have to move closer to your office. For whatever reason you move out, you will need to make sure you stay financially independent so that you can continue to live alone.

Pay off student loans

Many of us leave college up to our necks in student loans that need to be paid off. The first thing you need to do is to set up a system that will allow you to pay off these loans as soon as possible with overdue tax return make the process as simplified. Speak to your employers about your situation. Often, they are more than willing to automatically transfer a set sum off your monthly salary towards settling your student loans. Setting up a direct transfer like that until you pay off your loans will ensure that you don’t delay in settling them or find another use for the money that you could have put towards settling a loan.

Start Saving

In addition to paying off your student loans little by little, you will also need to put into place a savings plan for the future. This may sound daunting but speak to you rank manager about getting an appointment with a banker or consultant who will guide you through the best option of savings accounts with you. Set aside a monthly sum to put into that account. It need not be a large sum. A small sum each month will gradually add up, and if you get into the habit off setting it aside each month instead of sporadically adding to the account it will turn into a habit and you will begin to budget without taking that money into account!

Save on housing

Housing is the other large expense that you might have in your life. In addition to paying rent you will also need to file rental property tax returns and will have to budget accordingly.

Filing you lodge tax return online on time will help you stay on track with your finances and you can save on rent by either looking for a flat share with a friend.

Set limits on your cards

One more way to ensure that you do not over spend or splurge is to set a limit on your credit card. This will ensure that you don’t over spend on an impulse buy that you might regret later, like a designer shoe or fancy chair.