The Parent Trap! Saving Money At Home

by Mike on May 25, 2017

The Parent Trap! Saving Money At Home

It is not the same as it was 20 years ago. People are now leaving their parents homes a lot later in life than they used to. It was once that you’d leave at 18, either for university or because you got a full-time job, now you are still living with your parents up to the age of 30 or even older because everything is rising with inflation, but the pay isn’t matching it. For those that are reading this in the same bedroom that they slept in when they were born, I empathize, and here is what you can do to start branching out on your own.

Learn To Save…

It’s a real dilemma because we live with our parents and so we need to feel like we need a breather, so what do we do? We get out as much as we can. It’s like a little lifeline for a lot of us. So the money we earn every month gets squandered. The first trick in learning to cut back on your outgoings is to find ways to get out of the house that doesn’t cost much. You can always go for a drink with friends, but make it a soft drink and limit yourself to just one. If you get into the habit of saving money, you will accrue enough for a deposit or a bond payment on a rental property.

Look At Your Financial Options…

The reality of the situation is that as your outgoings are virtually nil when you’re living with you parents. You aren’t paying the bills, or if you are, you’re very likely paying a small fraction of them, which means if you curtail your spending habits you are very reliable on paper. As a result, you can extend your overdraft, get a credit card, or obtain a loan. Even for those that have bad credit, if you do your research you can get different types of loans, such as “guaranteed loans” and this is a type where it is quite likely, but not guaranteed, to go through without any bother. For more information, you can find out about guaranteed loans at this link. As far as options are concerned, you are in a good place to get some financial help because your total outgoings will be a lot less than your friend who is renting.

Get Into The Right Habits…

If your goal is to get out of your parents’ abode as soon as possible, you might be so overwhelmed with freedom that you will blow a whole wad of cash and end up back at your parents’ within 6 months. It is a common thing, and so you need to learn to stretch your outgoings. For those that are working full-time, you will naturally not want to go out every night because you’ll be tired, but investing in something like Netflix is a very cheap way to entertain yourself without needing to leave the house. We’ve all felt frustrated living under our parents’ roof, but the real financial tests begin once you leave. So get into the right attitudes, methods, and habits of saving.

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