If
surviving your teenage years is the battle, then the reward is your young
adulthood. Being a young adult is about late nights, temporary jobs, travel,
love, and life in general. There’s less long-term planning, fewer children
involved, and potentially the lowest number of financial commitments you’ll
ever have again.
Out On Your Own - 7 Financial Tips For Succeeding in Young Adulthood |
In this
economy, however, money isn’t just falling from the sky, and while you could
visit latitude finance today for a personal loan for that holiday you’ve wanted
to go on, who knows how much you’ll actually need to borrow? If saving is your game, then we’ve got a new set of rules for you to follow to maximize your financial success in your young adulthood. Make it your habit to read financial articles written by experts.
Buy-In Bulk
Buy-In Bulk
When
you’re buying any non-fresh item from a supermarket, you can almost guarantee
that you’d be able to find a comparable product elsewhere for significantly
less. Supermarkets have been the top dog in the groceries department for a long
time now, and it’s only recently that newer chain stores are coming through
that specialize in bulk buying for lower prices. Anything that doesn’t expire
can be bought in bulk, and it will save you money to buy in bulk wherever
possible.
Shop
Around
Whether
you’re buying in bulk or not, shopping around is always a good idea for the health
of your bank account. Don’t just go to your closest store for that loaf of
bread, because just as the supermarket is cheaper than your local milk bar, the
specialty chain store like Aldi is cheaper than the supermarket, and the
savings build up fairly quickly.
Markets
For Food
For your
perishable items, like fruit and vegetables and meat, an actual market is a better idea than a supermarket in most situations. Supermarkets only buy the
most aesthetically pleasing fruits and vegetables from farmers, leaving the
less “normal” looking ones behind, which make their way to markets for less
than their visually beautiful counterparts.
Op Shop
Clothes
Buying
all of your clothes brand new might be viable when your parent or legal
guardian is paying the bill, but as an adult, you will be the supplier of all of
your own clothes now, and that means it’s time to start visiting Op Shops.
Charity stores sell many different brands for much less than you’ll pay in a
boutique store, and often the clothes themselves are fine in every aspect other
than their secondhand nature.
Bring
Lunch
Buying
yourself lunch every day can cost up to fifty dollars per week, which can add
up to thousands per year if you’re not careful. Comparatively, groceries are
very cheap, and one ten dollar meal divided into lunch portions could last you
a full week, or even two if you make a lot, leaving those thousands untouched.
Public
Transport
Owning a
car might seem really cool and useful, and while it certainly is more
convenient in some situations, the costs build up quickly. Fifty dollars for a tank of fuel in a conservative car, another fifty for insurance, add another
fifty needed to save to pay for the servicing every year, then tack an
additional eight hundred dollars per year for registration and you’re starting
to get an idea of the costs. Public transport is cheaper, and while it may not be as convenient, it is certainly better for your savings.
Share
House or Home
Living
out of home is a great feeling, and it’s a staple of adulthood if you can make it
work for you, but it can be very expensive if not properly planned for. Living
with housemates lowers the cost significantly, but make sure you pick people
you’re ok to spend a lot of time with, and this won’t necessarily mean your
best friends.
Making
it financially as an adult in the modern age is becoming a bit tougher, but
with the right planning and a steady job, almost anyone can make it work.
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