Out On Your Own - 7 Financial Tips For Succeeding in Young Adulthood

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

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.