- 8 Tips for Landing a Job
- 6 Tips for Raising Cash Quickly
- 26 Tips for Minimising Expenses (While Living with Parents)
- 5 Tips for Optimising Your Savings
- 8 Tips for Paying off Debt
- 6 Tips for Building Your Credit
- 8 Tips for Making a Plan to Move Out
- 14 Tips for Minimising One-Off Moving Expenses
- 19 Tips for Researching and Minimising Future Monthly Expenses
Moving out isn’t cheap, as there are many different categories of expenses that you need to cater and account for. As such, it may be that you can’t afford to move out.
But that doesn’t mean that you’re doomed to staying in your parents’ house forever. If you can’t afford to move out yet, the following 100 tips might help you eventually move out. These 100 tips will help you find a job for income, decrease expenses, save money, reduce debt, build credit, and make a plan.
And at the end of it, you will be able to move out. Let’s get into it.
8 Tips for Landing a Job
Landing a job is one of the most important things you can do for yourself before moving out.
This is because landlords usually want to see proof of income before renting anything to you. Proof of income indicates ability to pay the rent, which is the most important thing to landlords. In addition, you need your paycheck to pay for your monthly expenses such as rent, utilities, food and transportation.
What should you look for in a job? Ideally:
- You’re a permanent employee;
- The job pays a regular pay-check; and
- You’re able to enjoy (or at least tolerate) the job.
To land a job, you might want to:
1. Clean up your online image.
In preparation for your job hunt, it might be good to Google-search yourself and remove anything that might be perceived as negative (if possible). It’s also a good idea to clean up all your social media accounts by removing anything negative.
2. Update your resume.
To stand out to your prospective employer, make your resume job-specific. Highlight relevant skills and professional experience. Here’s a good guide to updating your resume.
3. Update your LinkedIn account.
Update your Linked-In account as well to reflect relevant, job-specific skills and professional experience. Here’s a great guide by Linked-In on updating your profile.
4. Write cover letters.
To make your job application stand out from the crowd, write a personalised, company-specific cover letter for each job that you apply to. Discuss your qualifications and how you are well-positioned to help each company thrive. Here’s a great guide on how to write a cover letter.
5. Apply for a job that offers free housing.
When searching for jobs, you could keep your options open and apply for jobs that offer free housing, including:
- Joining the military;
- Working on a cruise ship;
- Becoming a park ranger; or
- Becoming an au-pair.
If this seems like something you’re open to, here’s a list of 20 jobs that offer free lodging. If you can’t afford to move out, this is a great option for you to consider, as it takes care of the largest expenditure in your budget – housing.
6. Alternatively, find a part-time or temporary job.
If full-time jobs are difficult to come by despite your incessant applying, then you can consider working part-time or temporary jobs in the meantime to save some money and to further pad your resume.
7. Side hustle.
In addition to your full-time/part-time/temporary job, you might want to consider picking up a side hustle for extra cash. It’s typically lower-stress, more flexible, and can be as simple as driving for Uber or tutoring students in exchange for cash. For more information on lucrative side hustles, here are 50 great ideas.
8. Don’t give up.
Securing a full-time job doesn’t come easy, and if you don’t have one yet, don’t give up. Be consistent in your efforts; send out as many as 5-10 applications per day. Keep track of what you’ve applied for, follow-up when you don’t hear back, and source for more opportunities through networking. Whatever it is, just don’t give up.
6 Tips for Raising Cash Quickly
If you can’t afford to move out, you could consider these easy ways of raising cash quickly. To do so:
9. Hold a garage sale.
If there’s anything you don’t need for daily living (the essentials), you can consider selling them in a garage sale. You can sell your old games, DVDs, CDs, etc.
You might not get a lot of money for your personal belongings, but every dollar earned in the garage sale is another dollar you can save to move out faster.
10. Pawn anything of higher value.
While you might sell lower-value items in a garage sale, you can also consider pawning off higher-value items.
However, bear in mind that you won’t get what the items are actually worth. For example, if you’re pawning off a gold chain worth $1,000, you might get only $500, or less. In addition, this gold chain might be worth a lot of sentimental value, which you can’t put a price on. Think carefully about this before pawning anything off.
You can cash in on newspapers, aluminium cans, glass bottles, cardboard boxes, ink cartridges, and so much more. If you go around your neighbourhood, you might be able to find a lot of recyclable materials around. Check out this article for ways to make money recycling.
12. Take advantage of bank account bonuses.
Banks typically offer hundreds of dollars worth of sign-up bonuses when you open a new bank account with them. Note that there will be conditions that you have to fulfill though, such as depositing a sum of money into the bank account, or maintaining that bank account for a fixed period of time.
Head to Google and type in “Best Bank Promotions or Bonuses”, and you’ll immediately be greeted with fantastic suggestions from NerdWallet or other personal finance sites.
13. Take advantage of credit card bonuses.
Similar to bank accounts, signing up for credit cards can be equally, if not more, lucrative. Some credit cards may require a minimum spend, others may not. Sign up for those that are most favourable for you.
14. Donate blood plasma.
To donate blood plasma, you need to be between 18 to 69 years old, and weigh at least 110 pounds (50 kilograms). You can make anywhere between $20 to $50 per donation, and up to $300 per month.
26 Tips for Minimising Expenses (While Living with Parents)
Living with parents is significantly cheaper than living alone, and if you can’t afford to move out yet, you should take advantage of this golden opportunity to save as much as possible.
You can do so by minimising your 3 biggest categories of expenses, which are housing, food, and transport. What are some tips for doing so?
15. Whatever you save on rent, deposit it into the bank.
When living with parents, you likely don’t pay rent or you pay rent at a huge discount to market. Whatever money you save on rent, don’t spend it on anything frivolous. Instead, put it into your savings account (which you hopefully opened and scored a nice sign-up bonus), or use it to pay down debt.
16. Stop eating out, at least temporarily.
With the average menu item costing at least $10 or more, and the average person spending at least $2,000 to $3,000 a year on eating out, it’s easy to see why stopping your eating out habit will lead to greater savings.
17. Get into the habit of spending no more than $150 a month on groceries.
Check out all these guides from other personal finance bloggers who spend, at the minimum, $1 per meal ($90 per month), to a maximum of just $140 per month.
A Purple Life: How I Spend $125 A Month on Groceries
My Money Wizard: How I Spend Less than $35 a Week on Groceries
His Her Money Guide: How We Eat on $4 a Day
Dan Miller on Budgets are Sexy: How to Eat on Less Than $1.00/meal
18. Consider eating on $60 a month (or $2 a day).
If you’re looking for some serious savings, you could eat for as little as $2 a day. However, note that extended periods on this diet might not be healthy for your body. Here’s what it’s like to eat on $2 a day:
|Breakfast||1 banana + 1 serving of oats||$0.39|
|Lunch||1 serving of tortilla + 2 servings of peanut butter||$0.61|
|Tea||1 serving of sunflower seeds||$0.14|
|Dinner||4 servings of pasta + 1 serving of butter||$0.58|
19. Meal plan.
To eat on anywhere between $60 to $150 a month, meal planning will be needed. This requires you to plan every single meal over a period of time, say a week, shop for only the necessary ingredients, and prepare your meals. Meal planning is great because it saves a lot of time and money. Here’s a great beginner’s guide to meal planning.
20. Cut out meat.
Substitute meat with vegetables or other staples, which are significantly cheaper. Check out the prices of vegetables compared to meat in Singapore:
21. Shop at farmers/wet markets instead of grocery stores.
Not only does produce last a lot longer when you purchase from farmers markets and wet markets, the prices you pay are up to 30% cheaper.
22. Buy clearance items.
In other words, go to where the offers are. Many clearance items are near their expiry date, and can go from 30% to even 70% off their original price.
23. Eat healthy.
Eliminate junk food and sweet drinks from your diet. In Singapore, a pack of potato chips can set you back $5, while the same weight in tomatoes will set you back $0.50. Similarly, a can of coke might cost you $1, while the same volume of water from the tap will set you back just $0.001.
24. Drink water from the tap.
If your country supplies clean tap water, instead of buy bottles of water from the grocery store, consider boiling tap water and drinking it.
25. Eat everything you buy.
Eliminate food waste by eating everything you buy. There are many recipes out there that make leftovers taste good, so that you never have to toss any food out (unless the food has gone bad, of course).
26. Eat for free.
Save even more money by eating for free. There are plenty of ways that you can eat for free, such as dumpster diving, sourcing food directly from wholesalers, growing your own food, mystery dining and so on. Check out this guide on this blog for more tips to eating for free.
27. Consider losing the car, if possible.
Owning a car is expensive. In addition to the upfront cost of the car, you’d also have to fork out money for auto insurance, maintenance, repairs, fuel, taxes and fees. If you don’t absolutely need to use a car to get to places, it might be a good idea to sell it off.
28. If you need a car, get a second-hand car.
Second-hand cars are much cheaper than new cars, since most of the depreciation has been paid for by the previous owner. A car loses 20% of its value within the first minute of buying it, and another 10% by the end of the first year. As such, buying a 1-year-old car will save you a whopping 30% off the market price.
29. Instead, rely on public transport.
Public transport is a lot cheaper than owning a car. You automatically get rid of certain expenses, like auto insurance, maintenance, repairs, fuels, and the works. In Singapore, each subway ride will set you back a maximum of $2. That’s a whole lot more affordable than buying a car.
30. Take advantage of travel discounts.
Common hacks to scoring travel discounts involve:
- Travelling during off-peak periods;
- Buying monthly public transport concession passes;
- Using the best travel cashback credit cards; and
- Taking advantage of money-saving apps.
Our guide on this blog on “Moving Out with No Money” goes through these travel discounts in much greater detail, so do check it out right here.
31. Calculate your fare.
There is usually more than 1 way of getting to your destination. If you’re looking to save a few cents on each trip, you could use a fare calculator to find the cheapest possible route. You can find a fare calculator for your city by Googling it.
32. Get around for free.
You can do so by cycling, walking, skateboarding, telecommuting, etc. Our guide on this blog on “Moving Out with No Money” goes more in depth into scoring free transport, so do check it out right here.
You might find it interesting that even wealthy people like Mr Money Mustache, one of the faces of the early retirement movement, gets around on a bicycle, because it’s safer and more financially-friendly to do so.
33. Drop all forms of paid entertainment, at least temporarily.
If you’re looking to move out as soon as possible, it would be prudent to drop all forms of paid entertainment, even cheap streaming services like Netflix. Instead, watch videos for free on YouTube. You can also watch movies for free online at these 10 best sites.
34. Restrict your entertainment options to only those that are free.
There are usually many ways of having a life without spending much money. You could catch a free movie screening, enjoy a free concert, or visit a free tourist attaction (like museums). Even in Singapore, one of the most expensive countries in the world, there are plenty of beautiful places that you can visit for free, like this beautiful beach.
35. Make your own gifts.
Instead of purchasing expensive gifts, consider making inexpensive yet thoughtful ones. It could be something as simple as a homemade card. Alternatively, get inspiration by looking through this massive list of inexpensive homemade gifts.
36. Cut out shopping and impulse buying.
To reduce your number of impulse purchases, simply cut out shopping from your life, at least temporarily. You could:
- Stop visiting malls;
- Block all online shopping sites;
- Block all online shopping apps; and
- Unsubscribe from all shopping newsletters.
37. Get rid of vices.
You can consider taking the extra mile to get rid of any vices, such as gambling or smoking. This will be good for your physical, mental and financial health.
38. Ride on a parent’s health insurance plan.
To save some money, you can ride on a parent’s health insurance plan until you’re 26. After, you’d have to get your own plan.
39. Reduce your mobile phone expenses.
If you’re paying more than $20-$30 a month for your mobile phone bill, you might want to consider reducing this expense. You can check out some of Mr Money Mustache’s inexpensive recommendations for mobile services.
40. Reduce grooming expenses.
A good way to reduce grooming expenses is to cut your own hair. MP from Mustachian Post has a great guide on how to cut your own hair, and the savings from this might shock you.
5 Tips for Optimising Your Savings
After finding a job (whether full-time, part-time, or temporary) and getting some quick cash (from garage sales, recycling, etc.), as well as minimising your expenses, you’re likely to start seeing your savings grow. Perhaps you still can’t afford to move out yet, but you will be able to in due time.
One thing that will get you closer to moving out is optimising your savings. How can you do this?
41. Buy only the essentials.
To save some serious cash, you might want to consider cutting out everything except essentials. Essentials consist only of what you need for daily living, such as paying rent to your parents, food to eat, transport to get to where you need to go, etc.
42. Try to save at least 50% of your take-home salary.
With all of the tips above, it’s likely that you should be able to save at least 50% of your salary, if not more. Even if you earn only a modest salary, 50% savings each month will go a long way after you move out.
43. Source for the bank account that pays the highest interest.
Since you’re now saving quite a bit of money, you should research for the best bank account that will help you grow your money.
For example, in Singapore, the best bank accounts now pay at least 1% to over 2%. A quick search on Google should reveal the best bank accounts in your country.
44. Save all bonuses.
If you receive a bonus from your employer, it would be best if you could save it in your bank account. Many people view bonuses as “fun money”, and prefer to spend them. However, if you can’t afford to move out, and if moving out is your priority, it would be much easier for you to do so if you save your bonus money.
45. Build your emergency fund.
An emergency fund is a cushion of cash that protects you from unexpected or unforeseen situations, like a medical expenses, or home repair. Ideally, you should have at least between 3-6 months of living expenses in cold, hard cash.
8 Tips for Paying off Debt
If you have any debt, you might want to consider reducing them as much as possible, or even eliminating them altogether, before moving out. This is what we would recommend, as mentioned in our guide to moving out on this blog.
46. Confront your debt.
Be honest with yourself as to how much debt you have. If you have $50,000 worth of student debt, ignoring this fact won’t make your debt go away.
Find out how much you owe, in total, across all different categories of debt, whether it’s student debt, credit card debt, or other consumer loans.
47. Resolve to change your habits.
What caused you to rack up debt in the first place? If you have student loan debt, don’t throw into further debt by going for more tertiary formal education. If you have credit card debt, get rid of your credit cards and transact only in cash.
48. Make more than just the minimum payment.
There are numerous problems with making just the minimum payment on your debt. First, you’ll be paying very little towards the principal. Second, your interest will continue ballooning. And third, your credit scores could suffer.
49. Pay off the debt with the highest interest rate.
Mathematically, it makes sense to pay off the debt with the highest interest rate. This will result in you paying as little interest as possible. This is known as the “debt avalanche” method.
However, for many, the approach of “paying off the debt with the smallest outstanding” might be more feasible. (Please refer to the next point.)
50. Alternatively, pay off the debt with the smallest outstanding.
This is also known as the “debt snowball” method, recommended by Dave Ramsey. Knocking out the smallest debt, regardless of interest rate, helps to build confidence and motivation. Read all about the debt snowball method right here.
51. Seek help if your debt is out of control.
Sometimes, if we feel overwhelmed, a good course of action is to seek help. We can speak to a trusted loved one with experience, seek out a counsellor, or join credit counselling and debt management programmes. A quick Google search will give you plenty of reliable, trusted options.
52. Find ways to motivate yourself.
A good way to keep yourself motivated is to track your progress by maintaining a simple spreadsheet, and making this spreadsheet as visible as possible. Here are many other ways that you motivate yourself.
53. Remind yourself of your goals daily.
Always remember your why. Why do you want to get out of debt? So you can move out ASAP? So you can finally quit your job to travel the world?
Remind yourself of your goals daily. Imagine what it would be like to have achieved your goals. Let that keep you motivated each day.
6 Tips for Building Your Credit
Why is it so important for you to build your credit? This is because landlords are likely to check your credit history to determine whether you can afford your rent. With a bad credit history, or no credit history, you’re less likely to be able to rent a place of your own.
54. Pay student loans on time.
If you have student loans, pay them off diligently. Make more than just the minimum payment. Make sure you’re never late with your payments. This is one way in which you can build your credit.
55. Open a credit card.
If you don’t have student loans, apply for a credit card. Before applying, research for the credit card with the best cashback or rewards programme. More importantly, ensure that the minimum spend isn’t high. You don’t want to end up spending more just to meet the minimum.
If you can’t get approved for an unsecured credit card, go for a secured one instead, where you make cash deposits before spending on the card.
56. Set your credit limit extremely low.
If you have a tendency to overspend, set your credit limit at something really low, like $200 to $300.
57. Use your credit card only for essentials.
Since you’ll likely set your credit limit low to prevent excessive spending, remember to use your credit card to pay for only essentials, like groceries or transport.
58. Pay all bills in full, on time.
Don’t make just the minimum spend on your bills. If you’re using credit cards, this will cause you to get slapped with a 24% p.a. interest rate.
8 Tips for Making a Plan to Move Out
It’s alright if you can’t afford to move out yet. That just means that you have more time to make a plan and ensure that your moving out process goes smoothly. What can you do to plan your moving out?
60. Communicate with your parents.
Depending on your parents’ attitudes towards moving out, you should broach the topic differently. If your parents don’t want you to move out, be sensitive to their feelings, and reassure them that you’ll check in frequently. On the other hand, if they want you to move out, your situation will be a lot simpler.
61. Involve your parents in your plan to move out.
If your parents are reluctant to let you go, involving them in your plan to move out might offer them some much-needed reassurance.
62. Set a reasonable timeline.
If it’s not possible for you to move out within the next month, don’t force it. Give yourself a reasonable timeline of at least a few months to build up your savings. This will be less stressful for you and those around you, and will give you sufficient time to ensure that your moving out goes smoothly.
63. Set a specific date to move out.
Setting a specific date will force you to make more detailed plans to ensure that you’re able to move out by this specific date.
64. Set daily, weekly, and monthly goals before moving out.
Now that you’ve set your specific date, detail what you need to get done before this date. This can be as simple as buying packing boxes, to something more pivotal like securing a lease on your new apartment.
65. Try your hardest to stick to the date you set for yourself.
Get your financial house in order before the date that you set for yourself. Do everything in your power to stick to the date.
66. Reassess your situation when your due date is up.
However, if it appears that you’re not able to move out when your date is up, despite you trying your hardest, don’t force it upon yourself to do so. It could be that your timeline wasn’t as reasonable as you thought, and it’s perfectly fine for you to reassess and make another plan.
67. Once you’ve hit all your financial goals, prepare to move out.
If your due date isn’t up yet, but you’ve hit all your financial goals, as we’ve recommended in this post here, you can move forward your timeline and prepare to move out.
14 Tips for Minimising One-Off Moving Expenses
As explained in our post here, moving out can be expensive, as it involves one-off moving expenses, as well as your monthly recurring expenses after you move out.
If you can’t afford to move out yet, and would like to speed up your timeline, minimising the one-off expenses will really help.
68. Move as few things as possible.
Moving fewer things would mean you needing to buy fewer packing boxes, less packing tape, and not needing even hire a moving truck.
69. Sell, donate, recycle, or toss.
If you’re able to sell your personal belongings in a yard sale for cash, that’s the best case scenario. Alternatively, recycle whatever you can for less cash. You can also consider donating or tossing.
70. Move out during the off season.
Moving out in winter will likely be cheaper than moving out in summer. If you’d like to save even more money, you could move out mid-month, on a weekday, and avoid the peak hours during that day. It’s cheaper than moving out at the beginning of the month, on weekends, and during peak period.
71. Don’t hire a moving company.
Hiring a moving company will always cost more, as you have to pay for additional services provided, such as including packing, dismantling, hoisting, etc. In Singapore, hiring a moving company will cost at least $500, while DIY moving will set you back less than $400.
72. Get friends and family to help.
In the spirit of DIY moving, you can enlist the help of loved ones. It’s cheaper to buy your loved ones beer and pizza than it is to hire a moving company.
73. Source for free packing boxes.
Instead of buying expensive packing boxes, which might set you back a few hundred, consider sourcing for free ones on Craigslist, grocery stores, your workplace, or any of these other places.
74. Use free alternatives for packing paper and cushioning.
You can consider using rags, old sheets, newspapers, and even your clothes for packing paper and cushioning.
75. Score free furniture from Craigslist.
If you type in “free furniture” into the search box, or simply check the box titled “free stuff”, you might be able to score a few hidden gems. For example, the screenshot below shows a pretty decent sofa set and sofa bed that’s absolutely free (this would set you back a few hundred if you were to buy from even the cheapest stores).
76. Buy brand new, cheap furniture from IKEA.
IKEA has tonnes of great buys, from a mattress that costs just $100, to a sofa set that costs less than that. Check out this dining table and 4 chairs for just $99. It’s the best place to get brand new, inexpensive furniture.
77. Buy second-hand, good-quality furniture.
Craigslist also has plenty of great buys, if you don’t mind second-hand furniture. Alternatively, search for other second-hand online marketplaces. In Singapore, the most popular second-hand online marketplace is Carousell.
78. Go for cheap accommodation.
The cheaper you place of lodging, the less your one-off security deposits and housing agent fees.
For example, if you rent a place for $1,000, your security deposit will be between $1,000 to $3,000, and your agent fees will be $500 to $1,000.
On the other hand, if you rent a place for $500, your security deposit will be between $500 to $1,500, and your agent fees will be $250 to $500.
79. Reduce housing agent fees.
Circumvent housing agent fees by putting yourself in direct contact with potential landlords. You can do this through connection, word of mouth, or online platforms.
For example, in Singapore, you can find housing without agent fees by contacting landlords directly on Carousell.
80. Reduce all other fees.
Avoid pet fees by not having any pets. Avoid expensive things like cable, which will cost you money in set-up fees. If you put yourself in direct contact with the landlord (as explained in the previous point), you might also be able to avoid rent application fees.
81. Check for tax deductions.
Tax deductions differ from country to country.
For example, in America, although moving expenses are no longer tax deductible for federal tax purposes, except for active members of the armed forces, some states do still allow tax deductions for moving expenses on state tax.
In Singapore, relocation expenses are deductible against the cash allowance provided, but not against any other income.
19 Tips for Researching and Minimising Future Monthly Expenses
In addition to moving expenses (which was explained above), you will also be responsible for your monthly recurring expenses after you move out.
If you can’t afford to move out yet, researching and minimising your future monthly expenses will help you speed up your timeline. To do so:
82. Practise budgeting.
Budgeting doesn’t always come easy and naturally for many people. To get the hang of budgeting, it would help to start now. Start keeping track of your income and expenses. To do so, you can use free budget apps, like Wally.
83. Make it a habit to record all spending.
Whether it’s a dinner out, or just a pack of gum, make it a habit to record all spending. Although expenses of $1 or less may not seem like much, it could potentially add up over the weeks or months.
84. Make it a habit to record any and all income.
Similarly, make it a habit to record all income. This could be as little as $2 you found on the ground, or even a $0.50 cashback from a small grocery purchase.
85. Figure out exactly how much you'll be making each month.
If you’ve got a job lined up, it would be best if you knew in granular detail the following information regarding your salary:
- Gross salary;
- Total tax payable (such federal, state, local, if applicable);
- Any tax benefits applicable to you;
- Retirement contributions (and how such contributions are beneficial);
- All deductions applicable.
86. Create a budget for your monthly expenses after moving out.
When creating your monthly budget, ensure you’ve catered for every conceivable category of expense. Here’s a great guide on all the different categories that you might have to include in your budget.
Look through each individual category of expense, and see what you can reduce.
87. Remember to account for any debt.
When creating your monthly budget, don’t forget to include any debt repayment as well. Is your debt payment manageable? Can you make repayment with ease? If you’re not able to do so, delay your moving out plans until you’ve brought down your debt to something you feel is reasonably manageable.
88. Research living options.
Where is your job located? Is there a neighbourhood that’s cheap, yet safe? What’s the cost of a studio apartment? How much does a single room in a shared apartment go for? Research your future living area to find out where you can get the most bang for your buck.
89. Get as many roommates as possible.
If you’re looking to reduce your rent as much as possible, start by finding roommates. For example, in Singapore where real estate prices are through the roof, you could live on your own for as little as S$250 a month (US$170), if you don’t mind sharing a room.
90. Rent as small a room as you might need.
If you don’t want to share a room, you can consider renting a single room in a shared apartment. This will still be significantly cheaper than renting a small studio apartment on your own. In Singapore, a bedroom might cost S$500, while a studio apartment costs S$1,500.
With limited personal belongings, you might find that a single bedroom of space is adequate for your needs.
91. Stay far from the city-centre.
If the commute isn’t an absolute deal-breaker, you could consider staying as far from the city-centre as possible. This will bring down your costs by 50%, if not more.
92. Sign a longer lease.
Usually, landlords will be willing to give a discount on your rent, in exchange for the certainty that you’ll stick around for a while. If you find a place you absolutely love, this might be a good way to reduce your rent.
93. Negotiate your rent after being a star tenant for a while.
After you’ve stuck around for a while, consider negotiating your rent with your landlord. He might be willing to give you a discount so that you’d stick around.
94. Find an inexpensive neighbourhood, balancing that with safety.
Living in an inexpensive neighbourhood doesn’t just mean cheaper rent prices. It also means cheaper food and other necessities.
95. Use as little utilities as possible.
Use as much natural light as possible. Instead of turning on the air conditioning during the summers, use a fan. Wear thicker layers instead of turning up the heating too much.
96. Source for energy efficient appliances and bulbs.
While you might not reap huge financial benefits from energy efficiency, the small amounts add up over time.
97. Check if your company offers health insurance.
One of the benefits to being an employee is that your health insurance is usually fully covered. Do some research on your company’s health insurance, and try to get as much benefit from it as possible.
98. Utilise all company benefits.
Research and find out more about your company benefits. How much paid time-off do you have? Medical coverage? Insurance? Paid lunches? Free pantry usage? Memberships (to gyms, etc.)?
99. Live below your means.
Most importantly, ensure that you’re always living below your means. If you created your budget but found that your income isn’t able to cover all your expenses, figure out a way to increase your income before moving out. If you can’t afford to move out yet, don’t force it, and don’t take on debt to do so.
100. Be mindful of lifestyle inflation.
As you score promotions and pay raises, you might be tempted to increase your lifestyle expenses. While it’s perfectly okay to treat yourself, be mindful of the concept of lifestyle inflation, and always remember to live below your means.
Can’t afford to move out yet? Don’t worry. If you take the advice of the above tips, you’d be able to land a job, raise some cash quickly, save lots of money while living with parents, optimise your savings, pay off a significant amount of debt, build your credit, make a plan to move out, minimise your moving expenses and monthly expenses. This will get you much closer to moving out than you might think. Good luck!
What other tips might help someone who can’t afford to move out yet?
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