With inflation rising, the cost of living is increasing at a rapid rate. People aren’t able to keep up with this increase and are left scrambling to made ends meet. Now is more important than ever to start becoming financially responsible especially if you’re young and living at home.
Like many others, I would like to buy a house some time soon. With the housing market soaring I now realize that I have to save up a lot more than I initially planned.
Here are some tips on how you can become financially responsible.
Eat at Home
If you’re living at home with your parents then you should be taking full advantage of this. And I don’t mean make your parents pay for everything you want, but don’t go out to eat unless you really really want to.
Start bringing lunches to work instead of buying food. It costs a lot less to bring a lunch than it is to buy food.
Learn to grow your money
Whether it’s investing or coming up with a side hustle. Find a way to grow your money. This is very important nowadays because the standard pay check you get will not suffice in the long run. If you look at it this way, people have gotten a standard raise of about 2-3% this year when inflation is up 8%. That raise doesn’t even cover inflation….so finding ways to grow your money is the best way to go.
Now it’s summer, everyone wants to party and go out and I get that, but if you’re not working full time you have more than enough time to learn how to grow your money.
Don’t spend your money carelessly
Unless you absolutely need to buy new clothes, don’t buy them. I’m sure you have a closet full of clothes that will suffice for the summer without you having to buy a new wardrobe. And if you absolutely need new clothes think about shopping at a thrift store.
Also, if you need a pair on pants don’t go shopping at Aritizia that is going to charge you 200 dollars for one pair. Instead, go to H&M or Zara.
Come up with a financial goal
If you’re goal is to buy a house, write down how you will achieve that goal. Your goal can be big or small.