It’s not impossible to change jobs, move out of your parents’ house, and find a job that pays enough for you to save and plan for the future.
How do you imagine financial freedom? Is it having a beach house, starting a business, being your own boss, or living off your investments? It’s possible, but you need to be constant and (very) disciplined.
How do you take those first steps? It could be by leaving your parents’ house, even if you have to live with roommates or start a new job.
At Tec Review, we explore these topics and bring you experts to give you the best advice on achieving your dreams, so that financial freedom won’t seem like an illusion.
To a lot of people, the first step to financial freedom lies in answering this question: How can I go it alone and move out of my parents’ house?
The most common dreams for young people include deciding to live on your own, making your own decisions without having to ask permission or be accountable to others for your actions.
But it’s not an easy step to take, especially in terms of finance, which is crucial for deciding whether it’s time to leave the nest or not.
We recommend taking the following steps:
Before making any decision, the first thing you have to do is be honest with yourself and analyze your expenses.
So, before taking on any responsibilities, you need to know how you spend, what your saving habits are like, and overall, if you have developed the skill of handling money responsibly, so that your independence doesn’t create financial problems or unnecessary debt.
Setting a budget is crucial: in order to go it alone, you may have to pay for services you weren’t planning for, such as rent and utilities like electricity, water, gas, phone, internet, etc.
But here is where you should take a break, step back, and ask yourself: How are my savings?
This point is just as important as planning your recurring expenses like rent and services.
In order to live on your own, you need to realize that you will be depending on yourself alone for most of the things that happen to you.
That’s why savings are a very important part of your budget.
Now, we face another crucial financial factor to decide whether you are ready.
Yes, it’s your monthly income.
Many people believe that just having a monthly income which covers rent, basic services, and some small expenses is enough to decide to leave home. However, as we previously mentioned, you must first check to see if you have good personal finance habits, in particular the habit of saving.
Remember that savings shouldn’t be minimal. Consider saving at least 10% of your income for different purposes, particularly emergencies and retirement.
Besides looking at the amount of your salary, you need to consider if your earnings are fixed or fluctuating. If they are fluctuating, you will have to be more careful to cover your fixed expenses, as you will have to learn how to save more in the good months in order to get through the so-called ‘slow months’.
It’s not only about looking for a good price and place, but also about respecting the person you are going to live with.
Being someone’s roommate, and sharing a house or apartment with them, isn’t as easy as it seems. It also means being responsible, following rules, and being tolerant of the other person.
Dalia Bautista created the Depa de Soltera (Apartments for Single Women) website after having very different experiences with female and male roommates and sharing an apartment in the Narvarte neighborhood, which along with Condesa, Roma, Del Valle, and Polanco, is one of the best areas in Mexico City to live in. She shares tips with Tec Review on how to do so without dying in the attempt.
She recommends making a list of rules from the beginning, writing them down, and signing them.
The list should explain if and when visitors are allowed, schedules for using the bathroom, how the kitchen is to be used, who pays for cleaning, and the like.