I mentioned that DD1 will soon be moving out. I am worried about how she will manage financially and hope she hasn’t bitten off more than she can chew.
I also hope she heeds some of the advice I have been giving her. She doesn’t need it because the optimism of youth says ‘it will be ok’… Us older and wiser folk know that sometimes it is not ok, but if you plan and budget and live according to your means, it can be.
My top advice to her will be:
Make a monthly budget, and stick to it.
Set up direct debits for your rent and all your bills to go out the day after pay day.
Put a regular small amount aside each month for emergencies.
Never give in to expensive credit cards or pay day loans to get you through the month.
If you don’t really need something or you know you can’t really afford it, don’t buy it! Retail therapy is now a thing of the past.
If you need new clothes, try the charity shops and boot sales.
Walk as much as you can to save on bus fares.
Use up the make up and toiletries you have before you buy more. Mac lipsticks may be beautiful but at £15-20 they are a luxury. Check out cheaper options (there are many!).
Plan your meals and write your shopping list around that and what you already have in the cupboard.
Try to cook as much as you can – this is the best way to eat cheaply and healthily. But keep some frozen pizzas in for days when you just can’t be bothered so you don’t give in to the takeaway.
Take a packed lunch to work.
Buy your food at the market or in Aldi rather than expensive convenience stores.
Turn lights and appliances off!
Put some thick jumpers and socks on instead of the heating.
Wear your other more than once to save on the laundry.
Get a second job.
Get your friends to visit and bring a few beers over rather than going to the pub.
Don’t start smoking again!!
I could go on, and she will no doubt say that I do tend to! I hope she heeds my advice and enjoys her independence without the worry of debt.
What are your tips for stretching every penny?