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Budgeting Tips for Living on Your Own for the First Time

Living on your own for the first time is exhilarating and exciting – you’re no longer under your parent’s roof and can simply do whatever you want, when you want. After the long search of looking for houses for rent in Houston, TX, you’ve finally found your dream place. There’s simply nothing better than packing up your things (when you’re ready, of course), and enjoying that first-time independence.

Of course moving out of your parent’s house means the bills are on you now, and life outside of your parents is very expensive. The most important thing to do is set a budget for your home or apartment, and abide by it. You’re going to have utility bills, grocery bills and more that are your responsibility now, and it can seem overwhelming at first. Here are budgeting tips for living on your own for the first time.

Save Money

Even small amounts of money add up over time, but it is difficult to save money when you’re paying expensive rent and living paycheck to paycheck. Putting away even just $10 per month will add up over time, and you’ll be glad you have it when your car starts making odd noises or breaks down, or that dentist appointment you’ve been postponing for the past year.

Use Budgeting Apps

At least until you get the handle on things, budgeting apps allow you to see exactly how much you’re spending each month, and on what things. If you only allot yourself $30 each month on retail expenses and you go over, you will clearly see that and realize you need to back down on those shopping trips. Make necessities like monthly grocery bills a budgeting priority so you don’t exceed your paychecks and end up in the negatives.

Include Utility Bills

Unfortunately, utilities aren’t usually included in rent, and are often very costly add-ons to any rental home. Ask a previous tenant or the landlord what the electric bill usually runs, the water bill, and so on. Adding this onto your rent every month will let you know exactly how much you have invested into your property and will help budget out your other bills better.

Don’t Forget About Your Furry Friend

If you’re bringing along your little furry companion, budget out for them as well. Some rental properties charge a monthly or yearly fee to keep your pet there, as well as food and litter bills. Food for pets isn’t cheap, so keep any savings coupons and take them to the store with you. It’s a good idea to keep an emergency fund just in case for that expensive trip to the vet or just a yearly exam, as these can cost well into the hundreds of dollars.

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