If I could push re-do I would. I was always somewhat of a workaholic, but saving money hasn't always been my strong suit. By February of my senior year of high school, I only had 2 classes a day, which let me out of school by 11:30. I was able to get a job and work about 30 hours a week. The only bill I had was for the gas in my car. Then after High School, I had the privilege of living at home, working around 40 hours a week and taking 4 hours of classes every day. If I could push the re-do button and take the advice that I’m about to give you now, I would.
Moving out, and living on your own is a big step, a step that costs a ton of money. I moved out on my own in April 2012, just two months after I got my first, “big girl” job with my own office and salary. I had to move because my mom was relocating to a different city, so I didn’t have much of a choice. Although I had a steady flow of income since February 2010 I hadn't been saving money, like I should have been.
What’s my advice? Pay fake rent. Yes, you heard me right. Pay fake rent. If you are able to live at home for a minimum of 6 months after you get a steady flow of income, pay rent to your savings account. Doing this will make a huge impact when you move out and relieve a ton of stress when you get your first few month's worth of bills!
So, for all of you high school graduates living at home, going to school and working full time, PAY FAKE RENT. To all of you recent college graduates, who want to move out so badly, DON'T. Wait a few months and PAY FAKE RENT. There are far more expenses than you realize once you are truly on your own and having a backup savings account with a few month's worth of rent will help you be a good manager of your finances.
Keeping it Fresh, Young & Free,