When to Stop the Splurging and Start the Saving

When I moved out, it was tough to find a balance between the thin line of spending and saving. Without my mom next to me telling me to stop buying so much Bath and Body Works, I tended to get a little carried away. So, hopefully by my mistakes and all the lost money, I can help you from making those mistakes.

For me, my biggest issue was spending money on eating out. When I finally sat down and did a budget sheet, the amount of money that went towards fast food and restaurants was mind blowing. So if I were you, I would sit down and make a meal plan for your whole week. Even if it’s just dinners you’re planning out. Then make a grocery list of only the groceries needed to make those meals. Not only will you be saving money from the random Taco Bell runs, but you’ll also be saving money at the grocery store if you make a set list.

My next concern was the impulse buying. For me, I did a lot of online shopping. I would see a cute outfit on someone and then start shopping on Forever 21. Or I would see that Bath and Body Works was having a sale on their candles (don’t ever buy their candles full priced by the way) and then I’d have 3 new candles arriving the following week. Stay away!! What started working for me is I would put everything I wanted into my cart and then close out of the site… I promise it works.

I spent so much money on movies when I first moved out. I would go see a movie even if it wasn’t a movie I had been excited to see. The experience of the movies is my favorite, but this could be any unnecessary, expensive hobby. It’s best to find a hobby that doesn’t cost you $20 a week. Save those experiences to at most once a month. Not only will it save you money, but it will make it even more exciting.

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Top 3 Expenses to Prepare for When Renting

When renting, there are some pretty big expenses that seem to come out of no where right off the bat. Expenses that I hadn’t prepared for when I rented my first apartment. It’s better to be prepared and save money for these random expenses; but, make sure you have another cushion set aside for some other random expenses that I didn’t mention.

1. Security Deposit

For me this was just half the rent, which is actually really good . Some places want the first month of rent and others sometimes want the first and last month’s rent! So be prepared for this hefty chunk of money right away. You’ll get this money back whenever you cancel your lease if your apartment is in good shape.

2. Renter’s Insurance

This expense won’t be as expensive as the first one listed, but it’s normally about $100 for the year. This is something you need in order to rent. Lucky, some insurance companies allow you to pay monthly. That would make this expense only $10 a month. So do you’re research and see what insurance company works with the apartment’s you’re looking at that way you can have an idea if you’ll need that money up front or not.

3. Pet Deposit

My pet deposit was about $175. So if you’re not wanting to get rid of any of your pets, I would suggest having this ready. Again, like the security deposit, you will get this back if your dog didn’t chew any corners or pee on the carpet.