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How to Leave Home and Gain Financial Independence

In recent years the world´s economic problems have caused more people to stay at home with their parents until they are older.

There are some very positive aspects to staying at home but if you feel that the time has come to strike out on your own and achieve financial independence then how will you go about it?

Start Planning and Saving Early

While you are at home you should have more disposable cash than when you stay in your own place. It therefore makes sense for you to use this opportunity to save more for when you move out. It can be easy to spend money on little luxuries such as clothes and gadgets when you are at home. However, it is far better to spend this time planning for your future independence by saving money. By doing this you will be in a much better position to start your new life with a decent bank balance to see you through any difficult times. It is also a smart idea to start plan by buying little household goods and appliances every month, so that you don´t get hit with a huge bill for kitting out your new house when you move in.

Think More About Your Career

While you are living at home with your parents you can afford to build up your career slowly. Maybe you could even take some time to do a job you love but which doesn´t pay too much. That is a great situation to be in but when you plan to move out it could be that you decide to take your career more seriously. Could you move to a different role that might earn you earn money or could you study for a certification that helps move you onto a better salary? You don´t need to turn into a corporate drone just because you want to gain financial independence. Having said that, if you haven´t always taken your career seriously then now is the perfect time to do so.

Do Some Research

How much money would if cost you to make rent on a nice place in the area you want to live? If you don´t know that doing some research and finding out is something you should do as early as possible. This means that if the rental is too high for you then you can start to look at alternative options. Possibly you would be best looking in a less expensive area or sharing accommodation. You should also find out about the monthly cost for electricity, transport and anything else that you don´t currently have to budget for. You need to know as soon as possible how realistic it is for you to move out right now on your present income levels.

Make a Decision

Finally, you should now be in a position to make a decision. Ideally, you will be clear that you have the money necessary to live where you want to and enjoy a good lifestyle. However, some people decide that they will take the step of gaining financial independence in any way they can. As mentioned earlier, this could mean moving into cheap shared accommodation or looking for a low cost place in an area you hadn´t originally considered. There is a great feeling of liberation to be had from moving out and living on your own, so maybe you will be happy to do it on whatever terms are possible for you right now.

Are you currently planning on gaining financial independence or do you remember any good tips from how you did it?

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One Response to How to Leave Home and Gain Financial Independence

  1. Great tips!This reminds me when I was planning to leave home,It was tough since I was not financially stable.My job was not bring lot of income.I made so many mistakes.To cut the long story short,I learned from that mistake which was never quite good.
    Amos @ Modest Money recently posted…The Top 3 Books on House FlippingMy Profile

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