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Welcome to my Padlet! This Padlet will be a great guide for students who are or will be living on their own. The goal of this padlet is to help students learn how to manage their living expenses, how to create a budget, how to save for emergency situations and how to set up SMART goals.

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Welcome to my Padlet! This Padlet will be a great guide for students who are or will be living on their own. The goal of this padlet is to help students learn how to manage their living expenses, how to create a budget, how to save for emergency situations and how to set up SMART goals.

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Living on your own gives you a sense of freedom, but it is a big responsibility. The website below suggests several ways to avoid potential undesired financial problems. The website then explains how credit card debt, excessive monthly spending and home loans can lead to financial burdens. Those living on their own must make smart decisions in order to survive.

I chose to include this website because it gives good information on the financial traps many students face when moving out on their own. Unlike the other websites, which explain how to prepare financially this one explains different financial fiascos to avoid. Most importantly, it outlines the negatives associated with living on your own. I think more younger people need this information especially in regards to the excessive monthly spending and credit card debt.

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Image Source: Pexels
There are a variety of benefits of living on your own, but it requires a great deal of responsibility. Making good decisions is one of the best ways to prevent unnecessary financial problems. Credit card debt is easy to accumulate and difficult to manage. Homeowners with high mortgage payments risk defaulting on their loan. It's also a good idea to limit your monthly expenses to save money for the future.

Credit Card Debt

Credit cards are one of the most popular ways to pay for large purchases. This buy now and pay later option is attractive, but people usually end up paying more in the long run. Some may get trapped in the idea of making big purchases on a credit card and small payments. Although this might seem like the most cost effective option, people end up paying a great amount of money in interest. It's common for people to miss credit card payments, which could lower your credit score. Using a credit card responsibility can improve your credit standing, but try to limit the number of credit cards you use. Instead of using a credit card to buy expensive purchases, it might be a good idea to save the money overtime instead of paying unnecessary interest.

Home Loans

Everyone dreams of owning a home, but it's important to purchase a house when the time is right for you. Homeowners need to be financially stable with a desire to stay in a certain area for an extended period of time. Although some people might qualify for home loans that don't require a down payment, it's better to save money to put towards a home purchase. It's important to make sure you make enough money to pay your mortgage on time for the duration of the note. Failure to pay your mortgage will result in a foreclosure, which will impact your credit score in a negative way.

Excessive Monthly Expenses

Limiting your monthly expenses is another great way to prevent financial problems. Expenses for basic living needs such as housing, food, and utilities should always be a priority. Companies such as Solarus offer cost effective bundles for television, internet, and telephone. It might be a good idea to avoid luxury expenses that you don't really need. Exercising outside is an excellent alternative of paying for an expensive gym membership. Eating at home instead of dining at restaurants is also a great way to save money.
Living on your own can be an enjoyable experience if you make good financial decisions. Limiting your credit card purchases will prevent you from accumulating large amounts of debt. Purchasing a home is exciting, but it should only be done when you are truly ready for the responsibility. Budgeting your monthly expenses appropriately can also save you a lot of money in the long run.

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Living On Your Own? 3 Financial Fiascos To Avoid

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Image Source: Pexels There are a variety of benefits of living on your own, but it requires a great deal of responsibility. Making good decisions is one of the best ways to prevent unnecessary financial problems. Credit card debt is easy to accumulate and difficult to manage.

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Website #2 focuses on how prepared you are for living on your own. It asks many questions that are important for individuals to consider before leaving their home. Can you cover your bills? Are you in debt? How much money can you afford to spend on furniture? Leaving home prematurely can lead to bigger financial struggles.

I felt this website was important to include because it states several great questions that students should ask themselves before they leave home. This website was the only one that talked more about financial planning which is important, but many times overlooked. Students should precisely plan their finances in order to support themselves in the future.

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If you moved back home after college graduation, or if you lived at home while attending school, you may be anxious and ready to move out on your own. Plus, it can be frustrating to live at home with your parents when you are no longer a teenager.

But if you move out before you are in a position to support yourself, you may hurt your credit and end up back home. Ask yourself these questions before you move out.

Moving out for the first time involves careful planning to ensure that you are able to fully support yourself. You should determine a solid budget based on a thorough and realistic view of your expenses, as well as an emergency fund for unanticipated events. A well-prepared plan can ensure that you can live comfortably and successfully on your own.

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Here Are 8 Things to Consider Before Moving Out

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If you moved back home after college graduation, or if you lived at home while attending school, you may be anxious and ready to move out on your own. Plus, it can be frustrating to live at home with your parents when you are no longer a teenager.

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This graphic shows an example of a well thought out budget plan. The plan is displayed as a pie chart and all the expenses are split into separate quadrants. From housing being the most expensive to debt being the least.This budget will help you figure out what you spend your money on and will help you cut costs.

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The video below gives great insight into how to live in Toronto, one of Canada's most expensive cities. The vlogger talks about price increases and the cost of living in Toronto. She also gives tips on how to save.

She breaks down her expenses in an organized fashion. For example, rent will be $940, internet $140, groceries $280 and transportation(metro card)$160 for students $130. Average monthly expense $1900-$2200. I like how she tells you ways she saves. Buy cheaper groceries/go to cheaper stores, avoid buying a car, and ride a bike to work.

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Cost Of Living In Toronto As A Millennial | My Monthly Expenses

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This video breaks down how much living in Canada will cost. Everything from groceries,wi-fi, transportation and most of all housing. This video is an animation type of video that helps people acheive a smooth transition into Canada.

This video is great for giving different options. Getting an apartment($700) is cheaper than living in a condominium($1400). A single person will have to pay $1000-$2850 a month living in Canada. The man in the video gives stats regarding phone bills and internet plans. What I learned from this video was that you need to focus on what you can afford and need not what you want.

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This graphic shows an individual sitting down making calculations to create a budget plan, which will help to properly manage their finances. Taking the steps to plan your budget will help you live on your own stress free.

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The video below shows Priyanka's view on living in Canada. It is a video about how much you are most likely to spend in Ontario.

Housing away from school will cost $500-$600, wi-fi $20-$25, electricity $8-$15, old phone $30-$60 new phone $70-$145, and transportation (bus pass) will cost $50 for a student. I liked how she states that its better to get a job and only work 20 hours a week to supplement income. If you work more than 20 hours a week it could cause weaker performance in school. She also warns students from taking cash from employment because if you are caught you could get deported and it could set u back financially.

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What is the cost of living in Canada as a student ? Ontario monthly living expense edition

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The video below shows you how to function like an adult and how to manage multiple responsibilities. This video helps to give tips on how to live on your own and make you prepared for when you move out.

This video is great because it helps you learn how to budget using spreadsheet, how to meal prep and how to live your life minimally. I learned that excel spread sheet is a great way help to track spending. Budgeting with a spreadsheet will pinpoint where your money is going and show you areas where you can save. I liked the meal prep topic because none of the other videos touched on this. Meal prepping will save you time, money and is a very healthy way to live. Another good tip is to keep a grocerie list to make sure you never run out of essential food items.

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Adulting 101 for College Students // Budgeting, Meal Prep, Laundry, Organisation and Much More!

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This website mostly talks about ways to be successful  when living on your own. It states in order to succeed you must spend less than the money you make. Website 3 gives advice on living a sustainable lifestyle.

I chose to include this website because it brings great information about how money should be spent and how it shouldn't. For example, it introduces a technique called "backwards budgeting". To explain, just take your income and start subtracting all the monthly expenses from it. When you see you are in the negatives you know you need to cut back on your spending. This website gives great tips to avoid purchasing material items you don't need and teaches you to save instead of spend.

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Being financially responsible is important for your health and your financial life. To "live within your means" means that what you spend each month is less than or at least equal to the amount of money you bring in each month. For many people, it's a lot easier said than done.

Credit cards, loans, savings, and even emergency funds allow you to buy more things than your income would ordinarily allow. Unfortunately, that kind of lifestyle isn't sustainable and, at some point, your reckless spending will catch up to you. Your savings and access to credit will run out and when that happens, you'll be forced to make some important changes or face financial ruin.

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Freedom From Debt Starts with This One Thing: Can You Do It?

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Being financially responsible is important for your health and your financial life. To "live within your means" means that what you spend each month is less than or at least equal to the amount of money you bring in each month. For many people, it's a lot easier said than done.

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Website 4 is concerned about setting up a weekly budget for people who are living on their own. Budgeting is important because it helps save costs, prepares you for emergency expenses and keeps you in control of your finances.

I chose this website because it gives great tips on how to budget your money for the week. It brings up the 50/20/30 rule, which stands for 50% of your income on needs 20% on savings and 30% on wants. Website 4 also talks about setting up SMART goals to help with budgeting.  SMART stands for Specific, measurable, attainable, relevant and timely. For example, make specific goals like "I want to have $2000 saved for an emergency fund by January 1st", instead of saying "I want to save more."

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The B word can be terrifying. Budgeting, that is. The idea of allocating where to spend and save money, and sticking to those terms is so overwhelming, that so many just skip the process altogether. My first budgeting strategy out of college, for example, was to spend all of my money on rent, and then use whatever was leftover on food, drinks and the occasional vintage sweater. Needless to say, that is a terrible strategy. Not only is saving for long-term and short-term goals important to your financial future, but creating a budget and planning ahead can help you cut costs, manage your income and better cover surprise expenses when they come up.

Budgeting also makes us feel better in control of our finances, which, for two thirds of millennials, causes stress and anxiety. Personal finance isn't just numbers - it's - it's how you live your life, make decisions and treat yourself and others around you.

"The number one benefit of having a budget is the peace of mind factor," says Keri Danielski, consumer expert for Turbo and Mint. "Having a budget and being able to see where you stand financially whenever you need to will give you a sense of relief. You're able to take away the unknowing when you have a budget and saving accordingly."

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The first steps to creating a personal budget

Before you decide where your money should, or could go, you'll want to establish your needs and your wants. " Needs are anything crucial for your day-to-day life and financial well-being. Think food, rent or mortgage and debt repayment or other bills, like water and electricity. These should always be factored into your budget," says Danielski. "But it's important to budget for [wants] too, because they can add up pretty quickly!"

The 50/20/30 Rule

So how much should you spend on each category? Look to the 50/20/30 rule, popularized in Senator Elizabeth Warren's personal finance book All Your Worth: The Ultimate Lifetime Money Plan. The Rule: 50% of your income should go to essentials (or needs), 20% into savings and 30% to wants, like celebrating friends' birthdays, gym memberships, wardrobe, etc. If your needs are more than half of your income, try and see where you can cut costs, if possible.

To start out, Danielski recommends starting with a weekly budget, "So you can get used to the limitations you've set for yourself and can adjust accordingly while still managing to live within your means." She recommends using the Mint app makes it easy to track spending within various categories like Bills & Utilities, Food & Dining, Personal Care and Health & Fitness. "The app can help you visualize exactly where every dollar is going, remind you of bills and goals, and warn you when you've overspent in a category," she says. Other free apps, like You Need A Budget (YNAB) can also help you track and manage daily spend, and several banking apps categorize where your money goes, to help you see if you're breaking the 50/20/30 goals. Developing your own spreadsheet to track all of your purchases can also help you feel accountable for all your spending and saving.

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SMART Goals & Evolving Personal Budgets

Danielski also recommends setting achievable savings goals following the SMART schematic: Specific, measurable, attainable, relevant and timely. "Instead of saying, 'This year, I want to save more,' try, 'I want to have $1,000 saved for an emergency fund by December 31st.' Make your goals actionable and also within your means," she says.

Your budget can also be an evolving rule, not set permanently for any period of time. "Consider re-assessing your budget monthly to get a pulse on how well you've been sticking to it and account for any upcoming life events, like traveling or changing jobs," Danielski says. "If you notice you're consistently over-spending in one category and under-spending in another, even out your budget to make it more achievable." She recommends setting time aside each month to reassess your budget

"Planning a budget is a critical step in maximizing your financial health," Danielski says. "Sticking to the plan will help you get the most out of your income and give you peace of mind that every dollar in your checking account is going to a specific purpose."

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How to set up a weekly budget if you're living on your own for the first time

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The B word can be terrifying. Budgeting, that is. The idea of allocating where to spend and save money, and sticking to those terms is so overwhelming, that so many just skip the process altogether. My first budgeting strategy out of college, for...

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This entire Padlet project has help me understand budgeting, creating an emergency fund account, prep meals, and how to use a spread sheet to manage monthly spending. I also learned "backwards budgeting", the 50/20/30 rule and how to create SMART goals. Lastly, I learned that you have to live a cheaper life style to be successful. Find cheaper groceries, have an inexpensive phone plan, and purchase what you need not what you want.

This topic is very relevant to me in my life because I plan to move to Nova Scotia to study art at NASCAD. I'm currently looking at cheap places to rent that won't cripple me financially. I also need to be able to find a part time job in order to supplement income so I can afford the rent. I want to live independently and follow my dreams, but I don't want to be drowned in debt.

If I could pass on my knowledge onto family or friends I would tell them to prepare and plan before they decide to move out. I would tell them to find out if they have enough money, get an emergency fund account and research the costs of living in the area they want to move to.