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Living on our own according to financial aspect meaning is that the ability of the individual to handle his or her expenses of daily life. In this wall you will learn all about the way in which you can live on your own through websites, videos, images.

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This website describes all about the living expenses i.e. the definition of living on our own that the different aspects which are important to live in this world. This website also describes the different financial aspects which are essential to survive such as housing, groceries, transportation, health and education finances. I chose this website because  it explains all about the important factors i.e. how to manage the daily life expenses according to our income. In other words, it helps to manage the expenses according to our income and the different ways in which we can adjust our daily expenses to meet our essential needs so that we can increase our saving which i found the most useful topic in this website..

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Budgeting
Among all the awesome things that come with adulthood, so too come the regular expenses: rent, car insurance, and groceries to name a few. Whether you're providing for yourself or a family, it's important to be aware of the various living expenses. Knowing how much basic expenses cost will ensure you're prepared to tackle them.

You'll also want to prepare for the unexpected. For example, your income might be lower than you expect while some of your expenses may be higher than you anticipated. Without a solid budget in place, you may run into financial trouble or even debt.

That's why we put together this guide to living expenses - both the expected and unexpected. We'll cover what's considered a living expense and how much you need. We also provide expert tips on how to reduce your monthly living costs.

What Is Considered to Be a Living Expense?

Living expenses are expenditures necessary for basic daily living and maintaining good health. They include the main categories of housing, food, clothing, healthcare, and transportation. Understanding what's involved in each of these areas will help you to budget for them.

Here's a complete living expenses list:

Housing: Whether you rent or own, there are regular expenses, including some you may not be aware of.

Mortgage payment or monthly rent

Utilities (i.e. electricity, gas, trash removal)

Insurance (i.e. homeowners or renters)

Property tax

General maintenance (i.e. lawn mowing, snow removal)

Food and grocery: Besides your daily meals, consider other living necessities.

Clothing: From your work clothes to pajamas, ensure you account for everyone in your family.

Healthcare: Remember to include expenses for your primary doctor, dentist, and other specialists.

Transportation: Depending on whether you take the bus or drive a car, add up your regular transportation costs.

Miscellaneous: Some living expenses don't fit a specific category, but still need to be in your budget.

While there are likely other recurring costs in your life, they might not be considered as a living expense. For example, recreational activities and entertainment aren't living expenses. That means your gym membership and Netflix subscription should be accounted for elsewhere. You'll also want to ensure your budget includes any debt repayment, such as for a student loan.

How Much of My Income Should I Spend on Living Expenses?

No matter your preferences or where you live, you can come up with a rough estimate for your living expenses. Focus on the main categories of housing, food, clothing, transportation, and healthcare. Look at each component and write down roughly how much you spend in each area.

Because the 50/20/30 rule is a guideline, there is some flexibility. You can adjust the percentages based on your unique circumstances. The main idea is to limit your living expenses to roughly 50% of your income. That way, you'll have enough leftover for your savings and fun expenditures.

What if I Don't Make Enough to Cover All Living Expenses?

It can be hard to afford the cost of living, especially if you're in an entry level job or live in an expensive city. Many people - especially those early in their careers - use creative ways to make their budget work.
Housing
Here are some easy ways to cut down your living expenses in each major category:
Food and grocery Clothing

Consider having a roommate to split costs

Reduce your utilities by being mindful of water and electricity consumption

Move to a smaller, less expensive place

Healthcare

Shop at consignment stores or online marketplaces

Reduce unnecessary purchases

Transportation

Buy over-the-counter or generic brands

Check to see if your employer offers flex spending or a health savings account

Miscellaneous

Shop around for a better car insurance rate

Consider selling your car if you live in a city with great public transportation

Buy a used car instead of a new one

Use a gas rewards card

Try carpooling

Downgrade your cell phone service plan

Use coupons and coupon codes

Shop at discount stores

Be Prepared for Possible Living Expense Adjustments

Some living expenses are fixed and won't change often, such as your monthly rent. Other expenses are adjustable, such as food and clothing. That means that your spending and savings might differ from month to month, and that's okay. Having a budget ensures you're prepared and in a good financial place for whatever comes your way.
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To ensure your plan is working, revisit your budget monthly and make any necessary adjustments. For instance, you may realize you need to allocate more for groceries and less for transportation. After all, financial plans aren't meant to be static. Life changes, and so can our budgets.

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Living Expenses: What Are They and How Do I Budget for Them?

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Budgeting Among all the awesome things that come with adulthood, so too come the regular expenses: rent, car insurance, and groceries to name a few. Whether you're providing for yourself or a family, it's important to be aware of the various living expenses. Knowing how much basic expenses cost will ensure you're prepared to tackle them.

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This website describes all about the living on our own i.e. what are the basic requirements we should fulfill before planning to live on our own. The first and foremost is that we should consider that if we are capable of affording our expenses for housing, insurance, transportation and grocery. Secondly, this website describes the various steps to budget our expenses which i found the most useful topic in this website... I chose this website because it helps the viewer to  understand the common mistake a person can do before moving out to live alone and the important ways to budget his expenses including medical, food, education, renting, insurance according to their wage so that they can also save money for their future.

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Budgeting, How To
If you can't wait to move out of your parents' home and start living on your own, you're not alone. Independence is amazing, but enjoying that newfound freedom can be more expensive than you might think. Fortunately, there are tons of helpful websites, mobile apps, and online budget calculators that can make managing your finances fun. And by incorporating these tools in your everyday life, you can develop a realistic budget and start saving money for the things you enjoy.

If you've been asking yourself "How much money do I need to move out?" here are a few tips to help you start adulting like you've been at it for years.

Common Mistakes When Moving Out for the First Time

Perhaps the biggest mistake young adults make when moving into their first apartment is not making a budget. The principle is simple: First figure out how much income you're earning each month, and determine how much you're spending and on what. Then, based on those numbers, set aside a certain amount of each paycheck for rent and utilities, and actively track your spending so you can prevent overdraft fees and don't run out of cash.

Budgeting apps like Mint automatically import and categorize your living expenses (like how much you spend on fast food and concert tickets each month), giving you a bird's-eye view of your financial standing in seconds. You can also use a notebook or spreadsheet to track your spending if you prefer to kick it old-school. The point is, creating and sticking to a monthly budget is the single best thing you can do to prevent a financial catastrophe. It might even be among the most valuable life skills you'll ever develop.

Another big mistake young adults make when first moving out of Mom and Dad's is not saving any money. You might wonder what the point of saving is if you only have a handful of dimes left over from each paycheck. It's difficult to save when you're living paycheck to paycheck , but even saving just $5 a week is better than not saving at all. And you'll definitely thank yourself for having stashed away that cash when your car starts making weird noises or if you sprain your ankle at a music festival. Learn a few easy ways to save money here.

Paying bills late is also common among the newly independent. Avoid this nasty habit by setting up reminders on your smartphone or using an online calendar to alert you a few days before bills are due. Or, better yet, start paying your bills as soon as they arrive. Not only are late-fees crazy expensive, but if you regularly miss due dates, you could be crippling your credit score. Paying a bill late, even if only by a day or two, makes it more expensive to borrow money when you want to finance a car, house or some other major purchase. Look out for your future self by paying your bills promptly.

Before You Move Out for the First Time

Answer a few of these questions before moving out for the first time:

Can you cover your bills?

The most important thing you need to determine before you move out is whether or not you're going to be able to pay your bills. You're going to have to create a detailed budget to determine what your living costs will be. A budgeting app can help you.

Do you have an emergency fund?

Some people spend so much on living expenses that they don't have any money to be used as emergency funds. An emergency fund is money you can use if you have an immediate and unavoidable expense, like a broken-down vehicle or medical costs. You might want to reconsider moving out if you don't have any emergency funds in the bank, or if you're not going to be able to save enough money to contribute to emergency funds.

Do you have renter's insurance?

Renter's insurance will cover anything in your rental that gets stolen. It's usually a good idea, because most landlords won't cover theft - and some even require that you have renter's insurance before signing a lease. If you're going to buy renter's insurance, you'll have to include that in your overall budget.

Will you have a roommate?

If you're going to share your apartment with a roommate, you might be able to cut down on certain costs significantly. For example, you and your roommate might be able to split rent and utilities bills.

Do you have money for rental fees and deposits?

When you move out for the first time, you'll have to pay a security deposit on your new apartment (typically it's one month's rent). Many rental applications have fees that you'll have to pay, which are typically around $50. Make sure you have money for these costs before you move out.

Do you have furnishings?

If you don't have furnishings for your apartment, you'll probably have to buy new furniture. You should include new furniture as a one-time living expense on your budget. Remember that you don't need a fully-furnished apartment right away. It's most important that you have a comfortable bed to sleep in. You can add cozy sofas, tables, and chairs later.

Preparing for Expenses You Hadn't Considered

In order for a budget to work, it has to account for everything you spend money on. This includes little things like parking lot fees, late-night drive-thru meals and random convenience-store purchases. Like to rent movies on the weekend? Add it to your budget. Tend to drop a few bucks on mobile apps or lotto tickets each month? Include those as well.

Those living away from home for the first time are bound to face a flurry of unexpected expenses during their initial months of independence. In the kitchen alone, you'll likely need to invest in dishes, cookware, and a dozen ingredients to stock your pantry. And when it comes to keeping your home looking good, it's easy to underestimate the cost of cleaning supplies. Netflix and Spotify subscriptions are also often overlooked, as are annual bills like vehicle registration and tax preparation. To create a realistic budget, you should first spend some serious time looking at last year's expenses to make sure you're not missing anything.

Money-Saving Tips for Moving Out at 18

Here are a few basic ways to cut back on expenses during your first years of independence.

1. Don Your Chef's Hat

Cooking your own meals on a daily basis can save you more money than just about any other change in your behavior. Knowing how to make five basic meals (say, chili, tacos, chicken and vegetables, spaghetti with marinara sauce, and a slow-cooked roast with veggies), and having a microwave handy for reheating leftovers, can cut your food expenses in half. An added bonus: Homemade food is almost always healthier than prepared meals.

2. Kill Some Kilowatt Hours

Get into the habit of turning off-or even unplugging-lights, appliances and electronics when you aren't using them. And consider getting a programmable thermostat to keep heating and cooling costs down.

3. Quit Using Credit

Only carry one credit card, and commit to only using it in absolute emergencies. Using cash or a debit card for day-to-day expenses prevents you from overspending and accruing budget-busting interest charges.

4. Explore Other Avenues

Consider all your transportation options. Do you really need to drive everywhere, particularly if you have to pay for parking once you get there? And with Uber, Lyft, Car2Go and other ride-sharing services now widely available, city dwellers might even consider ditching their cars completely. The cheapest gallon of gas is the one you don't use.

Things to Include in Your First Budget

Show Mom and Dad you know how to move out the smart way by creating a monthly budget and sticking to it. Summing everything up, here's a quick list of items you'll probably want to include.

Your rent expense is most likely going to be your largest expense. Try to sign a 1-year or 2-year lease so you can go as long as possible without any rent increases. Of course, bear in mind whether you'll need to move out before that. Another important rule of thumb is to try not to spend over 30% of your income on rent if you don't need to.

Lots of people who are moving out for the first time have to pay some sort of debt. Most of the time it's loan debt from student financial aid . Be sure to include these payments in your budget.

You'll have to pay a separate bill for electricity, gas, water, cable TV, internet, and other similar things. Internet and cable usually have fixed rates, but with electricity, water, and gas, you'll have to pay for what you use. Most people pay around $50 to $100 on their utilities, depending on the area.

Most people forget to factor in food costs. Food may not be one of your larger expenses, but it's a necessary expense. You can cut down on food costs by cooking your own meals.

Transportation

Transportation costs might include flights, cab rides, auto insurance, and vehicle registration. It's most important that you budget for the transportation you're going to use every day. If you're going to be driving to work, calculate your fuel costs and insurance costs. If you're going to use public transit, try to calculate daily transit costs. Lastly, try and leave a little extra space in your budget for rideshare costs and flight costs (just in case you want to fly home for the weekend and visit your parents).

If you have your own health care plan, be sure to include it in your budget. You should also leave some extra room in your budget for prescription drugs and appointment copays.

Entertainment

Some folks spend so much money on living expenses that they wind up being "house poor:" that means they have no extra cash for doing fun things, like going on vacation, having date nights, or going on impromptu adventures. Be sure to budget for fun things, too, and remember that you don't have to spend a whole lot of money to have fun.

Clothing and toiletries

A lot of first-time apartment dwellers forget to budget for clothing and toiletries. Be sure you account for clothing costs, as well as costs for soaps, shampoos, and shaving cream.

Subscriptions and memberships

Budget for your gym membership, magazine subscriptions, and subscriptions to streaming services.

From time to time, you'll need to buy gifts for birthdays, weddings, baby showers, and holidays. Leave some room in your budget for these expenses.

If you have a furry (or scaley!) friend, be sure to budget for veterinary costs and animal medicines.

You Need a Financial Cushion

A good rule of thumb you might've heard is, in the event of an emergency, everyone should have a financial cushion substantial enough to cover three to six months' worth of living expenses. And while there's no arguing the soundness of that advice, many people think that's simply not possible and they don't even bother trying.

But even if you don't have half a year's salary chilling in your bank account, having some money set aside is better than none. There are countless ways to work toward building an emergency savings account, from setting aside loose change at the end of every day and depositing it in the bank at the end of the month, to having a percentage of your paycheck automatically stashed away in your savings account. Many first-timers use the simple 50/20/30 rule of budgeting to ensure a balanced bank account, which splits your monthly expenses into:

Essentials: 50% of your income

Wants: 30% of your income

Savings: 20% of your income

Use our calculator to set up your own 50/20/30 budget.

50/30/20 Budget Calculator

Start now, and even if you only save a few dollars a week, it will add up over time, and help you avoid financial hardship later on.

Learning how to make a budget isn't the most exciting thing you'll do when first moving out and living on your own, but it can mean the difference between just getting by and making the most of your money.

Not using Mint yet? Download our free app today and you'll be budgeting like a boss before you know it.

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How to Budget for Living on Your Own for the First Time

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Budgeting, How To If you can't wait to move out of your parents' home and start living on your own, you're not alone. Independence is amazing, but enjoying that newfound freedom can be more expensive than you might think. Fortunately, there are tons of helpful websites, mobile apps, and online budget calculators that can make managing your finances fun.

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This website describes all about the different aspects we should consider before living on our own i.e. the habits we should build in ourself so that we can afford our expenses to built our financial future. It describes the different habits to increase our income beforehand to stand well in the financial condition. I chose this website because it describes the various aspects such as to set our financial goal and according to that we should make our budget and start saving and investing to become independent to live on our own. Furthermore, which i found the most useful topic in this website is that suggests to maintain our mental and physical health and to concentrate on our education so that it will make easy for us to stand on our feet in coming future.

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Achieving financial freedom is a goal for many people. It generally means having enough savings, investments, and cash on hand to afford the lifestyle we want for ourselves and our families-and a growing nest egg that will allow us to retire or pursue the career we want without being driven by earning a certain amount each year.

Unfortunately, too many of us fail to achieve it. We are burdened with increasing debt, financial emergencies, profligate spending, and other issues that thwart us from reaching our goals. And we encounter unexpected events, such as the pandemic, that overturn our plans and reveal holes in the safety nets we tried to weave for ourselves and our families.

Trouble happens to nearly everyone, but these 12 habits can put you on the right path.

1. Set Life Goals

What is financial freedom to you? A general desire for it is too vague a goal, so get specific. Write down how much you should have in your bank account, what the lifestyle entails, and at what age this should be achieved. The more specific your goals, the higher the likelihood of achieving them.

Next, count backward to your current age and establish financial mileposts at regular intervals. Write it all down neatly and put the goal sheet at the very beginning of your financial binder.

2. Make a Budget

Making a monthly household budget -and sticking to it-is the best way to guarantee that all bills are paid and savings are on track. It's also a regular routine that reinforces your goals and bolsters resolve against the temptation to splurge.

3. Pay Off Credit Cards in Full

Credit cards and similar high-interest consumer loans are toxic to wealth-building. Make it a point to pay off the full balance each month. Student loans, mortgages, and similar loans typically have much lower interest rates; paying them off is not an emergency. Paying on time is and will build a good credit rating.

4. Create Automatic Savings

Pay yourself first. Enroll in your employer's retirement plan and make full use of any matching contribution benefit. It's also wise to have an automatic withdrawal for an emergency fund, which can be tapped for unexpected expenses, and an automatic contribution to a brokerage account or something similar.

Ideally, the money should be pulled the same day you receive your paycheck, so it never even touches your hands, avoiding temptation entirely. However, keep in mind that the recommended amount to save is highly debated. In some cases the feasibility of such a fund can be a question.

5. Start Investing Now

Bad stock markets can make people question this, but historically there has been no better way to grow your money than through investing. The magic of compound interest will help it increase exponentially over time, but you need a lot of time to achieve meaningful growth. Don't try to be a stock picker or trick yourself into thinking you can be the next Warren Buffett. There can only be one.

Instead, open an online brokerage account that makes it easy for you to learn how to invest, create a manageable portfolio, and make weekly or monthly contributions to it automatically. We've ranked the best online brokers for beginners to help you get started.

6. Watch Your Credit

Your credit score determines what interest rate you are offered when buying a new car or refinancing a home. It also impacts seemingly unrelated things, such as car insurance and life insurance premiums.

The reasoning is that someone with reckless financial habits is also likely to be reckless in other aspects of life, such as driving and drinking. This is why it's important to get a credit report at regular intervals to make sure that there are no erroneous black marks ruining your good name.

7. Negotiate

Many Americans are hesitant to negotiate for goods and services, worrying that it makes them seem cheap. Overcome this cultural handicap and you could save thousands each year. Small businesses, in particular, tend to be open to negotiation, where buying in bulk or repeat business can open the door to good discounts.

8. Continuous Education

Review all applicable changes in the tax laws each year to ensure that all adjustments and deductions are maximized. Keep up with financial news and developments in the stock market and do not hesitate to adjust your investment portfolio accordingly. Knowledge is also the best defense against those who prey on unsophisticated investors to turn a quick buck.

9. Proper Maintenance

Taking good care of property makes everything from cars and lawnmowers to shoes and clothes last longer. As the cost of maintenance is a fraction of the cost of replacement, it's an investment not to be missed.

10. Live Below Your Means

Mastering a frugal lifestyle by having a mindset of living life to the fullest with less is not so hard. Indeed, many wealthy individuals developed a habit of living below their means before rising to affluence.

This isn't a challenge to adopt a minimalist lifestyle or a call to action to head to the dumpster with things you've hoarded over the years. Making small adjustments by distinguishing between the things you need and the things you want is a financially helpful habit to put into practice.

11. Get a Financial Advisor

Once you've gotten to a point where you've amassed a decent amount of wealth-be it liquid investments or tangible assets that aren't as readily available to convert to cash-get a financial advisor to educate you and help make decisions.

12. Take Care of Your Health

The principle of proper maintenance also applies to the body. Invest in good health with regular visits to doctors and dentists, and follow health advice about any problems you encounter. Many problems can be helped-or even prevented-with lifestyle changes such as more exercise and a healthier diet. Some companies have limited sick days, making it a notable loss of income once those days are used up. Obesity and ailments make insurance premiums skyrocket, and poor health may force earlier retirement with lower monthly income.

The Bottom Line

These 12 steps won't solve all of your money problems, but they will help you develop healthy habits that can get you on the path to financial freedom-whatever that means for you.

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These 12 Habits Will Help You Reach Financial Freedom

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Achieving financial freedom is a goal for many people. It generally means having enough savings, investments, and cash on hand to afford the lifestyle we want for ourselves and our families-and a growing nest egg that will allow us to retire or pursue the career we want without being driven by earning a certain amount each year.

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This website describes all about the measures to make before living on our own i.e. budget should be our first priority before we should think to live on our own. Next to it, it suggests to save more and spend less so that we can make our strong financial future. It also suggests that we should not buy things by taking the credit to avoid the difficulties in our financial stability. I chose this website because it recommend to save some kind of money which we can use in the difficult situation in our life. It also suggests that we should look for the different kind of solutions to increase our income such as we should start investing and look for the better job and business opportunities which i found the most useful topic in this website.

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By Scott Hannah Q: We are having trouble finding affordable daycare for our two little ones, so we've decided that my wife will become a stay at home parent. While it will be great for our kids to have their Mom around full time, I'm afraid our finances will suffer beyond the point that we can afford to pay all our bills. What suggestions do you have for living on a single income? ~Cliff
A: Many families with young children really struggle to find the affordable child care arrangements they need. Add to this the steadily increasing cost of living, and more and more parents are re-evaluating how they can find a better work-life-family-lifestyle balance. It's no surprise that just like you, they're deciding that the benefits of living on one income outweigh the drawbacks.

Transitioning from having two household incomes to one will definitely affect your lifestyle. However, by making some conscious decisions about how you manage the changes, you will feel better about the decision you've made for the benefit of your family.
Here are the top 5 things you need to work towards to be a successful one income family:
1. Make Your Budget Your Best Friend

It is so crucially important to create a realistic household budget. If you've never had a budget before, start by setting any fears, frustrations or excuses aside. You and wife will need to be on the same page with how much money you bring home and where it's going.

Set up a system to track all of your spending. If you don't have a budget, tracking your expenses will help you base your new budget on realistic numbers rather than guestimates. If you already have a spending plan, tracking your expenses will help ensure that you're sticking to your new, lower income budget.

Here's a link to everything you need to know about how to create a budget that works, including a free, interactive budget spreadsheet with suggestions about how to budget better and budgeting guidelines for the cost of living by category.

2. Spend Less that You Need To on Everything

Some people love lists; others loathe them, but they help you to plan and stay organized. The great thing about jotting everything you want to buy down before you head out to the store is that you start thinking about what you really need and want.

If you're not sure how much less you need to spend, calculate what percentage of income you no longer have. For instance, if your household income decreased by 40%, decrease your spending by a minimum of 40% on everything except debt payments.

This will probably be a tough adjustment, but it doesn't have to happen all at once. The sooner you can bring your spending and expenses down to below your new level of income, the less debt you'll accumulate on credit cards.
25 Frugal Living Ideas to Save Money & Pay Off Debt
3. Avoid Getting into Debt - Have an Emergency Savings Account

Two incomes offer more stability should an emergency or economic downturn occur, so it's important to build up your own emergency fund of no less than 6 months of your expenses. This might seem like a daunting amount of money to just set aside in a savings account, so look for ways to make saving a priority and don't lose sight of this goal.

One way to stay focused is to pay yourself first. Set up automatic transfers on payday so that money goes into a hard to access savings account before you get a chance to spend it. Knowing that you can afford to pay for an emergency without going into debt takes away so much stress.

4. Decide How to Scale Back Your Lifestyle

Along with creating a budget for your new lower household income, you will also need to decide how to bring your lifestyle in line with your budget. This will require conscious planning so that your credit limits don't replace your wife's income.

In order to spend less overall, you need to spend less on everything and find different ways to satisfy what you need and want. For example, if you're used to hiring a babysitter so that the two of you can head out for dinner with friends, look for less expensive ways to still spend time with friends.

This might mean swapping babysitting with other parents, going out when grandparents are available to spend time with your kids, or spending time with friends while you're doing an activity that satisfies your children. Your circle of friends will likely shift, but that doesn't mean that you have to lose touch with everyone forever. Your kids will be older before you know it!

5. Look for Ways to Top Up Your One Income

Just because your wife is giving up her paycheques, doesn't mean that she can't earn any income to supplement what you bring home. She might be able to offer another family some help with child care or work a few shifts when you're home with the kids. Some work outside of the home can be a much needed sanity break as she adjusts to being out of the workforce full time.

Another way to generate additional income is by looking at your home. Determine if you can make room to take in a student or tenant. Maybe you can rent out the garage or outside storage space. Be creative and look for ways to make it work, rather than excuses to avoid trying it out.

The Bottom Line on Becoming a One Income Family

As you become a one income family, whatever you decide to do, make sure that you don't overwhelm yourselves with too many changes all at once. Try to avoid drastic all or nothing spending cuts and give yourselves time to get used to living a less expensive lifestyle. Commit to working through the ups and down together and you'll survive the emotional changes that accompany the financial ones successfully.
Related: << Back to the Blog main page

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5 Things You Need to Do to Live on One Income Successfully

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By Scott Hannah Q: We are having trouble finding affordable daycare for our two little ones, so we've decided that my wife will become a stay at home parent. While it will be great for our kids to have their Mom around full time, I'm afraid our finances will suffer beyond the point that we can afford to pay all our bills.

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This image describes about that how hard it is to save the money. It shows the pie chart describing the income that what are the expenses and what is left to do the savings so that we can live on our own.

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This image describes the different aspects of financial planning i.e. tax, insurance, investment, retirement, estate and cash flow planning. Furthermore, it describes that we should consider our income and expenses to maintain our cash flow.

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This video describes all about the financial freedom i.e. living on our own. It describe the importance of money and the different strategies to save money and to make our financial situation stronger. It describes that we should save an emergency fund which we should only spend on emergency situations. Secondly, we should follow the different methods to pay off the deft such as we should pay the higher interest rate if we want to pay off the loan faster. I chose this video because it suggest that we should make a spreadsheet such as we should consider our income and the expenses including everything to maintain our cash flow and the piece of information i found the most useful is that we could start saving $5 as a emergency fund in starting as a initiative to become independent in financial aspect.

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This video describes about the the important steps to live on your own in financial aspect. It describes the seven strategies of financial freedom such as financial understanding i.e. one should start taking responsibility of their money which is to spend in a good manner so that we can start saving some money at the early age. I chose this video because it simply explains the key point of living on our own such as it describes that we should always maintain the stability of our income and money. This Video is better than the others because it describes about the financial security which is to maintain the security of our money in form of insurance such as medical, education, renting and so on.

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This video tells all about financial freedom which is important part of living on our own according to financial aspect. Firstly, it describes about the definition of financial freedom i.e. it meant to liberty in life and in financial condition. In other words, it means that we should have the right to live the life according to our choice and to spend the money to purchase the things we like. I chose this video because it also suggests the different strategies to earn money such as internet marketing which i think is the most useful and the better view than the other posts.

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WHAT IS FINANCIAL FREEDOM | WHY IS FINANCIAL FREEDOM IMPORTANT

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This video is about the inspirational story told by the Canadian official Kevin who is describing the story of his mother who struggle to achieve Financial freedom which is the important point of living on our own. He also explains that to increase the financial status one should struggle in every manner rather than just dreaming about it. I chose this video because he also describe about the current financial freedom of Canada residents and the various measures which must be taken to improve the financial freedom which i found the most useful and important than other posts.

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Kevin O'Leary - Financial Freedom & Prosperity For All Canadians

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1. What did you learn about your topic that surprised you the most?
Ans: The part of topic i learned which surprised me the most is the importance of financial freedom i.e. living on our own in our life.
2. Provide a real-life example of how this topic is relevant or interesting
for you.
Ans: This topic is interesting or relevant because i have very interested in living on our own as i am international student and i am already live on my own and manage my expenses.
3. If you could pass on your knowledge to a family member or friend, what
do you think is the most important thing to pass on?
Ans: If i could pass on this knowledge to my family member or friend i will pass on the different strategies and opportunities which will help them to live on their own.