Living on your own - Financial Aspect by Bhawani Sammy

Welcome!

bhawanisammy12_ — 2023-11-28 00:54:35 UTC

Hello Friends! This is my Padlet board and I will be showing you the financial aspect of living alone. This will be tough for people to manage their money when living alone so I decided to help you guys out. Each box I insert in here are helpful tips and tricks to make sure you know when, where and how to spend your money wisely.

Link #1

bhawanisammy12_ — 2023-11-28 01:13:52 UTC

Sunlife Insurance made this article on how to help save money when living alone. This website will help you mainly because it breaks down all the main points you struggle with financially and explains every point in detail for you. The first point that they mentioned is managing your money which means reducing how much to spend on buying food or going out with friends to save more money. The second point is to use websites and apps to save. The third point is to get your grocery shopping under control which means taking advantage of bundle deals and coupons that you might receive in the mail. The fourth point is to try before you buy which is my personal favourite because you calculate how much you spend on something. The last point is balancing saving and spending and the 50/20/10 rule applies to this.

I chose this website because it has useful tips for a person who lives alone and the website is sectioned perfectly for everyone to understand with examples.

Video #1

bhawanisammy12_ — 2023-11-28 02:59:03 UTC

In this video, he states important facts about how to save when living alone. He also shares his personal experiences and how to succeed with living on his own. This video is filled with so many useful ways to spend your money wisely while living alone. The main thing he added was frugal and told us about how to not feel this is something to be ashamed of. Being frugal does not mean saving every last penny you earn but avoiding any sort of unnecessary spending. In the video, he goes on to demonstrate how frugal can be used with food/groceries, housing or utilities, entertainment, banking or finance and everywhere else.

In my opinion, this video is perfect for people that don't know what is useful to spend your money on and what is not. As he mentioned in the video, frugal is a good way to not spend unnecessary money and as humans, we do tend to get distracted and buy things we don't need.

Imagine #1

bhawanisammy12_ — 2023-11-28 03:02:21 UTC

This image shows that by saving money you will grow as a person. I love the idea of having pennies in the jar with a plant because it represents that having extra money, will be beneficial in the future.

Link #2

bhawanisammy12_ — 2023-11-28 03:28:23 UTC

Fairstone wrote this article about how people could save money on food when living alone. Food is such a big essential in our lives and we need to take care of our bodies but learn how to be wise with how we pay for it. This website shows the percentage of Canadians who eat out and how much they are wasting their money by doing that. They showed a chart with the pros and cons of eating out and cooking at home. It is really a big eye-opener to how much you could save at home by just having the time to cook a meal. Fairstone shows how much groceries will cost for seniors, families with 2 kids and people who live alone.

What I enjoy about this article is that they have facts and evidence to prove that eating out is unhealthy and costs way more than making groceries. The chart is what caught my attention because breaking down the prices of the ingredients is a lot cheaper than eating out.

Video #2

bhawanisammy12_ — 2023-11-28 03:44:32 UTC

This YouTuber gave us a personal view of what to do before living alone financially. She starts up the video by kindly introducing herself and goes on to tell us about her expenses and how to budget for the future. Then she tells us the process she had to do before even handing over the keys to the apartment which was cashier's check, vehicle info, set up electric account and renters insurance. At the end of the video, she explains how living alone has made her mature and how worth it is for her.

What I love about this video is that she talked about her personal experience with living alone and how much it means to her. She gave real-life examples that we may go through and what tips we should follow to have it all together. Her video is also very nice with the background music and her tone of voice.

Link #3

bhawanisammy12_ — 2023-11-28 03:57:46 UTC

Forbes wrote an amazing article on how to save your money when living alone. They start the article with why you should save your money in the first place then proceed with ways to save. Forbes has some points such as creating a budget, cutting spending, earning more, switching to a better savings account, changing lifestyle habits, etc. This article gives you different options and ideas as to how you could save your money as fast as you could. Even if you have a low income there should be different ways you could save too such as paying yourself first, doing a no-spend month, reducing utilities, asking for help, etc.

I chose this article because it demonstrates why you should start saving your money and how to do so when living all by yourself. They were also thoughtful to include people who have low income and how they could save which I thought was amazing.

Video #3

bhawanisammy12_ — 2023-11-28 04:11:29 UTC

Living alone for the first time might be a bit scary yet confusing and that's why this video is to remind you that everything will be fine. She goes on to explain that living alone at a young age was the best day of her life because no extra expenses that she had now. The main thing she wishes that could've been differently was how she managed her money in her 20s. Young adults tend to not plan when it comes to money and that's something we all need to work on.

This video is amazing for young adults to realize that they need to watch how they are spending money because it will affect them in the future. I love that she brought up past experiences and gained more and more ideas just by explaining her life.

Link #4

bhawanisammy12_ — 2023-11-28 04:20:55 UTC

This article shows us how single Canadians are saving their money which we didn't think about. The first point is you control your own budget. You decide what you need and what you don't need in your own personal space which is better than having someone there with you. The second point is no weddings or kids and that is also helping you with wedding rings, dress, venue, etc and they cost a lot of money. Kids on the other hand are expensive with diapers, clothing, milk, extra groceries etc. The last point is being more creative with your living situation. This is useful because you decide where you want to go and where is the cheapest option for you.

In my opinion, this is for introverts that are not looking for a long-term relationship and do not want to get married. If you are looking long term maybe this is not the right article for you but again it is a good idea.

Video #4

bhawanisammy12_ — 2023-11-28 04:27:33 UTC

Living alone way results in you not knowing what bank account is right for you. In this video, she mentions opening a savings account and putting extra money in there. While creating your budget, there should be a section that says savings and that is where you put all the extra money. She gives a lot of examples and explains every point of savings in detail for living alone.

This video is good for people who need step by step on how to save and where to start. I love that she explains every point with an example attached to it because it makes the video more clear.

Image #2

bhawanisammy12_ — 2023-11-28 04:30:59 UTC

The size of the jar and how it is labelled shows a lot of how much you should be saving for each. This is a great way to save after you get paid because it shows how much you progress with your savings. Also, it is good when living alone because no one is touching your money.

Discussion Questions

bhawanisammy12_ — 2023-11-28 04:36:29 UTC

What is learned is that every person has a different experience and advice with living alone on a budget. Also how much buying food outside could affect your budget and buying groceries is cheaper.
I am planning on living on my own after college because I will get a better job and I will like my own personal space. This assignment has helped me a lot with the financial aspect of living on your own.
The first thing i would talk to my friends or family about is the 50/20/10 saving rule because this is something that will help them and myself in the future.