Responsible money management is something that we allunderstand in theory but struggle to adopt in practice. The temptation ofluxury purchases and the stress of structuring personal finances in awell-calculated budget are just two reasons as to why financial stability ishard for many of us to maintain. Still, the advice in this post could makethings a little easier for you. Let’s talk about managing your money more responsibly.
Clean Up Your Monthly Bills
The first step to managing your money more responsibly is to clean up your monthly bills. Set yourself the 30-day rule with luxury purchases. If you still want the item then buy. If you don’t then you’ll have more money in your account at the end of the month. Still, luxury expenditures might not account for many of your monthly expenses. In fact, you might be quite frugal in that regard but still, have very little interms of disposable income. Maybe you should be looking at your necessary monthly bills instead. We’re talking about rent, food, gas, utilities, and other basic costs.
Before you start making compromises, however, simply think of cheap ways to get the same necessities. You could use coupons and vouchers to get the same weekly shop as usual for less money. You just need to do your research. You could also start growing your own fruit and veg, so those items don’t need to be bought from the grocery store. You might also want to look into Boost Mobile plans if your current phone provider is charging a lot. Prepaid phone plans can be cheaper and just as effective. If you want to clean up your monthly bills, then you just need to think of more cost-effective ways of getting the thingsyou need.
Start Thinking Of The Future
If you want to have a stronger financial situation, then you also need to think beyond your current costs. It’s important to cover your monthly bills, as discussed in the previous point, but you also need to think about future expenses. That’s why it’s wise to save up some money at home for unexpected events. Of course, an emergency fund is only the tip of the iceberg. You need a proper savings account that you regularly expand. Some future events are a little more certain.
For example, you’re probably going to retire one day, and your kids might want to go to college (or make a down payment on a car, ahouse, and so on). The point is that you should start thinking of savings for the things you can predict aboutthe future. An emergency fund is a safety net, but your savings account is your future bank account and investment pot. Start putting a fixed percentage ofyour monthly income into your savings account. With every passing year, you’ll have accumulated substantial savings for the future. Make sure you look into pension plans for your retirement to ensure that you’re getting as much money as possible for the future.
Thispost was written in collaboration. Collaborative writing means that while I have contributed to this post and edited its content and formatting, I am not its original author. By posting this content on my blog, I may receive financial compensation. Want to guest post for Jihi Elephant? Learn more here.
Are you planning on a big move soon? There may be some costs you have not yet considered! Here are some of those costs and how to minimize them!
In the modern age, it’s not unusual to live with your parents until you’re well into your thirties. A $10,000 deposit would’ve been enough to set you up just a few years ago, but that’s barely a drop in the ocean now. As such, many of us opt to stay at home and save everything we can towards our home funds. It’s either that or jumping into the rental world and kissing goodbye to homeownership forever.
There is, however, one major issue which the savers among us often forget. When plotting out how much we need to save, many of us focus on the amount necessary for our deposits. But, that’s far from the only cost of moving to a new house. When you’re moving out for the first time, you also need to consider moving costs. The expense of moving your home will add up to a fair amount.
Of course, you don’t need to kit your whole home straight away. There’s nothing wrong with holding fire on less necessary aspects, such as the spare room or dining area. But, even when you take things slowly, there are some items you’ll need right away. Without them, your house won’t be a home. Worse, it won’t be a functional space.
In truth, though, even the essentials are sure to cost more than you’re expecting. When you’ve never gone it alone before, it’s near enough impossible to anticipate how expensive the most functional features can be. After all, your parents have always dealt with that stuff. But, to give you some idea, we’re going to look at the more pricey additions, and consider ways you can cut the costs of each.
A whisk here, a cutlery set there; surely kitchen supplies can’t cost all that much, right? Wrong. By the time you’ve kitted your kitchen, you’re looking at a hefty price tag. The stuff may not be pricey, but the sheer number of things you need boosts the cost. When you’ve used someone else’s kitchen all your life, it’s a shock to realize just how many things are essential. But, to give you some idea, we’re going to look at a few of the must-have kitchen accessories:
And, oh, the list goes on. Spend an average of $20 on each of these things, and you’re soon looking at insane amounts of money. The good news is, there are some tricks and tips for reducing the sting at least a little.
The best thing about kitchen supplies is the fact that they’re portable. Each item is relatively small, meaning that you can buy it well in advance and store it without hassle. Buying a bed before moving may not be practical, but you’ll barely notice a box of pans under your bed. The sooner you start, the more you can spread the cost. You won’t notice a small amount from each monthly pay packet, but you’re sure to notice a significant sum going out at once.
It’s also worth asking around friends and loved ones for anything going spare. Most people end up with duplicates in the kitchen, so you never know what you might be able to find free of cost! Maybe even browse the local second-hand stores and garage sales to see what you can find for little to no cost!
Beds & Bedding
The chances are that you’ll also need to stock your new home with new beds. Sadly, bed frames are a lot more expensive than you would expect. Even an Ikea special will set you back a good $200 or more. Cheaper options are still pricey, at around $99. If you spend the bulk of your money one anything, I would suggest that it’s your bed. It may not seem like it, but it’ll be an investment down the line.
The bad news is, if you’re moving a spare room too, you’ll need to buy two beds. You can do the math of how painful that would be. Not to mention that the bed frame isn’t all you need to consider. You’ll also want to think about a mattress and a decent duvet. Then there are pillows and duvet covers to consider. Let’s be honest… it’s getting expensive.
As mentioned above, it’s not always worth cutting costs on your bed. At the end of the day, a decent option now will last you for many years. But, there are ways to lower the initial outlay. If you’re kitting a spare room too, why not invest in a daybed or sofa bed option? These are a lot cheaper, and much more practical. You’ll get a lot more use out of a sofa than you would from a bed which is used occasionally.
Again, you want to pick a high-quality option which will last. But, there are high-quality selections on the cheaper end of the scale. Mattresses pretty much cater for every price range, read about it here and decide which would work best for you. Remember that compromising on price doesn’t have to mean compromising on quality in this instance.
Lastly, remember that you can cut costs on duvets. Quality isn’t as important here, as it’s recommended that you change your duvet every five years or so anyway. Not to mention that many people opt for lighter choices during the summer, such as a blanket or a sheet. With that in mind, don’t be afraid to try cheaper options. It’s also possible to buy cheap duvet covers if you know where to look for them. These won’t impact your sleep quality in any real way, so it’s not worth spending money on top-quality options. Instead, shop around for some bargains, and opt for appearance over quality. That is, after all, the primary purpose of a duvet cover.
Seating & Other Furniture
Seating is also sure to set you back a fair bit while moving into a new home. The chances are that you’ll want somewhere to take a break in quite a few of your rooms. You may want stools for your kitchen, a sofa set for your living room, and a vanity chair for your bedroom. All of which are set to cost more than you’d think.
Obviously, a sofa set will be the most expensive seating outlay. But, you’ll find it difficult to feel settled in your home without one. The good news is that you can get many good bargains on decent sofa sets. Thanks to the trend of selling second-hand furniture online, you should be able to find what you’re after with little hassle. Searching on sites like Gumtree could even lead you to a free option if you’re lucky. Bear in mind that it’s worth looking out for complete sets. That way, you won’t have to buy more chairs when hosting guests. Bear in mind too, that, when shopping this way, you may not get exactly what you’re after. But, you can always reupholster anything you don’t like.
As for the rest of your house, it may be worth investing in a set of chairs to go in various rooms. A set of three stools, for example, could last throughout the house. Again, you could change covers to make them match each room. All it takes is a little creative thinking. One good resource is VarageSale, a mobile app that works like a garage sale on your phone. What’s great about this app is that most of its sellers are open to negotiation, so name your price and see what happens!
Last, but by no means least, is the cost of decor. While you may think this is a job which can wait, you’d be wrong. Decorating your space is essential if you want to feel at home once you are done moving. And, the chances are that you’ll want to settle as soon as possible. Thus, you’ll need to fork out on paintbrushes, rollers, paint, and any other supplies necessary. Plus, once the decoration is done, you’ll need to consider those small things that make a house a home. Art prints, rugs, and coffee tables all fall under this subheading.
The bad news is, the costs here will quickly add up if you’re decorating every room in your new home. It may seem like a small job, but none of these supplies are cheap. Even the additions could get pricey, with art prints alone costing sometimes hundreds of dollars. But, yet again, there are some ways to lessen the blow.
For one, it’s worth considering an ongoing color palette throughout your home. If you’re willing, this will ensure you can keep costs on paint down by using one color throughout. It’ll also save you money on supplies because you’ll only be working in one color.
You could also make a lot of your additions by hand. If you have a creative streak, why not paint your art prints? These will have a personal touch you’d never find in a shop and therefore make you feel right at home. If painting isn’t your strong point, you could always buy postcards and frame them instead. These options will cost next to nothing but create the same effect.
For those of us less artistically inclined, try checking out Mr. Kate. Mr. Kate is a fantastic YouTube channel with hundreds of easy and beautiful DIY tricks for the home!
Regardless of your budget or level of planning, you are likely to end up spending more than anticipated when you’re moving. There are always things you will forget. Anticipate these obstacles by making smaller purchases in advance and storing them, exploring second-hand shops and phone apps, and getting creative…literally. Trust me, these tips will be life-saving and make your home just what you hoped it to be!
This post was written in collaboration. This means that while I have added to this post and edited its content and formatting, I am not its original author. By posting this content on my blog, I receive financial compensation.
Meet Elizabeth! Elizabeth is the creator and writer here at Elizabeth Journals. In addition to creating for ElizabethJournals, she is a full-time graduate student studying clinical mental health counseling. She started Jihi Elephant to share her experiences, spread organizational tips, and promote positive living. Elizabeth is an avid bullet journalist, dabbling artist, and houseplant fanatic.
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