I had lived alone for four years in university and I experienced independence, but it's nothing comparable to the full responsibility of living alone. Unlike my university days, I no longer have the safety net of full financial support from my family and I have missed that.
Living alone and managing my finances in a depressing economy has been a little overwhelming.
I started staying alone last month which was January and it's been a crash course in money management, especially when you live in a depressing and tough economic climate. Here's what I've learned and implemented to survive the past months.
Firstly, budgeting has become my best friend. While it's easier said than done, planning my expenses before I receive my salary has been crucial in curbing unnecessary spending. Budgeting is so important especially if you are a salary earner.
I usually make a monthly budget and categorize my needs. I've learned to prioritize my “needs” over wants, ensuring that I allocate funds reasonably and avoid regrettable impulse purchases, to which I have once fallen victim.
Additionally, I've adopted a scale of preference approach within my budget, prioritizing essential needs in each of the categories to ensure I allocate resources efficiently.
Secondly, I've become a savvy saver,haha. Whether it's buying in bulk, embracing DIYs and hacks, or seeking out wholesale deals and coupons, I've discovered various ways to save money when purchasing. I also discovered that buying some products from supermarkets or distributors is sometimes cheaper than buying from roadside shops, stalls, or markets, and investing in thrifted items has saved a lot of money without compromising quality.
Embracing humility has also played a significant role in managing my finances. As cliche as this may sound “stop trying to impress“ It is better to be rich than to look rich, don't waste your precious money trying to impress. Rather than chasing the illusion of wealth through extravagant spending, I've shifted my focus to building genuine wealth through additional income streams. Investments in assets over liabilities. Investing in assets will only make you richer indirectly or directly. This will ensure long-term financial stability.
Lastly, giving. It is often said that “the more you give the more you receive”. Recognizing that generosity breeds abundance, I've learned to give and help others in need, not to impress, but to make a positive impact. Giving can unlock a lot of opportunities for you. Sharing the little you have with others is a way of blessing. I read one of @princessBusayo's posts about sharing and giving. Due to this current recession, a lot of people find it hard to even eat just once daily.
Also giving back to God is very important, it has enriched my life in more ways than I can count.
In conclusion, living alone and managing finances in a difficult and depressing economy has been a learning but challenging experience. I hope you find these insights helpful on your own financial journey.
Thanks for reading, and have a fabulous day!❤️
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