Getting Ahead On Any Budget

​

Unfortunately, everyone doesn't transition into adulthood with financial backup. For many people, their parents could provide support in all other ways but financially. It can be overwhelming to think about the opportunities that may be lost because you don’t have access to money. Here are three life hacks to help you move forward financially: 

Their Scenario: Parents provide backup to their regular finances. The family covers emergencies and major purchases. 

Your Hack: Build up an emergency savings fund

Focus on building up your emergency fund. Start by saving one full month of pay. Emergency savings increase over time--so be patient with yourself. Create a budget to help you collect that specific amount over time. 

Start with one month and then work on increasing your emergency fund. Click here to learn more about setting small savings goals.  

Their Scenario: Parents help them pay rent and bills in college and after graduation

Your Hack: Pay as little rent as possible while you are starting. Live at home or get roommates. 

If your home life is emotionally and financially stable, then consider staying home for a year or more so that you can save on rent and stack up. It may be annoying to follow the rules of your parents or a family member’s house while you are an adult. But following rules  is a small sacrifice that will set you up for financial independence.

If you don’t have a stable environment with family, then you can choose to live with roommates rather than paying rent on your own. With roommates, you can pay less each month for an apartment. The roommate route can either allow you to build your savings or budget your paycheck better. 

Their Scenario: Access to internships and jobs maybe a phone call or text away. 

Your Hack: Build your network and form valuable relationships

Your uncle may not be able to hook you up with a dream internship, but there are plenty of ways that you can create a reliable network for yourself. Find advocates who see your potential and know how to get you to the next level in your career. Advocates can be mentors, professors, and former bosses. 

While you are enrolled in college, a training program, or  working, you are creating meaningful connections with people on your level who will be moving up in the world. Hang close to these authentic connections and create a space where you all help each other out. When you make it to the top, pay it forward and make sure the kid who is just like you gets a chance to move forward in their life.

It can be overwhelming to feel like you have to figure everything out on your own. But remember, you have made it this far. You have the power to make the best of your life circumstances.