Millennials: How to Live on Your Own

successToday we’re pleased to present guest blogger Jade Phillips. You can find her living in pockets of online communities across the web. Jade is also the co-founder of BizGalz, a twitter chat that aims to bring a global community of women together to discuss current issues.

It’s a well-known fact that Millennials are rapidly changing the business world for the better. From building their own enterprises to swaying the direction of industries, they’re using their skills to influence.

Yet well over 25% of these adult children are still living at home or have boomeranged back. If Millennials tap into just a fraction of the energy they invest in business, their living situations will change as well. Here are six ways that can move boomerang kids toward independent living:

Start saving. It’s a necessity for two reasons – for a rainy day and as a deposit fund for your very own place. Saving can be difficult when you’re bearing the burden of household expenses. And disposable income may be a thing of the past. So while you’re living with your parents, take this opportunity to start. If you begin by saving just 10-15% of your monthly income, you can build a nice security fund in no time. Also remember that emergencies can happen at any time, and sitting on a small sum of money keeps your head above water during tough times.

Create a finance plan. While you’re still at home, start to familiarize yourself with everyday household expenses. Ask your parents about the cost of utility bills. Think about what you’re spending on travel, groceries and rent. Do you have any leeway to save? With a clearer idea of the costs of running your own household, you’ll understand exactly how disciplined you’ll need to be. When all of these numbers are in place, create a budget and start putting it into practice as you prepare for the future.

Work on your credit score. Looking for an apartment without knowing your credit score is never a good idea. Regardless of whether you plan to rent or buy, your credit history plays a huge role in successfully securing a place of your own. Before you move out, ask your parents to put a couple of bills in your name. That way, you can kill two birds with one stone by contributing to the household while working on your credit. Consider applying for a credit card, but only if you are 100% financially responsible. Missing a payment or maxing out a card will negatively impact your credit history.

Find the right place. It’s never too early to think about the type of property that suits your needs. It’s also important to explore whether you want to live alone or in the company of others. Along with price, location and space what are other qualities you need to consider? Make sure you spend time getting to know the area and that it truly feels like home!

Work on communication skills. Chances are you won’t be living by yourself initially. And, outside the comfort of home where parents and siblings understand your personality (quirks and all!), it takes time to learn how to communicate effectively with different people. The more you work on how to understand others and discuss your feelings constructively, the easier it will be to manage your future living situation. It’s a warm-up for the real challenge! Make an effort to think about the way you express yourself, to work on resolving conflicts rather than indulging them, and to be open to other perspectives.

Don’t be afraid to ask for help. While being independent and self-sufficient are amazing and desirable skills, there is absolutely no shame in asking for advice. Moving out for the first time can be daunting; there’s a lot to do and it’s a process you’re probably not too familiar with. If you feel under financial or emotional stress, reach out for support.

Nothing worth having will happen overnight. Preparing to move out may be difficult, but the feelings of satisfaction are definitely worth it. Millennials are incredibly resourceful and have the capacity to do even greater things. From business back to the comfort of home, they will continue to reshape what it means to be successful.

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