Car Congratulations! Looking to get and getting a new (or new to you) car is exciting! Make sure you know what you're getting into, whether you are buying or leasing.
Buying Pros of buying:
Ownership
Free to customize your car as you see fit
No end-of-lease charges
Can sell later
No mileage limit
Cons of buying:
Higher monthly payments
Repair costs
Leasing Pros of leasing:
Lower monthly payments
Better warranty protection
Always have a new, good-looking car!
Cons of leasing:
Must have stable income
Strict mileage limits
Likely to pay more if you go outside their requirements
Food So, you're hungry. As a young adult, you probably don't have a lot of cash, either. Don't spend it on fast food or restaurants! Start by meal prepping, or at the very least, deciding what you'll eat each day of the week for breakfast, lunch, dinner, and snacks. I like this magnetic meal planning pad by KnockKnock, but you can make your own.
Healthy foods are a lot easier to make, cheaper, will give you better energy, and help your immune system. Avoid processed foods in general and you are on the right track! Making your own food is a win-win situation. Search for some cheap, healthy recipes on Google to get started! Meal planning and prepping can help you reach your goals - whether it be to lose weight or gain muscle. Anyone who works out a lot will tell you that your food is your fuel - would you put bad gas in a car and expect it to work perfectly? Of course not!
Life Skills When you move away from home, whether it be a mile or 300, basic tasks like laundry, dish washing, and repairing a hole in a shirt can be forgotten or ignored. Part of "adulting" is doing these tasks.
Basic laundry skills Starts with separating your lights from your darks. Keep an eye out for delicate materials or materials that can only be dry cleaned. You don't want to ruin your new shirt! Fill your washing machine half-full (so it doesn't overflow and everything can be cleaned efficiently) with a half-cup of detergent. Then select the option that works best for your laundry. Then wait until the wash cycle is done, and throw those wet clothes into the dryer with a dryer sheet or wool balls to get rid of static and maintain even drying.
With dish washing, if you clean your dishes by hand or put them in the dishwasher, do it while your food is cooking. That way, you can enjoy your dinner without having to worry about too much of a cleanup when you're done! Sewing is one of those skills that can really come in handy, too. It's helpful to know how to use a needle and thread.
Money When it comes to money, follow this budgeting rule: 50/20/30. 50% of your income goes to essentials, such as rent, utilities, groceries, car payment, gas, cell phone, and school supplies (like textbooks). 20% of your income should go to a savings account, then the final 30% is your spending/fun money, such as gym memberships, clothes, eating out, movies, Netflix, trips, etc. If something comes up, cut from your spending/fun money first!
When you are applying to rent an apartment, the leasing office often requires that your take-home income is 3x your rent amount, or your rent amount is 1/3 of your take-home income. For example, if you take home $2,000 per month after taxes, you shouldn't pay more than $600 in rent. If your rent is more than one-third of your income, a leasing office may not rent to you because you're "risky". If you have roommates, though, this easily fixes the problem!
Other Budgeting tips
Download an app like Prism or Mint to help track your spending.
Put all of your bills on autopay on a credit card - then pay it off.
If you're an impulse spender, wait 30 days before purchasing, and ask if it really sparks joy for you.
MORE TIPS! Taxes If you worked in the past year, you need to file taxes. You might even get a tax refund, so it's worth your time! All taxes are due April 15th for the prior year. Keep a copy of all of your tax forms for the FAFSA. Unless you own your own business, own property, or have a unique tax situation, you can probably do your taxes online at places like TurboTax or TaxAct.
Make sure to:
Save your login information
Know your Social Security Number
Have your prior year W-2's handy
Have your 1099 forms - if someone else gave you money besides your employer
Be ready for both a tax refund (save it!) or tax bill
Social Media Keep in mind that employers look you up on social media. Imagine that you're applying for your dream job and even your interview goes well, only to be turned down because of an embarrassing post online. It's a good idea to set all of your social media to private, and only accept those you're okay with seeing ALL of your posts.