{"id":2313,"date":"2016-07-31T17:15:20","date_gmt":"2016-07-31T17:15:20","guid":{"rendered":"https:\/\/www.torontorentals.com\/blog\/?p=2313"},"modified":"2016-07-31T17:15:20","modified_gmt":"2016-07-31T17:15:20","slug":"how-to-budget-when-you-move-out","status":"publish","type":"post","link":"https:\/\/www.torontorentals.com\/blog\/how-to-budget-when-you-move-out","title":{"rendered":"Moving out on your own for the first time in TO? Here\u2019s how to NOT run out of money"},"content":{"rendered":"<p>Moving out of your unicorn-bedazzled childhood bedroom at mom and dad\u2019s place is pretty damn exciting, but it can also be tough. One of the hardest parts of moving out (besides having to cook your own dinners) is figuring out how to budget so you don\u2019t run out of money \u2013 before you\u2019ve even paid rent and bought groceries. #adulting<\/p>\n<p>Budgeting is key to enjoying \u2013 and surviving \u2013 life on your own. So here\u2019s how to do it.<\/p>\n<h3><span style=\"color: #99cc00;\">First up, figure out your income<\/span><\/h3>\n<p>It\u2019s important to understand exactly how much you\u2019re bringing in on a monthly basis before you even start attempting to build a budget. Gross income (the income you have before taxes) doesn\u2019t count \u2013 what you want to figure is the precise number that gets deposited into your bank account every two weeks (or monthly, or whatever) in order to properly plan. Take those paycheques and actually record them \u2013 if your income is variable, try to create an average of hours worked per week and income from that. Having a solid monthly number in mind is important.<\/p>\n<h3><span style=\"color: #99cc00;\">Add up your essentials<\/span><\/h3>\n<p>Once you have your total income, you\u2019ll want to create a total expenses list. This will cover everything from the essential costs (food, rent, TTC pass, utilities, etc) and costs that you will inevitably have simply living a life (clothes, entertainment, shopping). Be sure to budget for a little bit more than you think with these secondary expenses \u2013 while rent is sure to be a fixed number every month, entertainment expenses, for instance, probably won\u2019t be.<\/p>\n<h3><span style=\"color: #99cc00;\">Don\u2019t forget a safety fund!<\/span><\/h3>\n<p>We all get into accidents, have terrible luck sometimes, or all of a sudden have an unexpected expense come up. It\u2019s important to set aside some of your monthly budget to address this when it happens. Did your car break down? Have to travel across the country for a wedding? Need to get a new fridge? If you save a few hundred dollars a month, at least, then you\u2019ll be prepared for any eventuality regardless of the problem.<\/p>\n<h3><span style=\"color: #99cc00;\">Stay true to your budget<\/span><\/h3>\n<p>If you maintain your budget and never go outside of it (by not impulse spending on anything you haven\u2019t already planned for), you\u2019ll find that money is rarely, if ever, an issue and you\u2019ll be able to live as free as you feel! Just be sure to incorporate enough money into your entertainment spending that you won\u2019t feel like you\u2019re missing out or needlessly punishing yourself to stay responsible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Moving out of your unicorn-bedazzled childhood bedroom at mom and dad\u2019s place is pretty damn &#8230;<\/p>\n","protected":false},"author":26,"featured_media":2315,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"coauthors":[220],"class_list":["post-2313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rental-guides"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Moving out on your own for the first time in TO? 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