Give Me Back My Five Bucks a quest for financial independence

Note: this is a guest post from Nikki Gilliland

Although you might have finally saved up enough cash (and courage) to leave home, moving into your own place doesn’t necessarily mean you’ll be able to stop budgeting. Far from it in fact… due to the added pressure of keeping up with rent, bills, insurance and general living costs – especially if you live in an expensive city like London – you’ll probably find yourself being more strapped for cash than ever before.

But don’t let money worries take over; whether you’re renting or taking your first step onto the property ladder, take heed of the following tips on how to save money when moving out…

Be frugal with furniture

Instead of spending your savings on new sofas, coffee tables, beds and curtains: try finding alternative ways to furnish your new home. Whether this means looking for a place that is already furnished, shopping from second hand stores or the online marketplace – it’s never worth buying brand new items unless you’ve got the financial freedom to do so. A great tip is to ask friends and family if they’ve got any old (or merely unused) furniture knocking about. From bookcases to forgotten about kitchen appliances, you’ll be surprised what some people might be more than happy to part with!

Related: How much should you save before moving out?

Find the best home insurance rate

Whether you’re buying or renting, ensuring you’ve got the correct type of home insurance is vital for your financial security. Not only could a mistake lead to you getting caught out if you’re burgled or suffer damage, but by looking for cheaper rates, you could save money in the short term too. If you’re hoping to get a good deal on buildings insurance, our advice would be to search for 40% off home insurance. But similarly, even if you’re renting, you should never take it for granted that you’ll be completely covered by your landlord’s protection. Always check beforehand and if your contents aren’t taken into consideration, look for 50% off home insurance online to get the best rate possible.

Consider a house share

You might prefer to live by yourself, but another way to remove some of the financial load would be to live in a large house share. That way, instead of being the sole bill payer, you’ll be able to split the cost of rent and bills with a group. Not only will this help with utilities, but if you’re really lucky, you could even share food, washing powder, and a whole load of items that are cheaper when you buy in bulk. Plus, it’ll probably be loads more fun too!

Wherever you’re moving to, don’t let money worries take the enjoyment out of the experience. You might not have financial freedom just yet, but living independence might just be the first step!

Note: this is a guest post by Becky W.

How much do you spend on your groceries each month? You probably have a budget set up for them, but do you pay attention to what, exactly, it is that you toss into your basket every week? The thing is, groceries are the living expense that is most likely to get away from you.

This is true for a few reasons:

1. Eating well tends to cost more, so you usually feel like you’re choosing between your budget and your health. In that scenario, it’s easy to blow off the budget–and feel ok about it.
2. You don’t want to waste money—you tend to buy the same brands and items every week because you know that you will like what you get. You don’t want, for example, to spend money on a new box of cereal only to find out a few bites in that you hate it.
3. Branding works—it’s easy to see through branding when it comes to electronics or “fun stuff” but when it comes to food (and personal care products, frankly), the branding on the box is usually the deciding factor in choosing one item over another.

If you don’t mind spending some time searching, though, you can save money on your groceries.

Enter: The Coupon

Coupons can be a lifesaver at the grocery store, if you know how to use them properly. Unfortunately many people get caught up in the saving of ten cents here, a dollar there that they end up spending more than they save. Here are the best ways to use coupons:

1. Search out coupons for things that you are already going to buy anyway (for example: searching out coupons for Shari’s Berries because they’re your favorite).
2. Use a good coupon to test out a brand that you have been tempted to try (for example, trying out a new type of salad dressing, butter, cereal, etc).
3. Don’t fall for the “buy 2 get one 1 free” trap unless you know that you will actually want three of the thing being offered (your favorite brand of toothpaste, for example).
4. Track prices: lots of times stores will mark up the price of a product by ten or twenty cents and then try to cover themselves by offering shoppers a coupon for ten to twenty cents off of their next purchase of that product. A good example of this is toilet paper.

It’s also important to note that if you really want to save a lot of money on your groceries, you can learn to make more foods yourself. Food items like tortillas, pastas, bread, etc are extraordinarily easy to make yourself and you can make them for pennies on the dollar for what you’d pay to have them pre-made. It takes some time to do it this way but would you rather pay $0.53 for a loaf of bread or $4?

Another good reason to go this route is that it eliminates the whole “my health or my budget” conundrum. Making your own food gives you complete control over what goes into your body and with coupons (you can often find them for produce as well as branded items) you could save hundreds of dollars a year at the grocery store.

Good luck!

Note: this is a guest post from Becky W.

Saving for retirement is something that most of us put off for “later.” It’s hard to take seriously the idea for saving for the future when the bills and debt are so worrisome now. It is important, though, that you start taking steps now—even if those steps are small. If you don’t, you’ll increase your chances of getting permanently stuck in your current cycle.

When you first look into saving for the future and creating a retirement fund for yourself, it’s easy to get caught up in just how complicated everything seems. Here are some things to help you simplify the process.

1. Start Saving Today

You don’t have to start out with a complex investment portfolio and savings plan. What’s important, for now, is that you simply start tucking money away. Set up a savings account and link it to your checking account. Every week put $5-$10 into that account. If you can do more, great but if you can’t that’s okay. Every little bit helps. If you wait until you have some grand plan, you’ll have lost precious time your money could be growing on its own. Don’t let a big hurdle get in the way of small incremental improvements.

TIP: If you can, choose a savings account that is set up for compound growth. This way the money you save will make even more money over time.

2. Jump Start Your Account

A lot of younger people get caught up in the idea of needing a huge chunk of change to “jump start” their retirement accounts or give it a head start. It’s unnecessary. Much like the first tip, you just need to get things going. Whether you pick an Roth IRA or Traditional IRA, or take advantage of your employer’s 401k plan, just contribute and get things going. If you move jobs, don’t worry, that’s not an issue. One of the most commonly asked questions financial planners and personal bankers hear is “Can I rollover my 401k into a Roth IRA?” and the answer is always yes. (401Ks have been popular in part because they’ve been available forever, but the Roth IRA provides you with tax free growth)

According to the IRS, you do not have to choose between your 401k, a regular IRA and a Roth IRA. There are annual contribution limits, of course, but you can have all three accounts if you want.

3. Start with Simple Investing

Investing is something that every person should do if they want to have the most financially stable future possible. The key, especially if you have never invested in anything before, is to start small and with something you understand. Yes, it’s tempting to jump into the deep end of the stock market or a mutual fund but go slowly to get your footing.

For example, roll some of your savings account over into a CD (Certificate of Deposit). These are high yield interest accounts that are offered by banks and other financial institutions.

A good rule of thumb, when you’re ready to start investing in other things, is to never put more into your investment portfolio than you can afford to lose.

Saving for the future is frustrating because, especially when you’re just starting out, the process seems so slow going. Looking at a savings account with only $30 in it can be discouraging. What’s important is that you keep plugging away at it. Save a little bit every week. Learn about investing. Talk to your employer about retirement benefits, 401Ks, etc. Work with a financial planner to set up IRAs and investments when you’re ready to do so.