Some things just aren’t taught or learned at school. Life skills, as some people call them, are often learned through experience. But learning through experience can sometimes be painful, and it would do everyone better to be taught how to prepare for it.
We’re often surprised by the number of things we have to pay for in our adult life. We have to pay for the most basic services that we often don’t feel when we stay in our parents’ home. Coming into adulthood unprepared can bring about a harrowing journey. That’s why it’s best to know what to expect. Below are some everyday expenses you need to tackle during adulthood.
Need to Have
There are necessities that we can’t do without. These are the “need-to-haves,” or things that everyone requires to accomplish basic and daily tasks. They should be prioritized first and making sure you complete them before anything else goes a long way in making life easier.
Rent or Mortgage. Of course, everyone needs a place to stay. That’s why covering your home payments, be it rent or a pay-to-own, should always be on top of your payment list. You never want to be late when it comes to prices like these, as it can lead to quite the trouble if you fall short. Make sure you always have enough money for rent.
Bills and Utilities. Your utilities are the services you need to have to have a fully functioning house. They include the water, electricity, gas, and other services you need daily. Your bills and utilities always come next after clearing off your mortgage.
Internet and Phone Line. Nowadays, the internet isn’t just a want anymore. It has become a need, especially with many companies using it for their work-from-home format. If you’re one of those who work remotely, then your internet bill ranks as one of the most critical payments you need to clear.
Transportation. Not everyone has the luxury to work from home, and even if you do work from home, you still need to set aside money for a ride or commute. For car owners, this means gas money (or car payments, if it’s not paid in full yet), and for those who use public transportation, it means money to buy passes.
You can’t live your life precisely without a backup plan, and that’s what “should haves” are for. It would be great to have extra income to save money, but not everyone is privileged enough for it. However, if you have disposable cash, it’s wise to put it on this list of “should haves.”
Savings and Investments. Sometime in the future, you might want to make a large purchase, like a gift, or a vacation trip, or something else. That’s what savings are for, and it can even act as an emergency fund.
Insurance and Emergency Fund. We can’t precisely predict what can happen next, and that’s why it’s crucial to have your emergency fund. Getting insurance will help a lot as well.
Want to Have
Life isn’t all just about severe business and success struggles. Once in a while, you also have to take a break, treat yourself, and dedicate some of your hard-earned money to self-care. Here are some of those expenditures that you can categorize under “Wants” or “Leisure.”
Streaming Subscription. Love to binge-watch TV shows and series but hate the ads? Want to have access to more options when watching? Streaming subscriptions are such convenient ways to do all that, and at an affordable price too. It’s good that you can share subscriptions with family or friends; make sure it’s a fair share where everyone involved gets to pay their dues.
Gym Membership. They say health is wealth, and that is very much true. You have to take care of your body and make sure you’re in tip-top shape to provide for yourself and the important people around you. Plus, you’d look and feel good, too, whether you choose to invest in your exercise equipment or get a gym membership, setting aside money for your body.
Hobby Fund. You can be into arts, music, calligraphy, hiking, or traveling. Having a hobby can help you take your mind off stress, but be mindful of how much you spend on it. If you find yourself spending too much, reel back and remember that your hobby is for your enjoyment, not another cause of stress.