If you’re over a certain age, you’re probably starting to think about all the life skills you’re going to need to take you to the next stage of your life. Let’s say you’re fresh out of university, you have just realized you need to start applying for jobs and maybe if you have a job already, you’d like to start looking for a place to live. You may even be approaching or in your thirties and still have no clue what you want to do with life and feel like you haven’t progressed in the slightest. It is ok, life moves at your pace sometimes and we all progress at different stages. What is success to one person may not be to another, and measuring our lives on others will never be helpful. So what is there to do as an adult in the millennial world? There’s a break down of all the things you’ll need to look at as you move into this new chapter. Such as setting up all your direct debits for payments such as road tax, home insurance, credit card finances, home bills, student repayments and any other costs that may incur along the way such as healthcare and any fines. So let’s look at them in a little more detail.
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- Car insurance – have you budgeted for this if you own a car or if you’re thinking of owning a car. All the costs that come with a car such as MOT and fuel will add up.
- Health Insurance. While we’re talking about insurance, have you looked into your MEWA health insurance plan options? You need to protect your health as much as possible and the right health insurance is the way to do that. Take your time researching, though, as you could consider a range of different options to match your health needs. Health is not a joke and the wrong type of insurance can slow you down if you become unwell.
- Mortgage advisor fees – if you want to buy a home, then you will need to provide lots of information about your income, your savings and you’ll need to probably put down some kind of deposit. Or let’s say you’re at a point where you are wanting to sell your parents’ home or a relative’s home, you can look at Gem Homes to make the process easier.
- Credit Cards – if you own a credit card, that’s great. It will help build up your credit score and show future investors that you can handle finances. Don’t overspend on your card too much so you can’t repay, as that will not work in your favor. Also try to pay off a relatively hefty payment each month to avoid a build up of interest.
- Bills – you will probably have some form of direct debit set up on your statement for some kind of home bills; whether or not you’re living at home and you pay board for your living costs, or if you already pay monthly bills for gas, electricity etc, this is something you’ll need to budget for if you’re moving in on your own of course. As well as taxes and home insurance but there are many ways to find good inexpensive cover.
- Student bills – if you’ve studied at university, then you will probably have some repayments! Education fees don’t come cheap but usually you will only have to pay a small amount back every month and this is dependent upon your income. So don’t let the fear of studying put you off from progressing with your life. Student debt is one of the most common debts and there are ways to get help with repayments!
So there you have it. Being an adult is tough, but being aware of all the costs that you may need to budget for will help you towards a more positive future!
