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7 Practical Saving Tips for Financially Independent People

7 Practical Saving Tips for Financially Independent People

How to be financially independent?

Nowadays, it has become increasingly common for young adults to decide to leave their homes, move away from their families and live alone. This decision may be taken for various reasons, some of which might be:

 

  • Wanting to lead a more independent life
  • Needing to live closer to where you work or study
  • Traveling abroad to work or study

 

This newfound independence will teach you the true meaning of responsibility and sacrifice, as you learn to rely solely on yourself in all respects. A fundamental part of this learning process entails becoming financially independent. One of the most important rules of independence is self-reliance, learn to do everything yourself, and you’ll be surprised how far it takes you. It’s all about changing your mindset, daily habits and getting a bit creative with how you do things. It might seem daunting at first, but we are here to help! The following practical savings tips will give you a good head start and make things that much easier for you.

 

1- Split Living Costs:

 

 Sharing a house or apartment and splitting the bills with a roommate can lead to significant savings.

 

2- House Hacking:

 

 Consider moving into a smaller, cheaper place with income-generating potential and renting out a room to make a little extra money.

 

3- Learn to Cook: 

 

 Instead of ordering in or eating out every day, learn to cook. Start meal prepping and make enough food to last a week. You’ll be amazed at how much you can save. The benefit here is twofold; you won’t have to pay for lunch at work and you’ll already have something ready and waiting for you after a long, tiring day at the office when you might be most tempted to order in. If you’re new to the kitchen, not to worry, there are many quick and easy online recipes you can follow.

 

 

This newfound independence will teach you the true meaning of responsibility and sacrifice

 

4- Carpooling: 

 

Cars can be a huge expense, especially in Egypt, where the word ‘traffic’ takes a whole new meaning. Consider carpooling to work with your co-workers. Splitting the gas cost with even one more passenger can save you a significant amount of money per year.

 

5- Use a Bicycle or Go on Foot:

 

 Become eco-friendly and save money by biking or walking instead. This is great for your wallet as well as your health and wellbeing.

 

6- Think Before you Buy:

 

 Before you purchase something, take a moment to think about how long you have to work to actually buy it. Is that 1000 EGP dress really worth hours of your hard-earned time?

 

7- Freelancing: 

 

If you have some free time on your hands and need to earn some extra money, think about freelancing. Freelance jobs are flexible; you can work from home, full-time or part-time; and you do not need much experience. From private tutoring to copywriting, there are many options available.

 

As the saying goes, “you can have anything but not everything”. The key to success is to spend consciously and intentionally, prioritizing only what is important to you and what brings you value. Find the right balance between spending and saving, and you will be well on your way to achieving financial independence.