The thing about living with roommates is that you never get a moment where you can truly be at peace. After all, you need to consider their living preferences as well at home and it might not always be in tune with yours. In this case, the best move you can make is to live alone. However, this might be easier said than done since you need to consider a lot of things before you can move out and live on your own.
To make sure you can prepare to afford solo living in Cambodia property, here are the top financial tips on how you can do this. Continue reading below!
1. Create a monthly budget and stick to it
First off, make sure you create a monthly budget for all your necessities. This includes utilities, an estimation of your rent, and even miscellaneous. Make sure to stick to it so you don’t sell yourself short when an emergency comes.
2. Cook your own meals
While it’s easier to order food, it’s also quite expensive even if you have a minimum budget on all your takeout orders. Food deliveries in Cambodia cost between $2 to $5 per meal which is equivalent to around $6 to $15 for three meals a day. If you want to save money, the best move is to buy fresh goods in supermarkets or wet markets then cook your own food at home. The $6 budget you spend on food deliveries daily can already buy 1kg of meat in wet markets, which can cover a week of your meals with portion control.
3. Stop buying unnecessary things
Retail therapy is one of the most common instant gratification methods that people do. However, most items you think you need afterwards are simply unnecessary so make sure you actually need something before spending your money on them.
4. Determine what you can actually afford
Sometimes people opt to buy more expensive things due to the status that comes with it. However, it might not always be within their means. In this case, if it makes a large dent in your savings and you have to skimp on your necessities, then you can’t actually afford it. Make sure to only spend what you can, rather than spending way outside your budget.
5. Walk or rent/buy your own moto
Although riding tuk tuk in Cambodia is quite cheap, having your own car or motorcycle can save you more time and daily expense. It’s also easier going to where you need but you have to shoulder gas, monthly maintenance, and more. So to lessen the financial burden, another way is renting an apartment near your workplace so you can simply walk going to office and home.
6. Build an emergency fund
Before spending your money on unnecessary things, you need to build an emergency fund first that will help you in times of trouble. After all, you need to plan for possible emergencies your future self might go through.
7. Lessen your debt
Considering that you have a lot of responsibilities when you live alone, the best move to lessen the weight on your shoulders is to reduce your debt. This will allow you to effectively manage your money as well.
8. Increase your income
When you live alone, it’s necessary to have more than enough to pay for your necessities which is why you need to increase your income. You can do this by getting a side gig, via promotion, or starting your own business. While this sounds easier said than done, increasing the income you have will significantly help you afford living alone.
9. Buy second hand items
As much as you can, always look for second hand deals—whether that’s appliances, items, or furniture since it will save you a lot of money. Do make sure though to check the quality so you don’t end up repairing or replacing it quickly.
KH