--- title: 6 Ways to Budget for Living On Your Own description: Here are some tools to help you as you start budgeting for living on your own. image: https://rmcu.net/hubfs/RMCU_6%20Ways%20to%20Budget%20for%20Living%20On%20Your%20Own_1.jpg --- [![RMCULogoColor.jpg](https://rmcu.net/hubfs/RMCU-logo.svg "RMCULogoColor.jpg")](https://rmcu.net) [Online Banking Login](https://banking.rmcu.net/auth/signin) [Online Banking Login](https://banking.rmcu.net/auth/signin) [![RMCULogoColor.jpg](https://rmcu.net/hubfs/RMCU-logo.svg "RMCULogoColor.jpg")](https://rmcu.net) - - [Home Loans](https://rmcu.net/home-loans) - [Personal](https://rmcu.net/personal) - [Business](https://rmcu.net/business) - [Membership](https://rmcu.net/membership) - [Careers](https://rmcu.net/membership/about-rmcu/careers) - [Contact Us](https://rmcu.net/contact-us) - Search - [Financial Education ▾](https://rmcu.net/blog/6-ways-to-budget-for-living-on-your-own#financial-education-nav) - [About RMCU ▾](https://rmcu.net/blog/6-ways-to-budget-for-living-on-your-own#about-rmcu-nav) - [Security](https://rmcu.net/membership/security) - [TruStage: Security Alert](https://rmcu.net/trustage-security-alert) - [Money Mastermind](https://rmcu.net/money-mastermind-lessons) - [Financial Counseling](https://rmcu.net/financial-counseling) - [Savvy Money](https://rmcu.net/membership/financial-education/savvy-money) - [Blog](https://rmcu.net/blog) - [Resources](https://rmcu.net/resources) - [RMCU Team](https://rmcu.net/membership/about-rmcu/rmcu-team) - [Member Information](https://rmcu.net/membership/about-rmcu/member-information) - [Annual Meeting](https://rmcu.net/membership/about-rmcu/annual-meeting) - [Community](https://rmcu.net/membership/about-rmcu/community) - [Our History](https://rmcu.net/membership/about-rmcu/history) [back to blog](https://rmcu.net/blog) [Budgeting and Saving](https://rmcu.net/blog/topic/budgeting-and-saving) # 6 Ways to Budget for Living On Your Own Read Time **2 mins** | Written by: Rocky Mountain Credit Union [mailto:?subject=6%20Ways%20to%20Budget%20for%20Living%20On%20Your%20Own&body=https%3A%2F%2Frmcu.net%2Fblog%2F6-ways-to-budget-for-living-on-your-own](mailto:?subject=6%20Ways%20to%20Budget%20for%20Living%20On%20Your%20Own&body=https%3A%2F%2Frmcu.net%2Fblog%2F6-ways-to-budget-for-living-on-your-own) ## Start by adding up your expenses If you haven’t lived on your own before, you might not have a good idea of how much you need to set aside for essentials each month. Start by adding up the big expenses like rent, insurance, car payment, phone plan, gas and groceries. Then factor in the smaller recurring costs like subscriptions and memberships that are easy to forget.    ## Track your spending If you only work one job and have consistent paychecks coming in, it’s easy to know how much money you have to work with each month. But it can be harder to nail down exactly where your money goes. Take a month to track your spending and see what you spend. You can log purchases in an app, connect to a service that tracks it for you or use built-in budget tools in your online banking. From there, it will be a whole lot easier to know where you tend to overspend, and you can plan accordingly.    ## Don’t forget about savings When you’re planning your budget, think about savings first. It’s a good idea to work out what percentage of your income you want to save each month. Then take that out of your checking account and deposit it in your savings account straight away when your paycheck clears. Paying yourself first can help you stick to your budget since you’re less likely to be tempted to spend money just because it’s in your account.    ![Woman paying bills](https://rmcu.net/hs-fs/hubfs/RMCU_6%20Ways%20to%20Budget%20for%20Living%20On%20Your%20Own_3.jpg?width=2894&height=1929&name=RMCU_6%20Ways%20to%20Budget%20for%20Living%20On%20Your%20Own_3.jpg) ## Try the 50/30/20 rule If you’re not sure where to start when you’re setting up your first budget, give the 50/30/20 rule a shot. This budgeting strategy has you put 50% of your income toward needs, 30% toward wants, and 20% toward savings. It’s not always possible to stick to this ratio, but if you can work your budget to get as close to these percentages as you can, you’ll be in good savings shape.    ## Get creative to save money Save money by cooking, take advantage of student discounts if you’re still in school, try alternatives to driving, or see if you can refinance your auto loan for a lower interest rate. Instead of clipping physical coupons, coupon apps take savings digital. And r[esponsible spending with a rewards card](https://www.rmcu.net/personal/visa-credit-cards) that you pay off every month can lead to free travel, cash back, or gift cards, depending on how you use it. Sometimes it just takes a little creativity to find new ways to save.    ## Spend on what’s important to you When you’re living on your own, you have the ultimate freedom to choose what you spend any extra money you have every month. If you want to eat beans and rice for most meals in order to save up for a new mountain bike, you can. You set your priorities, so take the time to think about where you want your money to take you. Then make a plan to achieve your goals.    ![Man shopping at grocery store](https://rmcu.net/hs-fs/hubfs/RMCU_6%20Ways%20to%20Budget%20for%20Living%20On%20Your%20Own_2.jpg?width=2894&height=1929&name=RMCU_6%20Ways%20to%20Budget%20for%20Living%20On%20Your%20Own_2.jpg)   When you’re ready to take your financial knowledge to the next level, sign up for RMCU’s free online [Mastermind course](https://blog.rmcu.net/mastermind). Learn the ins and outs of budgets, savings, and all the personal finance you wish you’d learned in school.  ##### Rocky Mountain Credit Union Share the Love [mailto:?subject=6%20Ways%20to%20Budget%20for%20Living%20On%20Your%20Own&body=https%3A%2F%2Frmcu.net%2Fblog%2F6-ways-to-budget-for-living-on-your-own](mailto:?subject=6%20Ways%20to%20Budget%20for%20Living%20On%20Your%20Own&body=https%3A%2F%2Frmcu.net%2Fblog%2F6-ways-to-budget-for-living-on-your-own) You May Like These ## Related Articles ![](https://rmcu.net/hs-fs/hubfs/RMCU_6%20Tips%20to%20Rebuild%20Your%20Financial%20Health%20After%20Unemployment_1.jpg?width=700&name=RMCU_6%20Tips%20to%20Rebuild%20Your%20Financial%20Health%20After%20Unemployment_1.jpg) Financial Literacy ### [6 Tips to Rebuild Your Financial Health After Unemployment](https://rmcu.net/blog/6-tips-to-rebuild-your-financial-health-after-unemployment) Reentering the workforce is a good time to look at your finances and see how you can start rebuildin... 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