Aaaand here we are in 2020! It’s been a wonderful journey so far, with ups and downs, tough moments and happy ones, but now that we’re at the start of a new chapter... You, how do you want to keep your story going?

We suggest you get your own place, and if you’re thinking along the same lines, let’s see together what needs to be done. We’ve prepared a full guide with 10 steps, but to make it easier to digest, we suggest taking them one at a time. What do you say?

First things first, it’s important to set off... responsibly! Now’s the moment to be honest with yourself and see where your finances stand. What’s your monthly income — and, more importantly, what are your expenses? Put simply, make a budget!


What do you need? That’s a very easy question! A pen and a piece of paper. Go grab them. Pam... pam... pam... Got them next to you, right? Good! Let’s begin.

Income – this is where you list absolutely EVERY one of your income sources. Here are a few:

• Salary. If your salary is fixed, that’s simple. If you work day rates, are paid hourly or by commission, add to your budget the minimum you receive each month.
• Money you receive in the form of meal vouchers (you can treat these as covering variable expenses — see below)
• Child allowance — if you’re a parent (you know, that full-time job)
• Bonuses you receive periodically at work
• One-off bonuses — because we know you’re amazing!
• Income from dividends (if applicable)
• Rent from tenants
  

Okay, doing pretty well so far? Now comes the tougher part!

Expenses – or all the little monsters that eat up the money you earn — and because this can be a real tangle, we’ll split them into:

1. Fixed expenses – the ones that come every month and nibble away at your budget. You’ll recognize them easily by names like:

• Rent
• Utilities — water, gas, electricity
• Subscriptions — phone, internet, TV, gym
• Loans — for example, a car loan
• Insurance

2. Variable expenses – these are irregular and, when they appear, they take amounts out of your budget that are hard to track. That’s why it’s very important to spot them and keep an eye on them:

• Food
• Leisure activities
• Trips and vacations
• Personal care and cosmetics
• Clothing and footwear — and the list goes on

Try this exercise for the last two months to see exactly where you stand. So, what do you think? Does your budget have room for a mortgage payment?

If the answer is a clear yes, then we’re waiting for you here to see the next steps you need to take to get “home.”

If you think a loan would quickly turn into a heavy burden, take another look at your expenses and try to reduce them so you can save more easily.

You know best what to do with your money!

Editor: Mihaela Ban, Marketing and Communications Officer, Banca Transilvania