How much do you have to save to live independently?

There are many young people who, once they have finished their studies and found a job, decide they want to live on their own. However, as the Italian saying goes: “Between saying and doing, there is the sea in-between." Leaving your parents' home is not as simple as it might seem. It is a change that comes with a number of responsibilities, including dealing with expenses you did not have before. In this article, we will tell you about these expenses and the importance of saving, in order to be able to live independently without stress. 

Per raggiungere l'indipendenza economica, è fondamentale risparmiare e gestire al meglio il proprio budget. Per iniziare a farlo, devi conoscere le spese che dovrai sostenere una volta che andrai a vivere da solo. These are divided into 2 types: fixed and variable.

These are paid every month, without exception. These include:

- Rent or loan: Normally, and especially if this is your first experience, this will be a rent. The price depends on where you go to live and is usually higher in big cities (like Rome or Milan). Usually, a maximum of 30% of one's income is allocated to housing, to which a small sum should then be added for condominium expenses (even if they are often included) or a potential parking space.

If, on the other hand, you decide to buy it, you should know that the price of a house (both new and second-hand) also depends on its location, as well as other factors. For example, living in a capital will be more expensive than living in a small town, and living in the suburbs, rather than in the center, will save you some money.

Whatever the price, a loan is usually used to pay it, which would cover up to 80%, while the remaining 20% of the value of the house will have to be set aside first. In addition, it will also be necessary to take into account the costs related to the sale, which usually represent about 10% of the value of the house.

- Household utilities: these are expenses such as electricity, water, and gas, for example, which must be paid monthly. In una famiglia composta da 3 membri, e facendone un uso responsabile, la spesa media si aggira intorno ai 100€ al mese.

- Food: usually, this is an expense that can be saved when living independently. One way to do this is to first check the different prices of supermarkets and department stores on their web pages and then choose the most convenient store. Ah, let's not forget that, in this department, you will also have to include breakfasts, lunches, and dinners outside. 

- Home insurance: protects you from any unforeseen events that may occur within your home.

- Car Insurance: if you own a vehicle, you will need to have a policy (with full coverage or for damage caused to third parties), so that the insurance company will cover any accident you may have.

These are expenses that you can choose whether or not to incur, since they are not 100% necessary in your everyday life. Among them are Internet costs. For many people, it is imperative to have a good connection at home both for personal and professional use. If you are one of them, before moving into your new home, try to evaluate the different options offered by telecommunications companies, in order to decide which one offers the most advantageous rates.

In addition to this expense, there are other variables to take into account where you can save money when you become independent, such as the purchase of clothing and accessories.

Finally, you should have a small nest egg set aside for any unexpected expenses that may arise when you least expect it, since it is always good to be prepared. In the event that a lot of time has gone by and you have not used it, you can invest it in any of the expenses we talked about earlier.

Uno dei metodi più utili per risparmiare è la regola del 50/30/20, cui principio si basa sulle percentuali nelle quali dividi le tue entrate in un mese:

- 50% for your basic needs, including: paying your loan or rent, utilities (such as electricity, water, or gas), food, clothing and footwear, or travel, among others.

- 30% for whims, those daily expenses that we can also do without, such as going to the cinema or eating out.

- 20% for savings, for which we have two options: the first is to withdraw this percentage from your paycheck as soon as you receive it (for example, from €1,000, you set aside €200). La seconda è quella di versare il denaro in un conto diverso o di risparmio (come il Conto Salvadanaio di BBVA), per evitare di usarlo quotidianamente.

This way, knowing exactly how much you spend in each category, you can manage your money more responsibly.

Il Conto Corrente BBVA ti offre un servizio fatto di semplici regole di risparmio che ti aiutano a gestire automaticamente il tuo conto per far crescere i tuoi risparmi senza sforzi e avere più controllo sui tuoi soldi.

As you can see, there are many expenses that you will have to face if you want to live independently and for which you will have to save. To achieve this last goal, it is essential to know your financial situation. This is why BBVA offers its customers "Financial Well-being," a tool that aims to help every person, regardless of their income level, to achieve their financial well-being and savings goals by improving how they manage their expenses.

Do you want to know more about saving and how this new tool from BBVA, Financial Well-being, can help you improve your skills in this regard? Do not hesitate to consult all the available information on bbva.it and on the BBVA App.