Everyone hates that time of the month--paying the bills. Monthly bills will give anyone a headache, but of course, if you live independently, you might have a bit more to handle, with rent and utilities right up there with everyday living. With so many millennials in the working class, we decided to take a look at what the spending habits of those who live independently are like and how they're different from those who live with their families.
Living independently:
May*, 33, Sustainability Manager
Salary: About P40,000 a month
Spends the most on: Rent
Monthly bills: rent, electricity, water, internet, groceries, house cleaning, health insurance
Spends extra on: travel, hobbies, personal items
Tips on saving: Bring baon to work, brew coffee at home instead of going for Starbucks
Isa*, 30, Freelancer
Salary: Between P35,000 - 40,000 a month
Spends the most on: Rent
Monthly bills: rent, electricity, water, mobile, internet, groceries, transportation, food
Spends extra on: travel, hobbies, leisure, personal items
Tips on saving: Commutes instead of taking Grab or walks home when possible, plans meetings and trips ahead for more efficient spending
Nico, 33, Lawyer
Salary: About P50,000
Spends the most on: Leisure
Monthly bills: rent (shared apartment), mobile, electricity, water, internet, cable, Netflix, laundry
Spends extra on: leisure and entertainment, travel
Tips on saving: Eats at home, carinderia over fast food, commutes/walks when applicable
Sam, 34, Performing Artist
Salary: P30,000+
Spends the most on: rent, insurance, health (cares for mother)
Monthly bills: rent, healthcare, electricity, water, government bills (SSS, PhilHealth), transportation
Spends extra on: travel
Tips on saving: “Nothing. Just be smart with your spending.”
Rent is commonly at the top of the list for independent millennials, with about six to eight more monthly bills to take care of.
Living with families
Jon, 34, Businessman
Salary: P40,000
Spends the most on: Food (due to specific dietary restrictions)
Monthly bills: mobile, credit card, groceries
Spends extra on: hobbies
Do you think you’d be able to live alone?
“I think I could but it would definitely be much more difficult. I probably wouldn’t be able to continue my hobbies, or at the very least, spend a mere faction of what I do on them now.”
Anthony*, 27, BPO Proposal Manager
Salary: P75,000
Spends the most on: food
Monthly bills: water, internet
Spends extra on: expensive toys and collectibles
Do you think you’d be able to live alone?
“I think so, I make enough with both my main and side job.”
Maria*, 30, Architect
Salary: P32,000
Spends the most on: insurance, seminars relating to job
Monthly bills: mobile, veterinary expenses, investments and insurance
Spends extra on: taekwondo classes, travel, personal items
Do you think you’d be able to live alone?
“I don’t think I could manage to live alone yet. 90% of my gross salary would be consumed!”
Bea*, 27, Associate Professor
Salary: P30,000
Spends the most on: food
Monthly bills: NA
Spends extra on: Going out, travel, leisure and luxury, personal items
Do you think you’d be able to live alone?
“I’d probably be able to live alone but I definitely wouldn’t be able to save money.”
Food takes the top spot for common expense for those who live with their families, and they only have about five or less significant monthly bills.
It’s easy to think that those living with parents might be living more luxurious lives, but it is worth noting that most are uncomfortable with the thought of living alone and acknowledge the financial and personal sacrifices it entails. And while those living with their families have more room to spend and save, we did find common ground when spending for leisure, such as travel.
Do you have different spending habits? What do you spend your hard-earned money on?
*Names have been changed
