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A Guide to Financial Independence

A Guide to Financial Independence

Transitioning from being a carefree college student to a financially responsible person can be a huge shock for young adults. As many young professionals can attest, entry-level positions often come with meager salaries — but even with a small paycheck, saving is still possible.

If you find yourself in need of help when it comes to financial independence, try a few of these tips to implement a smarter savings plan.

1. Write Down Expenses

If you’re a budget newbie like I was, start by writing down all of your expenses and analyzing your spending. Little things like a $4 coffee may not seem like a big deal, but if you do that every single day, you’re spending over $100 a month on coffee. Managing my budget became a lot easier once I saw where I was wasting money. Cutting out the daily lattes and opting instead for a cup brewed at home helped me save around $100 a month. If you struggle to follow a budget, try an app like Mint to help you stay on top of your spending.

2. Apply the 50/20/30 Rule

Now that you know where you’re actually spending your money, figure out where you should be spending your money. I began by implementing the 50/20/30 rule that many budget experts recommend. You’ve probably heard of it, but this rule puts your budget into three simple categories.

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50 Percent: Absolute Necessities

This includes all necessities, such as rent, food, and utility bills like water and electric.

20 Percent: Financial Obligations

I put 20 percent of my salary into my savings account, a 401(k), and toward paying off my student loans. To help stay within this percentage, I negotiated an income-based repayment plan for my student loans, which drastically lowered my monthly payments to a more affordable range.

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30 Percent: Personal Purchases

Everything extra goes into the personal purchases part of my budget. My cellphone and Internet bills are included within this 30 percent. If you are having trouble staying under the 30 percent mark because of increases in your bills, consider going with a cheaper plan. Many people don’t realize that they are actually overpaying for Internet and not even utilizing the high speeds they pay for.

3. Follow the Rent Rule

Housing makes up a significant portion of most budgets. Many financial experts recommend spending no more than 30 percent of your gross income on your rent or mortgage per month (though that percent seems to be increasing as housing prices continue to increase). Like many young adults, I quickly realized that buying a house straight out of school was not in the cards for me. Though I dreamed of living in my own little home, I followed the “rent rule” and allotted 30 percent of my budget toward rent. Staying within that price range kept me from looking at apartments I couldn’t afford.

4. Consider a Roommate

I wanted my own place when I got out of school. I had spent my entire life living with other people, so why couldn’t I get a place of my own now that I had a reliable paycheck? After looking carefully at my finances, I decided to get a roommate instead — just for a bit. This cut my rent cost significantly, allowing me to save even more money every month to put toward a place of my own. While having a roommate may not be ideal, it is becoming more common for young adults fresh out of college. A few years with a roommate, especially if you’re living in a pricey downtown neighborhood, could allow you to save thousands of dollars that can be put toward the down payment on your first house.

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5. Cut Down on Dining Out

Food is a necessity, but going out to eat can get expensive fast. I would often rationalize eating out by thinking that I could get a cup of soup and a side salad cheaply at a restaurant, which is probably just a bit more than what I would spend on a meal at the grocery store anyway — plus it was so much more convenient! But add a drink and an appetizer, and my bill would always end up being more than what I intended on spending.

I quickly realized that those frequent restaurant meals had to stop if I was going to begin saving effectively. Now, I allow myself one good meal out each week and eat the rest of my meals at home. I also make it a rule to always bring my lunch to work; the only day I go out for lunch is Friday and I give myself a $10 limit. If you find this difficult, set aside an hour every week and plan out your weekly menu or use a meal planning app. Make a grocery list of everything you will need for the week: following a list prevents you from spending extra money on impulse shopping when you get to the grocery store.

6. Make Do with What You Have

After getting out of school, I felt like I had earned the right to buy the newest of everything. I worked hard — didn’t I deserve to treat myself? Unfortunately, spending on big-ticket items like a new car can stop you from saving money and push you further into debt. Although it wasn’t what I really wanted to do, I decided to stick with my old car instead of buying a brand-new vehicle.

Before you make expensive purchases (like that next-generation iPhone when your old one works just fine), ask yourself, “Can I do without this?” It’s tough to go without the things you really want, but saving your money now means you’ll be able to make more important purchases down the road.

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7. Look for Free Events

One of the hardest parts about budgeting is feeling like you don’t have any money left over after paying your rent and utilities, buying groceries, and setting aside some savings. Don’t forget to dedicate some time and resources to having fun and cultivating your hobbies. It’s important to have fun, but your slush fund doesn’t need to be big to be effective. Instead of expensive concerts or sporting events, find out what free events are available in your area. By seeking out these free events, I could make plans with my friends that didn’t involve spending a lot of money.

Although saving can feel impossible, you can get started with a few simple changes to your lifestyle. Take the time to set a budget and analyze your spending habits, and like me, you will find that adjusting to a savings plan is completely manageable, even on an entry-level salary.

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Last Updated on July 4, 2019

25 Killer Sites For Free Online Education

25 Killer Sites For Free Online Education

Whether you’re five or ninety five, the internet has a lot to offer. Particularly when the topic is education, the resources on the internet are endless.

Best of all, many high quality sites are completely free. From history to coding, excellent free online education awaits on the following 25 sites.

1. Coursera

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    Coursera is a website that partners with universities and organizations around the world. This brings a wide variety of topics and perspectives to one searchable database.

    Coursera is a powerful tool for free online education, and includes courses from many top universities, museums and trusts. This gives the site an extremely wide range of in-depth courses.

    Coursera is extremely useful if you’re looking to study many different topics, or want courses from different schools and groups.

    2. Khan Academy

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      Partnering with many post secondary schools, Khan Academy offers a useable, well organized interface. Also curating many courses from around the web, Khan Academy offers impressive depth on many different subjects.

      Among the more well known educational sites, Khan Academy is also incredibly useable, which may make it easier to keep learning goals.

      3. Open Culture Online Courses

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        If you are struggling to find exactly the material you are looking for, try Open Culture’s listing of free online education courses. The page highlights 1000 lectures, videos and podcasts from universities around the world. The site features a lot of material found only on universities private sites, all in easy to browse categories. This means you can find hundreds of university courses, without having to visit and search each university’s own site.

        Open Culture’s list features courses from England, Australia, Wales and many state universities around the United States. A very helpful resource for finding many courses in one area of study.

        4. Udemy 

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          Udemy’s free courses are similar in concept to Coursera’s but additionally allows users to build custom courses from lessons.

          Working with many top professors and schools, the site mixes the customizable platform of other sites with a heavy emphasis on top quality content. This is another site however, that mixes free and paid content.

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          5. Academic Earth

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            Another site with courses from many different schools is Academic Earth. Much like the three sites above, Academic Earth brings together top notch courses from many different sources, and focuses on offering a wide variety of subjects.

            Academic Earth lists courses by subject and school, so it might be easier to find what you’re looking for.

            6. edX

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              Another great option for free online education is edX. Also bringing together courses from many different schools, the site has impressive, quality information for everyone. edX covers a great range of topics.

              7. Alison

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                Unlike the previous sites on this lists, Alison is a free education site offering certification in some areas. Alison offers courses mainly in business, technology, and health, but also includes language learning courses.

                It’s a great option if users need certification for their learning as Alison also offers school curriculum courses.

                8. iTunesU Free Courses

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                  A very convenient place for free online education is iTunesU, because it integrates seamlessly with your iPod, or any app-ready Apple mobile device. On iPad, iPhone, or iPod touch, users download the iTunesU app.

                  Desktop users can access  iTunesU on the upper right hand corner of the iTunes Store. iTunesU is also convenient because the store is categorized much like iTunes.

                  Users can search learning materials in many different ways, including genre and topic. However, courses are often a mix of free podcasts or videos, and paid content.

                  ITunesU does include courses on a pretty wide scope of topics, but does not integrate with Android, Google or Windows mobile devices.

                  9. Stanford Online

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                    Your hub for all the online offerings from Stanford University, Stanford Online offers self-paced and session based courses. While Coursera features some courses from Stanford, many classes are only available via other hosts. Some courses require iTunes, but most are completed in your web browser.

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                    Stanford Online is a great site for high quality courses, though the topics are somewhat limited compared to sites partnered with more than one school.

                    10. Harvard Extension

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                      Like Stanford Online, Harvard Extension features free online education courses from Harvard only. This is another excellent source for top notch course material, though the course variety is less rich than multi-school sites.

                      Additionally, Harvard Extension allows you to search for courses by professional certificate. This makes it much easier if your online education goal includes certification.

                      11. Open Yale Courses

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                        Open Yale Courses echoes Harvard Extension and Stanford Online, in that it offers only courses from Yale. While the site is similarly limited to topics taught at the school, Open Yale Courses offers a lot of videos of actual campus lectures. The availability of videos makes the site a great option if you’re looking for quality courses, but learn better by watching than by reading.

                        12. UC Berkeley Class Central

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                          Much like the other schools on this list, UC Berkeley has a variety of free online education options. The school has slightly fewer courses than the schools above, but includes some supplementary lectures, webcasts and RSS Feeds, making it easy to keep up with the topics you choose.

                          13. MIT OpenCourseWare

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                            Similarly, MIT offers a variety of free courses. The school has a comparable number of courses to the schools above, plus includes very in-depth course materials on the subjects available. MIT also offers free RSS feeds, a convenient way to continue learning.

                            14. Carnegie Mellon Open Learning Initiative

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                              Carnegie Mellon’s free online education site is comparable with the other school’s on this list, however, Open Learning Initiative also covers a smaller range of topics. But for the topics that are covered impressive, in-depth material is available.

                              15. Codecademy

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                                Codecademy is a website dedicated specifically to teaching coding. Where other coding sites follow an example/practice session workflow, Codecademy includes a live practice window. This means you can practice coding while still viewing the lesson material.

                                The courses at Codecademy are well written and easy to follow and the website is organized very nicely. Codecademy features a centralized dashboard where you can monitor your progress, plus organizes lessons into complete modules. This lets you learn an entire language without needing to pick the next course manually.

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                                16. Code

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                                  Code is another website focused on coding and app writing. A site with high quality courses, Code also features learning options for kids.

                                  In addition to kid friendly courses, Code offers free online education classes on a wide variety of technology topics. These classes include app writing, robotics and Javascript.

                                  Most of the courses are also geared in a such a way that they can be useful in a classroom setting. This makes Code a great resource for harder to find coding topics, as well as various learning settings.

                                  17. University of London Podcasts

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                                    The podcast page on the University of London website is another great source for free education. While the courses are limited to podcasts, the site features podcasts from it’s own campus, as well as eleven universities in and around London. This gives learners a wide base of topics and lectures, but still ensures in-depth material.

                                    18. University of Oxford Podcasts

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                                      Similar to the University of London, the University of Oxford features many different podcasts. Most are public lecture series or lectures from visiting professors, with several different recordings available.

                                      The advantage to this particular site is that podcasts are organized into series, making it easy to subscribe to multiple lectures on one topic. Another good site for thoroughly in-depth lectures.

                                      19. BBC Podcasts

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                                        For the more casual learner, the BBC offers a wide variety of podcasts on many different topics. Most podcasts are updated weekly, and focus on everything from finance, to sports, to current events.

                                        Through the World Service line of podcasts, there are also many in different languages. The focus of these podcasts are less in-depth and theory based, which may be more accessible to the average person.

                                        20. TED-Ed

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                                          Another great destination for more general learning is TED-Ed. From the same people that brought you the all encompassing, motivational web series, comes a site chocked full of educational videos. Most include impressive animation, and all are ten minutes long or less.

                                          Not only is TED-Ed an excellent site for the curious, it also includes supplemental materials and quizzes on the videos. This makes the site extremely useful in formal education settings, as well as in entertaining ways to brush up on new discoveries and topics.

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                                          21. LessonPaths

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                                            LessonPaths is another great tool for those looking for a more usable and convenient way to access learning material. On this site, users create link playlists of their favorite learning materials from other sites. Users then rank these collections, making it easy to find many different high quality, accessible sources on a given topic.

                                            22. Memrise

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                                              Another impressive free online education site offering ease of use and convenience is Memrise. Available both on desktop and as an app, Memrise is a particularly powerful tool if you are studying a language. The site encompasses many other topics as well, though some of the course material is user generated content.

                                              Part of what makes Memrise special is their integration of games into the learning materials, mixing learning with entertainment.

                                              23. National Geographic Kids

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                                                The kids site for National Geographic is another site that makes free online education applicable for younger users. For those looking for kid friendly education, a large variety of games, puzzles, videos and photos keeps kids interested on this site.

                                                National Geographic Kids doesn’t organize learning into courses, making materials available by topic and medium instead. This makes National Geographic Kids a good option for those looking for a more casual learning environment.

                                                24. Fun Brain

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                                                  Fun Brain is another good option for kids who want to learn online, but focuses on games and fun puzzles. Particularly focused on math and reading, Fun Brain’s game based approach can be valuable if the child in question struggles to pay attention.

                                                  Fun Brain offers rewards and challenges as well, and is another site aimed at a casual learning experience for kids K-8.

                                                  25. Whyville

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                                                    Similar to the sites for kids free online education is Whyville a destination for preteen online learning. The site includes a variety of social features, with a focus on learning materials geared for young teens.

                                                    Whyville also mixes in educational games, to make the site a well rounded option for kids too old for simple games, but too young for heavy reading based material.

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                                                    Featured photo credit: Dai KE via unsplash.com

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