The primary danger for 20-somethings striking out on their own is trying to maintain the life they were accustomed to at home. This despite the fact that their parents spent years, decades even, working to achieve their lifestyles. At your age, they were probably scrimping and sweating — building their careers with sweat and smarts. Now it’s your turn.
You’ve got to get real about your spending habits. The authors recommend withdrawing 80 percent of your take-home pay for three months and dividing it into envelopes marked long-term savings, short-term savings, rent, clothing allowance, food, cable bills, partying, etc. That’s a concrete method for truly absorbing which expenses are necessary and which you’re frittering away.