and perhaps the most difficult step in adulthood is perhaps this – getting
financially independent from your parents!
It is a
huge step for every young adult, when you finally realise that you don’t need
them to make ends meet. So, here are some quick steps to ensure that the
transition happens smoothly.
kind of a little obvious. Before you declare yourself financially independent,
make sure that you have a stable source of income! It might be a job, a hobby
or a part time online business, but make sure that you have a steady and
reliable cash flow.
This is the
perfect time to start budgeting, cutting out on unnecessary lifestyle expenses
and also to begin investing.
Also Read: Your lifestyle is your choice!
you are purely living on your money, you’ll still be getting some money from
your parents (because they love you and are cute that way). Now, what you do
with this money at this stage is quite crucial. DO NOT SPEND IT ON YOUR LIVING
EXPENSES! That’s what your income is for.
parents still insist on giving you money during the early days of financial
independence, channel that money towards something productive. Put it in your
savings account, or use it to pay off debts like your student loan.
finally, it’s time to take off the trainer wheels!
free, you’re financially independent and officially an adult now.
powerful feeling and a life milestone worth relishing.
Also Read: Five money mantras every Indian family needs to know