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Getting financially independent from your parents


The first 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.

1.      EARN

This is 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!

 

2.      SAVE

Now, until 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.

If your 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.

3.      FLY

And finally, it’s time to take off the trainer wheels!

You’re free, you’re financially independent and officially an adult now.

Congratulations!

It’s a powerful feeling and a life milestone worth relishing. 

WRITTEN BY: BALAKARTHIGA.M

Also Read: Five money mantras every Indian family needs to know



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