One of the significant rude awakenings that come with adulting is financial independence. Once you get your first job and receive the first paycheck, you’re officially on your own. You suddenly realize that you no longer depend on your parents for specific needs, and you have to learn how to fend for yourself.
Now that you’re in that phase, here are a few things you should realize about financial independence:
1. You finally have your cash
Finally! You no longer need to come up with an ‘essay’ listing out multiple reasons why your parents need to buy you a new pair of jeans or a new phone. You have your own money so you can get whatever you want. (“This depends on the kind of parents you have, so don’t get too excited o”) However, you need to learn how to spend wisely, so you don’t end up being broke. We know that making your own money is great, just don’t get carried away.
2. You have to buy groceries for the house
You’ll probably never realize how expensive things like toothpaste, detergent or even water are until buying them becomes your responsibility. It is when you begin to ask yourself questions like ‘Do we need this thing “sef”?’ Brace up honey, it’s only just the beginning!
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3. You can now play the bargaining game well
Remember how embarrassed you used to feel when your mum was seriously pricing goods at the market? Well, congratulations- you have officially become your “mum”. When you become financially independent, you become a pricing guru. You have to ‘shine your eyes well’, so people don’t cheat you and waste your hard-earned cash.
4. You plan each outing carefully
Once you start making your own money, you know you have to plan your chills carefully. Want to go out with friends? You have to calculate your cab fare to and fro, money for food and drinks, as well as any other expenses that could come up. If it’s beyond your budget, cancel and stay in your house. There’s food at home.
5. You know all the financial terms
Investments. Pensions. Insurance. Gross Salary. Net Salary. Shares. Interests Mutual Funds. Once you get the job, you’re no longer in the dark about specific financial terms. You know them all.
Hey, we know it can be tough. Learning to cover your bills without burdening your parents with your financial responsibilities can be exhausting but look on the bright side: you’re becoming your own person and learning new things along the way. Take it in stride and give it your best shot. You’ve got this!
How are you coping with financial independence? Share your experiences with us!
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