The Financial Responsibilities that Come with Adulthood

The greatest challenge of being an adult is to manage your own expenses. Some people would joke about their best childhood memory as not being responsible for anything and not having the responsibility of paying up bills. The freedom that comes with being mature and grown up also comes with responsibilities and accountabilities that will require every grown adult to make plans on how they can supply their own needs and not just their wants.

A common mistake of people who are suddenly confronted with freedom at a time when they are not yet ready for it or they are not yet mature enough to handle things on their own is to splurge and overspend on things that are not necessary and end up compromising the things that they need such as food, shelter and monthly amortization of house or car loans.

It has been observed that people who enter into adulthood or who graduate after college with responsibilities such as having to completely pay an educational loan tend to be better financial managers than those who leave college without liabilities. The presence of a liability encourages a more mature approach when entering adulthood hence the people who carry it with them become more cautious with their finances. Unconsciously they are building a healthy habit of creating a mental image of how much money is coming in and where it is allocated the moment it goes out.

The people who got off of college without any worries except themselves on the other hand can be easily drowned by the freedom that they have and the things that they want to have or buy for themselves. Since there is no force pushing them to manage their finances more tightly the tendencies would be they will end up spending their money on a lot of unnecessary things ending up not being able to control where it is going.

When your financial health is a mess it can be difficult to fix it because most people would go through a few stages of denial attempting to cover their faulty habits with countless excuses. A common defense mechanism is to put the blame on their salary, the expensive rent they are paying or the companies they are paying their bills to.

The best way to train yourself to becoming a financially healthy individual the moment you set foot to being independent and free from your family’s support is to set goals for yourself and train your mind to believing that you have limited resources. Always have a goal set in mind to set aside a certain amount for savings, for your necessities and for your wants. You may not be able to purchase what you want now but you can slowly save for it so you can buy it in the future. This way you do not have to resort to payday loans just to get you by up to the next paycheck. Living within your means is a lot easier said than done but when done right it makes a lot of things easy.

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