How To Stop Relying on your parents for money

Being in college right now, you’re probably in your late teens or early twenties. Feels awesome! You’ve got the world in your hand and the earth under your feet. Daddy sends you money for rent, utilities and upkeep. That’s cool, after all it is their responsibility. Reality, however, still exists and your reality is that 4 years will fly by and suddenly everyone will expect you to have it all figured out. One of those things will be your finances. So here are some ways you could cut a few strings;

1      List all the things you receive money for. Write them down, how much is allocated for what and for a specified period of time, say weekly or monthly. e.g Food $50, Rent $250 etc

2      Now, budget for all utilities.

Most times, the rent is fixed, but you could always look for a cheaper apartment or share a room if you’re comfortable with it. The calculate how much you already spend on utilities and decide how much you want to spend from now.

3.     Cut down on utilities – You could do that by reducing how often you do laundry.If you’re not alone in your apartment, wash your clothes together, increasing the load and reducing the number of cycles. You could also reduce the number of times you microwave food (it’s not exactly healthy anyway)numbers-money-calculating-calculation

4.     Start managing your money, don’t spend unnecessarily but don’t be stingy either. Junk food, excess outings should be cut down. If you want to, split the bill with your friends.

5.      Track and save whatever is left.

6.      Set goals, so adult hood doesn’t catch you by surprise. Whatever your plans for life are, begin to do things each day that brings you closer to your goal.

7       Invest the cash you have in hand. You could start a business doing something you love on the side that would return income. Or you could even donate. Depends how you plan to spend your money.

A little side tip is to eat before going shopping to prevent spending money on junk food. Also, don’t carry more money than you need, this would require you to write a list and stick to it. Cut down on impulsive spending, it’ll save you a lot.

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