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Financial situations are always a personal thing. It is very common in a Filipino household for kids to stay at home until they get married. Parents usually think that it is not necessary for their kids to move out a certain age since it is not believed to be an economic decision.

However, this also creates the practice of financial dependency on parents. In other situations, there are kids who start out providing for themselves and they often neglect their chosen dreams to be able to do so.

Now, the huge question is: when should you become financially independent? And more importantly, how?

They say that the best time to start becoming financially independent is during the first few years after getting a job. For others, this option is not that easy. But to be able to reach that goal of earning, it should start as soon as you can.

There are a lot of students with a part time job. This is a good practice and there are a lot of jobs available online that would provide flexibility that could fit your lifestyle.

Here are some tips on how to be smarter with money at a young age:

Spend within your limits

This concept is very simple: save more and spend less. Make a habit of always saving, no matter how much you earn. They always say that it doesn’t matter how much you earn, what matter is how much you save.


Track your spending

This tried and tested trick will always guide you to the right path. Make a list of what you spend on every month. This way, you will find the things you excessively spend on which you can cut down in the following month. There are a lot of ways to make this habit easier to achieve. Download apps that you can use to track your spending.

Save a certain part of your income consistently

When it comes to saving, consistency is key. It is ideal to save at least 10%-15% of your income. It is not that high that is not that hard to be consistent. It might sound small at first, but if you continue doing it every month, you wouldn’t even notice that you are actually saving a lot.

Reduce your monthly bills

When people say monthly bills, we often think that all of it is necessary, that we can’t cut it down. That is often not true. As the world is becoming digital, there are monthly bills associated with it that is often not that important. Postpaid phone plan, cable tv, and other else. It is important to remember to remember that even how small that monthly bill is, it something that you will pay monthly for a long time.

Never buy expensive coffee

Trust me it’s never worth it. We all think that ordering a in a fancy coffee shop is just a small reward for yourself. It’s not. Go buy something that you will truly remember, it is better to treat yourself a nice meal than buy expensive coffee.

Sell stuff you don’t need or use

Go through your room, look for things you haven’t touched for more than a year. We get easily attached to things that we own. We usually think that maybe someday we are still gonna use it. Try to sell things you can still sell, or you can give them to your friends who would want them more.

Understand how to use credit cards

Now this is a tricky one. I, myself have been less than smart when I started using my credit cards. Make sure that the things you buy using your credit card is something you can afford when the due date comes. It is important to keep in mind that your credit card is not an extension of your budget, but a mere debt.

Using credit cards wisely can help you build up a strong credit score, which will save you a whole lot of money over time by getting you better interest rates on things like a car loan, mortgage and more.

It’s never too early to start being smart with money. Look for ways to earn extra income; and when you do, save as much as you can. Remember, it’s now how much you earn, but how much you can save.

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