How To Be Financially Independent from Your Parents

Parents can be really demanding at times, especially when you still have that financial umbilical cord intact. But you cannot blame them. Sometimes they get so nosy with your finances because they are trying to help you organize your expenses. On the other hand, the issue of to what extent should they help you will come into the picture. You have to learn how to manage them yourself, and being too dependent on your parents can be of little significance when you reach the age where you have to fend for your own. So how do you do it? Here are some guides on how to be financially independent from your parents:

  1. One step at a time. When trying to be a financial independent from your parents, you have to take it one step at a time. Don’t cut that financial umbilical cord with one clean swipe for you will eventually find it hard to move on to the next step. Try to imagine yourself as someone who is trying to collect a dozen eggs from your poultry. You cannot collect them all at once when you have only one hen in your poultry. You can still ask your parents fro some assistance in matters like how to handle credit card and mortgage bills, how to set your weekly budget, and how to find alternative ways to save expenses, among others.
  2. Put your money in the bank. If you are already earning your income, it will be of great help if you can open a savings account of your own. This way, your hard-earned money can still earn from interest. Although the earnings will be not that much, the idea that you have some money in the bank could help you fell more secure with your finances. You can claim them whenever you needed to. Moreover, this will help you establish boundaries with your parents. This will make them realize that you are starting to build your own life with little financial help from them.
  3. Independence has limits. Indeed, you are trying to be financially independent but don’t get too overwhelmed to the idea of independence. Complete independence still has its own backlash. If you deem it necessary to ask your parents for some assistance whenever you see that you are short in your budget, then you have the right to do it.
  4. Parents know best. Don’t be afraid to ask your parents for some advice on how to manage your finances. Remember that they have a lifetime of wisdom they gathered through experience so never doubt on their capabilities of lending you a hand. They may have better foresight than you do but it is because they have been ahead of you for years. You just have to know how to delineate boundaries especially when they try to show interests on getting a hand in your bank account or your paycheck.

It is considerably a trite adage but still, whoever controls your money will always control your life. Financial assistance from your parents is considerably fine. But at some point you have to be financial independent for there will come a time when you won’t be able to ask them for some help anymore. Hence, it is imperative that you take action in controlling your money and directing your finances towards more profitable avenues in view of being financially independent.


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