How to Become Less Financially Dependent on Your Parents

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By Jacob Maslow

There are plenty of reasons to move away from financial dependence on your parents, whether it’s because of a desire to make it on your own, the fact that the money comes with strings attached, or just the desire to give your parents more freedom. It could be as simple as your parents giving you a deadline to be on your own. But this is a big step, no matter why you want to make it happen. While you may want to be independent, you may also enjoy the safety net of being able to depend on your parents. Still, with some smart choices, you can create your safety net and be independent before you know it.

Learn How to Live Below Your Means

Living below your means requires you to spend significantly less than you make. It does not mean you need to deprive yourself of everything you enjoy, and it does not mean you need to become a cheapskate. It means that the dollars you spend will have as much impact as possible. You can buy more food for the same price if you switch to private labels instead of name brands.

Subscribing to only one streaming service allows you to fully enjoy that one before canceling it and subscribing to another. You can also lower your monthly expenses by being smart about your debt. Still, have student loans from school? Consider refinancing, which means you’ll take out a new loan to repay the old one. This simple process could get you better rates or more favorable repayment terms, so it’s worth looking into.

Learn Life Skills

Many young adults are still living at home because they may prefer to have their parents prepare food, do their laundry, or clean up after them. If you feel like you cannot perform these tasks while living independently, now is an excellent time to learn how to cook, do laundry, and clean up. Talk to your parents about taking on tasks for everyone. You might agree to make dinner two or three times a week. Putting these skills into practice will help you feel more confident when you move out.

Start Budgeting Using Only Your Income

Teach yourself how to budget if you have not already done so. Budgeting requires you to consider your income and spending habits to ensure you are not living above your means. If you have never totaled up your income and expenses, you may find it is an eye-opening exercise. It could be the first time you have sat down and considered how much you have been spending.

It’s not easy, but you won’t know whether you can afford to move out until you know your financial situation. While it is often challenging, being a responsible adult is about making the necessary lifestyle changes to match your income. If you don’t make these changes now, you won’t be able to move out. But if you don’t make the changes when you are already living alone, you could find yourself without a place to call home.

Search for Your Own Place to Live

Living in your place, even if it’s a small apartment, is one of the quickest ways to become independent. It’s common to move back home after college, but this can significantly create financial dependence if your parents do not charge you the total amount you would be paying to live on your own. If you find apartments or other homes in your area that are not affordable, you could try to find a roommate or two and share a house or apartment.

You could also look for a job in an area with a lower living cost. Living on your own in a new city can be scary, but it can help you grow and mature as an adult. You will be forced to get out and make friends in that area.

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