Most of us have fought with our parents for not buying us that expensive smartphone or for not increasing our pocket money every few months, right?
But once you start earning, you cannot help but agree to the fact that making ends meet is not a child’s play.
You realise certain things about money (and life) when you start managing your own finances.
For instance, you are no longer comfortable asking your parents for financial help, and think twice before spending your hard-earned money.
In fact, you arrive at a phrase when you bring home money rather than taking it away. Here are a few things you will surely relate to if you look after your own finances…
1. Earning money is not a cakewalk
This is one of the few important things you realise when you start earning your own money. Whether you are working in the corporate sector or have your own business, you have to prove yourself in the professional world before you expect to get the salary credited in your account every month. In fact, it won’t take you long to realise that a lot of hard work goes in earning every single penny, and there are no free lunches in the world.
2. Savings are important!
Since you are responsible for your own finances, you suddenly start giving importance to saving some part of your salary every month. You pull up your socks to be prepared for any money-related emergency situations, and start keeping a tab on all your expenditures.
3. How parents managed it all?
Once you realise how difficult it is to earn money and maintain a decent lifestyle, you ponder how your parents managed it all these years. They ran the entire household and entertained all your demands. In fact, they never had the luxury to resign from their jobs and sit back at home to relax. Why? Because you were (and are) one of their biggest responsibilities.
4. Tax planning
Then there comes a time when you have to become a responsible citizen of the country and pay taxes. You figure out the ways to save tax and try to understand the meaning of terms like investment declaration, filings returns, provident fund, form 16, etc. Not to forget, you always question how your hard-eared money is contributing to the country’s development.
5. Prioritising your expenditure
You start prioritising your expenditure as per your needs, and think before squandering your money anywhere. You push the plans to purchase the designer bag for next few months so that you can save some amount this month because you need to pay the rent or the EMIs for your newly-purchased car.
6. But it’s fun…
No matter earning money comes with its own set of struggles, but it has its own charm. Always wanted to go on that solo Europe trip? Now you can at least think of affording it now! Do you still dream about owning a Chanel bag? Well, you can chalk out a plan to save money and buy it. Once you start earning, you surely become a self-dependent person, and have the opportunity to achieve what you have always aspired for.
