As a Filipino fresh graduate, why try to be financially independent?
A common problem among young, middle class Filipinos is that our parents have a tendency to try to protect us from the realities of our lifestyle expenses for as long as possible. If one is blessed enough to begin their adult life debt-free, without having to work on the side because of a) the generosity of your parents or b) the kind donors that have provided you with stipends and scholarships, you should rejoice at how lucky you are and give them a hug and promise to them your best effort to do well with your post-university life.
For most of us, our parents will gladly take us in for as long as they can afford it. Sometimes, even when they can’t. Out of love, they will put a roof over our heads, feed us the best food their money can buy and pay for the popcorn we eat during movies with the family.
On the basis of comfort, it’s a no-brainer that staying with our parents will be the easier route, and truly it is. We can save more and have more disposable income, have our salary all to ourselves to spend on every vice, trip or gadget we can possibly can think of. Once we get home from a long work day, food will already be waiting for us at the table. Imagine, the moment we throw our clothes in the laundry basket, we’re sure in a few days it’s going to be back at our closet. Easy. Effortless. Who wouldn’t want that?
However, if you’re in for a little more challenge. There are benefits to moving out and seeking financial independence when you’re young. I wrote a few here!
- You get to learn how much your life really costs.
Sometimes people get a bit shocked when they move out for the first time, usually when they get married, because they didn’t realize how much the little things they spend on actually add up. Knowing how much your life really costs can help you make strategic moves to either adjust your lifestyle to your earning potential or find creative ways to make more money.
- You learn to manage your finances.
It’s a lot more complicated than simply making more money than you spend. Managing finances cover everything from creating a sustainable savings plan, diversifying your income streams, investing (both conservatively or riskily), and so on. The best time to learn how to do all this is when you’re young because your life insurance premium is still low and you can still afford to make a (hopefully, few) mistakes.
- You learn to value what your parents have given you.
You learn early on the kind of hard work and sacrifices your parents made to be able to give you the life that you lived. You can build a better relationship with your parents when you’re able to really understand the complexity of adult life that they had to endure (without Google)!
- You can start giving back to your parents.
Although any parent would be happy to have to have their child around, it’s a different feeling of pride when you come for a visit and bring them their favorite food or give them gifts coming from your own pocket. Showing them that they’ve raised you well enough to be an independent person capable of gratefulness is a great way to repay them for everything they’ve done for you.
You are also giving them more time. By not using the resources intended for your younger siblings or your parent’s savings, they’ll have less pressure to work and have more incentive to enjoy their hard earned money. They can take a breather knowing you can make it by yourself financially!
- You start to realize your priorities.
When you have limited resources, you become more careful with how you spend them. Having less disposable income forces you think harder about what you value and what lengths you are willing to go through to continue doing something that is important to you.
While the road to financial independence is long and winding, there are a lot of great reasons why you should try to do it sooner. If you’re thinking about moving out and trying your luck at it, there are a lot of things you can do to make it happen.
