Key Necessities to Living Independently

When people stretch their wings and decide it's time to fly away from the nest, sometimes they don't feel ready, or maybe they don't know if they are ready. I know that most teenagers don't want to make their parents think that they actually value their opinion on this matter, so here are a few things that you really MUST know before you venture into life on your own.

Know how to plan a budget

You really MUST know how to plan out a budget. The sooner you can manage your finances, the better. Not knowing how to budget your finances is just asking for trouble. being independent means to be self reliant. No borrowing, no spending more than you make. I believe that having your budget planned BEFORE finding your first place is essential. You can get more detailed information and even printable budget sheets for free @ http://www.foxway.com/budgetforms.html .

Stick to your planned budget

Every bit of budgeting success relies on how well you can maintain self control and actually stick to your budget. Try to budget a " cash purse " of about $20.00 - $40.00 a month ( or whatever you are comfertable with that fits the size of your budget). This will be your reward system. At the end of each month that you said no to that awesome pair of shoes, or that new CD ( whatever your weakness is ) then pat yourself on the back, and buy what you want. Waiting until a pre set day of the month to make a purchase will eliminate Make sure that you do not spend more than your cash purse contains. You do not want to spend every penny you make each month. There will be times when unexpected expenses pop up, and you will want a savings account with money in it for those times. Which brings me to my next tip...

Know how to balance a check book