It is extremely important to begin living financially independent before you leave your parent’s home. If you do not do this and you are not used to dealing with financial affairs, you may go into debt, ruin your credit score and spend the rest of your life trying to fix the mistakes you made when you were young.
In order to begin building good financial habits you must prioritize, make financial goals and budget. Always budget your money wisely, and strictly follow the budget. This prevents you from squandering your money in impulse buying. When shopping, always research different price options other than the one at hand. Unless within a budget, don’t shop for fun even if others do.
Keeping an emergency fund and a savings account is also very important. It teaches you to save and it gives you the security of having extra resources for emergencies.
Building good habits is critically important to financial success in your independent life.