Question

How a young person can gain financial independence​

Answer 1

Younger individuals may want to be financially independent of others due to family conflict, unsafe conditions, or being unable to rely on family for financial help. Some parents have been known to dip into their kids’ college funds, savings funds, or gift money. Often it is to cover their own debt, which is understandably concerning to young adults.

-Have a job or multiple jobs, creating a dependable income stream

-Open a bank account that does not require a parent to sign

-Don’t have cosigners on any accounts
Don’t overdraft or risk the integrity of your account

-Keep bank cards safe from loss, theft, or unauthorized use

Reduce all extra spending. Make extra debt payments and request they go to the principal cost (most companies make you pay off the growing interest first) Negotiate with creditors for a lower interest rate on the debt. Consider a side job or extra hours to earn more to pay off debt.