When you were a still kid, you have probably dreamed about working and finally buying everything you wanted. However, now that you are a full-fledged adult, what is your outlook on money? How do you handle your expenses? And most importantly, are you financially responsible?
Well, there is nothing wrong with your childhood dream of being able to enter the mall and go out with shopping bags in your arms. After all, isn’t that why everyone is working? It is not just about shopping for clothes you need, but being financially stable enough that you do not have to check the price tags of each item before checking out.
As an adult, you now have countless responsibilities to yourself and perhaps your family. Responsibilities which unfortunately need financial resources to be fixed. These can be about your medical insurance, your house bills, and even your rent. All of which require a consistent flow of money. So how do you usually handle these? Are you managing them like a champ, or are you thinking of excuses now? Understandably, there would always be reasons, but everyone needs to learn how to be financially responsible.
Here are some signs that prove you are a financially responsible adult.
You Have Self-control
The thing about being an adult is that you are earning. You do have the choice to spend it on something that you want. But the question is, do you know how to prioritize? Knowing what your priorities are and prioritizing them are two different things that are determined by having a sense of self-control.
For example, you know that you need to keep a good credit score for your FHA loan application, but the latest iPhone just came out. Now, what will you do, knowing that it will take you at least a while to pay for the cost of the new gadget? Although you can easily swipe your card and get your hands on a new phone, you must keep in mind that it will be a decision that can affect your future housing plans.
Having a sense of self-control is hard because you know you can have it, but you shouldn’t. Thus, if you are confident that you know your limits and priorities, that makes you a financially responsible adult already.
You Don’t Just Unexpectedly Run Out of Budget
Have you ever had those moments when you realized your money is short and wouldn’t be able to see you through the end of the month? Well, that is the case for most people who may have a sense of self-control for bigger purchases but tend to get carried away with smaller ones.
Small things such as ordering take-out food instead of cooking meals and ordering one or too many cups of Starbucks coffee are also a form of splurges that most people do not realize because it comes in tiny but multiple amounts of money. See, if you multiply and tally every single take-out food you have ordered, you will probably get a headache and regret those orders.
See, it is just like buying a huge purchase and paying in installment. Little by little, the money is trickling down and out of your bank account, and you just do not know it. Thus, if you are aware of these tricky everyday purchases and you don’t run out of budget because of them, you are a financially responsible adult. Congratulations!
You Understand the Concept of Delayed Gratification
When someone has a clear vision of their financial goals and is determined to reach them, that is one sign of a wise spender and a financially responsible adult. When you know that it takes hard work and a few years to get your own house and car, it means you understand the concept of delayed gratification. Somehow, it is like an evolved form of self-control, but in this case, you won’t even have to struggle to control yourself because you are already doing it naturally.
Delayed gratification is accepting that other things in life are more important than material things and short-lived happiness. Well, nothing is wrong with those, except there will come a time in life that you will realize you want nothing more but to be stable enough to settle down.
Being financially responsible is about managing yourself, too. It is knowing what you want and what you need and acting on your goals. After all, you are an adult, and no one has to tell you what to do anymore.