Once you move out of your parents’ house and go away for college most students think that they are finally an independent adult. And that is not entirely true. The majority of students in college rely on both money from loans for school, scholarships, and their parents’ contribution to their education. And it’s the same for students that live at home as well. These students may not rely entirely on loans but their parents’ contribute to their education by giving them a place to live rent free, food without having to worry about spending money on groceries, and paying for general bills like electricity and water. The only way that you will be an independent adult is when you find a job, can afford your own place to live, and pay your own bills.

Step 1: Find A Job

It’s hard to juggle a job and school but it’s definitely possible. You just need to look online for jobs in your area and apply. It’s simple, there are tons of websites when you are job searching that you can use, such as indeed.com, monster.com, and many others. You need to look at the requirements and expectations for each job and find the job opportunities that are right for you. Don’t forget to apply to multiple jobs, if you apply to one you are taking a chance of depending on that one job to be the source of income. Make sure to have other jobs in mind that you can do and apply for them.

Step 2: Start A Savings Account And SAVE

To get a job you need to already have an established bank account, which I hope you already have. If not all you need to do is go to the bank and open one. Usually, when you open a bank account, you open a savings account as well. It takes a $25-50 minimum deposit to open a bank account depending on which bank you choose. And when you choose your bank account try to make it the most convenient and nearby for you.

Now, that you have a savings account. USE IT!!! Do not spend all your money on going out with your friends or adventuring around town. SAVE IT!!! If you save your money, it can go a long way. You can spend your money on other things such as future rent on your apartment or on things you actually need. It’s good to save your money and give yourself cushion just in case you may need the money for emergencies, like a broken laptop or to repair your car.

Step 3: Pay For Your Own Expenses

You have already established your savings and have a good amount of income coming in. So, do not ask your parents anymore for money when you have the urge to go out and eat with friends or go shopping. It’s your turn to support yourself and what you want to do with your free time.

Step 4: Find Your Own Apartment

Student apartments around campus can usually be found for a cheap price. Plus, most of the time you can find a fully furnished apartment for only $100-$200 more and it will ultimately save you from spending money on your own furniture. Find the apartment that fits the needs that you want.

Step 5: Start Paying Your Own Bills

Once you already have a job, saved money, and now have an apartment it is time to support yourself. Start to pay your own bills like water, electricity, and internet. But, do not stop there. Remember the goal is to become financially independent on your own. Break away from your family cell phone plan and stop using the Netflix account that your parents’ pay for.

Make a budget to know the amount of money that you earn and the expenses you have. You need to know how much money you need to afford everything you need like your apartment, bills, and groceries. Plus, by having a budget you can find ways in which you can cut expenses and be able to save more. A budget is needed to show how much money you are really spending and what the money is really going to, so you are able to stay within the amount of money that you earn.

Step 6: Build Your Credit

You can pay your own bills, apartment, and adventures around town. Now it is time to build your credit. You could start with a secured credit card, a store credit card, or even with a loan if you already have some for school. These are several ways in which students can start building their credit and credit is important if in the future you want to buy your own car or house.

Step 7: INVEST, INVEST, INVEST!!!!

Now it is time to invest. You have saved money in your savings account that is just sitting there, most likely earning 2% interest. Instead of letting the money you have saved from work left in a savings account, you can put some of that saved money into investments. I would first start off with putting money in the stock market because you can start with less money than what you would need in real estate and have a greater chance of higher return than bonds. Of course, the market is always fluctuating and you are taking a risk by investing your money but by doing so you are essentially putting money already towards retirement later on in life.

Becoming financially independent is a hard and difficult thing to do. But, it is definitely possible once you go off to school. Plus, keep in mind that all these steps are not the precise order of how to become financially independent because it is definitely possible to already have a job and pay for your own expenses while starting to build your credit and you may not even have your own apartment. This is just a guideline that you can follow to get there. Financial independence starts with having the urgency to find a job. And from there you are saving and using that money to support yourself.