Here’s Your Guide To Adulting

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As daunting as adulting may seem, it establishes and strengthens our sense of independence. Don’t let the initial pains of standing on your own feet get in the way of learning how to make well-informed and financially sound decisions. Here’s a basic guide to get you started:

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Getting your own place

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There’s a long list of factors to consider when it comes to finding your own place, but a strategy that won’t overwhelm you is to focus on two things: cost and location. First, establish a budget. Aside from the monthly rent, you need to allot a sizeable amount for association dues and utilities. A good rule is not to spend more than 35 percent of your income on housing expenses.

As for location, find one that is in close proximity to your workplace and has easy access to dining places, shops, and banks. Include courier services and office supply stores as you’ll be surprised by how frequently you might be sending stuff to your family or stocking up on office supplies.

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Thankfully, most residential/commercial districts are already structured to provide these services. The challenge is to look for units that offer payment arrangements designed to ease financial burdens. Filinvest offers promos such as down payment schemes that could go as low as 2.5 percent.

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Investing in a car and opening a savings account

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A car that is gas-efficient and has a five-star safety rating and at least a five-year warranty (South Korean brand Hyundai introduced this feature in 1999) are some general things to look for when investing in a car.

It’s wise to open your own savings account, because of its twofold advantage: It keeps your money safe and it pays interest. Fortunately, the process of opening a savings account is easy enough: You simply have to head to the bank, present at least one government issued ID then submit an application; some even offer online applications. Here are some things to look for: minimum bank charges, mobile integration (some banks like BDO and China Bank have mobile apps), competitive rates, and good customer service.

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