How hard is it to manage your own personal finance (in emotional terms) becoz I know this sounds ridiculous?

but my parents have been managing mine for the last few years that I've been working full time. My mother is a manipulating money hungry control freak and won't even let me have my own bank account.





I just want to get a survey here to understand how hard it is to manage one's finance so my heart can prepare for what to come. This is really scary for me.

How hard is it to manage your own personal finance (in emotional terms) becoz I know this sounds ridiculous?
Managing your own finances isn't hard as long as you are cautious and don't do something really really stupid. First I would find the best bank in your area and when you go and talk to them about an account then tell them your situation. If you explain that this is your first time doing this yourself, then they may be able to give you advice, pamplets, etc. Utilize online banking if they offer it and check it often as well as keeping track of where every dollar goes in either a personal steno pad or your checkbook. I personally keep an Excel spreadsheet with my finances. The something stupid I mentioned is don't get taken by creditors. If you have to get a credit card then get ONE. And only use it during emergencies, etc. As one who is recovering from debt, you do not want to be in it. If you have a credit card, set it up on automatic payments so you know you will always be current. If you get a store card (Macy's, Victorias Secret, etc.) just know that their APRs can be 20-29% a year depending on the card. That is crappy, if you must have one (coupons, etc.) then pay off the balances as soon or as quickly as possible. Also try to plan out your finances. You probably know roundabout how much you make per pay period so then you can figure out what needs paid when and how much you may need to save, etc. This is pretty much making a budget. Try to have targets for your different types of spending: 200/mo. for food, 200/mo. for gas, 100/mo for credit cards, 100/mo for savings, get the idea? Then once you know that, you can curtail different categories if the money is needed for something else.





It probably was confusing but I hope I helped a little bit. Also the only emotional part of it I could see would be starting out, getting everything settled, and then of course if you run into hard times. Other than that it isn't bad.
Reply:its not that hard and scary to hold and manage ur own finances...


all u have to do know, what are ur basic needs... at present...


(ex. food, clothing, shelter w/water and electricity, medical, transportation, life insurance...)


what are u going to do if u want to buy something other than ur basic needs...


how will u be able to live according to ur basic salary and free of debts(like credit cards, etc)


how will u be able to save some of ur present salary... so u can enjoy (end of the year) a short vacation...


how will u become a reasonable buyer not an impulsive buyer....and when u buy something keep the receipt and to keep track of ur expenses... and audit urself yearly... if u can do that...


managing ur own finances becomes scary if u don't have control on buyings and getting all the lust of ur eyes... and using uncontrolably the credit card...


the aftermath is, paying ur credit debts w/its so hig interests... got me?? u will really shiver to deaath...


u can read some short books about managing ur finances, and start it now.


because if u did not, how will do it when u will have ur own family?? the time to learn to know is now, when u r still single w/your own money...


ask ur mom to hand u the money... u might as well discover how to manage and increase ur money...

lilac