Transitioning from a Student Lifestyle to “True” Adulthood: What to Expect in Your Finances

Growing up has many forms – sometimes it can sneak up on you unexpectedly, and you have to come to terms with that fact and start acting appropriately in those situations. It can sometimes be difficult to let go of certain aspects of your lifestyle that you may have grown accustomed to though. This is especially common when people are just coming out of the student lifestyle and realize all the implications of proper adult life.

Financial management is something that can hit you quite hard in that situation, and you must put as much effort as you can into preventing that. Minimizing the negative implications of adult life is all about being aware of the most common problems, and working to prevent them in advance.

Saving Should Be a Higher Priority

You might be used to living on the edge right now, and that probably works fine while you’re a student. But sooner or later, you’re going to want to start saving up more actively. That’s not to say that a student can’t benefit from healthy saving habits either – far from it. But when you’re working full-time and hoping to support a family, things get very different.

You’ll need to ensure that you always have some money saved up for emergencies, and pay attention to how your cash is flowing. Keep track of your budget, and note any situations that you could have prevented by being proactive. You’ll learn a lot in the beginning, and you should figure out how to apply that knowledge in the future too.

No More Discounts Everywhere You Go

You might also be used to the idea of getting attractive discounts for many things. This is also something you’ll have to let go. Some people go as far as to extend their student IDs beyond their graduation date, but this is wrong for multiple reasons, plus it can also be considered fraud. You should start getting used to the standard prices of many things, and in some cases, the increase can actually hit your budget quite significantly.

This applies to online accounts and subscriptions as well. Pay attention to the terms and conditions of any such subscriptions that you might have, because it can be an unpleasant surprise if you find out that you’re getting charged more at your next billing cycle, especially if you were not prepared for the increase in the first place.

Taxes and Other Concerns

In many cases, you’re eligible for tax breaks and other attractive conditions as a student. Not so much as an adult, which is something else that might cause problems for you if you don’t prepare adequately. Make sure that you know exactly what your situation will be on that front before you even graduate, and know who you can turn to for advice and professional tax preparation.

Nobody is going to give you a break just because you’re used to doing things as a student so far. After all, everyone has to transition out of that period in their lives sooner or later, and many people are able to do so successfully.

Emergency Situations

You should also be prepared to deal with an emergency situation with your finances as well. Anything can happen, even if you think things are going well with your money. Know who you can turn to for a good deal on a loan, for example. This can make things significantly easier for you when you need to get some money urgently and don’t have any other options.

Sure, it’s going to be difficult for a while, especially if you need to borrow a larger sum of money. But it’s one of the best tools available to you on the financial market at the moment when it comes to situations like these. And there are other options you should explore, too – so don’t disregard them.

Enjoy Your Freedom!

In the end though, don’t forget that you also have a lot of freedom on your hands, and you should not ignore it. Don’t fall for the trap of thinking that your life is “over” now just because you have to start acting more seriously. The truth is, your life is just starting in many aspects, and you’re going to discover some amazing opportunities that you could never have had when living as a student before.

And as long as you pay attention to your finances and sort them out the right way, you’ll be able to enjoy all this freedom very easily, and without any additional worries. Just make sure that you don’t slip up on the financial front, because that’s the key to having the ability to enjoy this situation in the first place.

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