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

Question

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.

Answer 1

If you're old enough to be working full time, you're old enough to have a bank account of your own. Are you being paid by check now, or by direct deposit? If you're being paid by check, then next payday, just bring that check straight to a bank and tell them you want to open a savings account and a checking account. You may have to wait a few days after you open the account before you have access to your money, but the important thing will be that *you* have taken control of it, as you should.

Definitely discuss this with your parents. Determine a fair amount for you to pay them each week or each month for room and board -- but unless there are exceptional circumstances that you haven't told us about, you should be free to budget and/or spend the rest of your income yourself.

Answer 2

Ignore this whole post if you are under 18, then your mom controlling your finances is fine, but if you are 18 or older then you should be doing it on your own.

From the sounds of it you should not let your parents near your money. Stop giving a single cent to your parents and open your own separate bank account, and start depositing into that. Tell her that you want to start managing your own finances because it is your money. Make a budget of all things you need like rent, food, utilities, etc. and how much it will cost you. Make sure you try to save at least 10% and put it into a bank account until you have roughly 3-6 months of living expenses. Then open an account with a online discount stock broker and start investing into stuff life ETFs and Mutual Funds that are spread out in many different sectors.

To answer your question, no it is not hard to manage your own finances. Here is a link to 30 free ebooks that has everything you need to know about personal finance. http://blog.mint.com/blog/finance-core/3...

Answer 3

Are you 18? Then walk into a bank and open an account. Its not up to your mom whether or not you manage your money. And it isn't "hard." It only gets hard if you spend more than you earn.

Answer 4

You need to know how to handle your own income.  But with the way your Mom is trying to over power you, you must accept her as she is.  Do try to at least find an extra job so as to have your own money to save for your future needs.  Coz I am sure, when that time comes, you won't be able to get even a single centavo from your Mom.  So as not to be totally affected by the way your Mom handles your income, try to find a sideline. Then open a bank account secretly. Like what I have mentioned, accept your Mom as she is so that you won't be affected that much.

Have a nice weekend and GOD BLESS THE CHILD.

Answer 5

I agree with most of the answers here, you're personal bank account is your business, and you need it to be able to handle your money effectively. Handling your own finances really isn't that hard, it's just a matter of knowing how much you need allotted for each need -- like bills -- how much you usually spend on personal needs and luxuries -- like eating out, buying clothes, and how much you can put away. Spend some time writing down your monthly spending plan.

Do something I everyone should do -- save! You don't want to live paycheck to paycheck. A large percentage of the population lives paycheck to paycheck, but do it differently and have savings you can use in case of emergencies -- like job loss, unexpected expenses (health or transportation expenses, etc.) I've been on my own for about four years, and let me tell you, it was scary at first, but don't worry, you'll get the hang of it through time. It comes with being an adult. It's not as daunting as you think it is. It can actually be emotionally rewarding -- you feel much more capable and confident when you know that you are depending on yourself.

Also, start reading up. Some books that I recommend are the dummies book for this topic -- I believe it's "Personal Finance" for dummies. And this amazing book I have been reading by bestselling author Marian Snow --- "Stop Sitting on Your Assets". I've learned a lot about real estate, buying and selling your home, equity and more from this book. If you're more educated, you'll be less fearful, and more confident about handling your financial future.