Contributed by Credit Bureau Singapore

The woes of an adult are multi-fold and some people are just not able to keep up with it. In order to be a responsible adult, you first need to embrace the changes from adolescence to adulthood and accept the heavier obligations that comes with being an adult.

This article will highlight the 5 ways take responisbility for your life as an adult.

Source: Canva

1. Searching for Full-Time Jobs

It is important to learn to be financially independent and this means securing a full time job once you have graduated and building a career for yourself. There are also many organisations and job portals available in Singapore for you to sift out the type of job that might interest you. You will be able to filter jobs by their position, industry and pay range, making the job search more tailored to your liking. With that said, it is important to be practical and know what you can offer to the hirer. Alternatively, you can take up new upskill courses which might help to increase your chances into getting your ideal role.

2. Investing in a Savings Plan

Saving is important as it provides you with liquid cash in times of emergency and can aid your future life goals. Just as the name implies, a savings plan helps you save money and grow interests against time. Unlike saving on your own accord, a savings plan ensures that you are committed to save every month. Most adults sign up for this is to “discipline” themselves to saving. Savings plan usually have a lock-in period in the account, allowing sufficient time and money to accumulate into a larger pot. If you are unsure of which savings plan to take up, talk to your insurance agent about your financial goals and current saving capacity you are comfortable with.

3. Paying for Bills

You can start by taking ownership of your own personal bills and even the household bills (phone bill, insurance premiums, electric and water utilities). Doing this not only shows that we appreciate our family, it can also help to lift off some of the financial burdens off their shoulders.

When paying your bills, do keep track of all the different billing dates. Various bills have dissimilar repayment dates and it can be easy to leave out a payment. Not paying your bills on time can affect your credit score and this can have a detrimental effect on your Credit Report. What we suggest is to put all the different billing dates on a calendar to remind yourself or to reschedule all your bill payments to be on the same day for convenience of tracking your payments.

4. Not Abusing your Credit Cards

The most attractive benefit of a credit card is the ability to spend first without using your own money. While this may be a good thing, it can also cause one to easily overspend and chalk up credit card debts. A responsible adult will be wise enough to know not to accumulate credit card debt because of the high interest rate charged. Abusing your credit card beyond your limits will also have a detrimental effect on your credit score. Furthermore, a bad credit payment history comes will make it more challenging for you to obtain credit, qualify for loans and even secure a job in the finance industry/government agencies in the future.

A credit card is a double-edged sword and needs to be used responsibly. Select a credit card that suits your lifestyle and be mindful to not fall into the habit of spending more than you can pay.

5. Plan for the Future

Source: Canva

All adults have goals and future milestones to be achieved. It could range from buying a house, starting a family, going on yearly vacations and even retiring early. The key to successfully attaining these goals is by planning for it. Identify your goals first followed by calculating how much financing you will need for it. For example, buying a house will be an expense in the near future while you might need another sum of money if you are planning to expand your family. Therefore, the way you financially prepare for these two areas will differ. Knowing these aspects are important and taking action for it immediately is crucial.

In summary, responsibility is something that comes naturally, but can be cultivated with good decision making and being futuristic. Follow these 5 ways and you will definitely turn into that responsible adult that your parents will be proud of!

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