This article was contributed by Credit Bureau Singapore and edited by The Blue and Gold.
Do you sometimes feel pressurized by your growing number of responsibilities, or by the increasingly important and consequential decisions you’ve had to make recently? Well, this is actually a tell-tale sign that you’ve begun your journey of adulthood!
Here are some more common signs of adulthood and tips on handling these new challenges as they come. You’ve got this!
1. Sourcing for jobs that help to pay the bills
Finding a job can be tricky… and stressful. After all, it is a matter of bread and butter. Are you looking for a typical 9 to 6 job that pays well or a job that you are truly passionate about – or both? There are many factors to weigh to understand and find what you want, and this may seem especially daunting if you are looking to venture into a new industry that you have no past experiences and are unfamiliar with.
That said, in this modern age of digitalisation, the internet has job portals and company rating websites aplenty that allow you to sift out the type of jobs that might attract you. Make use of their handy filters to view jobs by their industry, position, and pay range, and make the job search your own – one catered to your university major, priorities, and individual circumstances in general. Take note as well that it is important to be practical and to understand the other side of this process as well – an employer looking for prospective employees! Know what you can offer to the hirer and bring this across to them in the best way you can, avoiding underselling or too ambitiously pitching yourself to the interviewer.
2. Applying for a Savings Plan
After you have secured a stable income stream, you may find yourself searching for more ways to expand your savings instead of letting it sit in your bank account. One of the most typical and safest ways to do so is to apply for a Savings Plan that helps to grow your money pot with interests against time. However, do consult your financial agent further on this as most Savings Plans come with a lock-in period that only allow you to start withdrawing cash after certain period. Overall, not only will a Savings Plan come in handy in times of emergency, but it will also help you as you achieve your financial goals.
3. Applying for credit facilities
When applying for credit cards, do you find yourself on the hunt for the best entertainment deals and most enticing promotions, before applying for different kinds of credit cards with various credit providers? More importantly, however, do you know that not only do credit cards allow you to pay on a credit term, but they also allow you to establish a credit history? Indeed, leaving behind a trail of good credit history (ie. repaying financial obligations on time) is a crucial indicator of your financial responsibility.
(Psst – do you know what a credit report is? If not, don’t worry! Check out our previous article on just that to get up to speed in no time.)
Credit cards are powerful tools and must be used carefully. Select a credit card that suits your lifestyle and be mindful not to fall into the habit of spending more than what you can afford. Feel free to explore online marketplaces or comparison websites for comprehensive lists of credit cards available.
4. Paying for your personal and household expenses
Recently, you may have realized that you have gradually taken ownership of your personal expenses by paying for insurance or paying off your student loans, for example. If you are financially capable enough, you may also be considering or already paying for household expenses, such as electricity and water utilities. Another way to show appreciation to our parents is to start giving them monthly allowances – this can help to lighten their financial burdens and show them that they can depend on you too!
5. Apartment hunting
If you are financially ready to move out on your own, you can consider purchasing your first house or co-living, which refers to sharing an apartment with (a) roommate(s), be it your friends or partner. There are also many review websites online that facilitate the process of cost comparisons for new tenants or house buyers. If you have already found the right person to settle down with, you can also apply for a Build-To-Order (BTO) project – a flat allocation system for new buyers of public housing residences which usually takes minimally 5 years to be completed.
However, do take note that living on your own can come with a hefty price tag. Do ensure that whatever decision you make is within your financial capabilities and that it will not leave you with a massive debt in your wallet.
When and how adulthood begins is different for everyone, and so don’t stress over how your journey may look different from the journeys of others. Instead, learn from them and from all the resources available online today, to take matters into your own hands and continue striving to be a better version of yourself.
Are there any other parts of adulthood that confuse you or shiver your timbers? Leave us a comment below (or write to Dear Madison) and we'll work at alleviating those fears an article at a time.
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