Do you ever feel like there’s a missing step in between being financially dependent on your folks (or your partner), and being independent? Like there’s something that ‘real adults’ have figured out, that the rest of us have to just bumble through? You’re not completely wrong. Gaining financial independence doesn’t just happen overnight. It’s a process you have to go through; a set of personal skills that you build on over time. Here are five of the most important steps you can take.

Get your budget sorted

The first step to being in control of your finances is knowing where your money comes from and where it goes. If you never plan things out, and just spend money as it comes in, you won’t have the insight you need to make the most of your cash.Start by looking back at your spending and income records over the past few months, using your bank account records, receipts, and other reminders (like the Facebook photos of that big, expensive night out!) 

Start thinking about how you could cut back on non-essentials, and save money on essentials. Then, try planning a whole months’ spending ahead of time.

Start saving

If you feel like you can never save any money, try starting small and building your savings amount as you get better at budgeting. A modest target of around $20 a week is a good place to start

It’s important that you prioritise savings above all else. Pay money in to your savings account as soon as you get paid, rather than waiting for the end of the month to see what’s left.

Increase your income

Eventually you’ll get to a point where you can’t save any more money, or be any thriftier with your shopping habits! That’s when it’s time to look at how you can increase your income to reach your financial goals. Some options might include:

• Start a small side business, working from home in your spare time
• If you’re working part-time, ask your bosses what you need to do to get more hours
• Selling extra belongings online, such as second-hand clothing and unwanted gifts

Start investing

Think you can’t invest because you don’t have enough money, or you’re ‘not smart enough’? Wrong and wrong! There are lots of different ways to invest money; you can start with just a few dollars. And you don’t need a degree in economics to make smart decisions.

Keep learning

Try one of our Money e-learning modules, or if you'd like to talk to someone head to MyCoach.