Financial Independence - Part 1

Summer is here. It is so exciting because now we are not bound by school. We can pick up summer jobs outside or at our own house and neighborhoods. I take on many more students during the summer months, as part of my Piano Studio, and the fulfillment of earning my own money is something I wish for everyone in their journey towards Financial Independence.

I save most of my money since my parents still cover essential spending like - food and clothing, education, travel, etc. 

Essential spending is very important to understand and learn about early on I think. Once I am fully independent as an adult, I am going to have to spend for that and it is best to be observant and learn now. Some simple tips on learning about essential spending:

1. Talk to your parents about what all they have to spend for regularly. E.g. rent, mortgage, food, gas, tuition for kids, what else counts as essentials - ask them!

1. Take an interest in shopping for groceries and take a note of what things cost.

2. Participate in discussions at your home about vacations, where you go, when you go and how you can work within a budget.

3. Take an interest in what you eat, how often you eat out, whether you should shop for organic foods or if inorganic is ok.

4. Learn to cook, surely anything we make at home costs less and is healthier.

5. Understand what it costs to watch TV. How much does Hulu, Prime, Netflix etc cost every month? 

6. Understand what it costs to own a cellphone. There has to be a reason my parents complain about it so much :) 

Some basic understanding like this will help us be more independent in the future.

My parents remind me that independence comes with great responsibility. I think I am off to a good start. Let’s all take the first step by learning from our parents.

Ria Kumar

June 1, 2025