Want to be a grown-up? How to be classified as an adult
Many of us nag about getting to the stage of our lives where we can be regarded as grown-ups and respectable adults.
Without, of course, realising what all of that means until your years catch up to you and you have no option other than stepping up and “adulting”.
There are, however, a few milestones in one’s life that are necessary to achieve before you can be classified as an adult according to society.
And it’s good to know what those are in order to get your life in order and make sure you’re, sort of, doing the right things.
A credit score
First thing’s first, you’re going to struggle to do anything without a credit history. If you want to buy a car, a house, rent a place, buy a TV, take out a loan, have a cellphone contract under your name and even open some store accounts, you’re going to need a credit score. And not just any credit score, but a favourable one that will set your interest rates at a low percentage.
Your credit score is determined by your credit practices. For example, how good you are with paying off your credit cards and other credit accounts. It concerns your debt and how you choose to pay it off. Your best chance at a great credit score is to pay off your debt as soon as possible and not to only pay the minimum instalments every month.
A savings account
As soon as you start earning your own money, adult or not, you should have a savings account open. But, now that you’re well into the world of adulting, you need a savings account, a savings plan and a savings goal. There isn’t much opportunity to only save up for that nice pair of shoes you’ve been wanting like when you were in high school. You need to start saving for unplanned emergencies and accidents that you have no control over other than the money you saved to cover it.
Homes, cars and jobs are all temperamental in the adult world and you need to have a savings fund for a rainy day when you cannot, otherwise, pay your way out. Your savings become your lifeline and your savings goals are more detailed and important. You’re going to have to start saving for kids and retirement (yes, at the same time), while also saving in an emergency fund.
The best way to calculate your savings and make sure you reach your goals is to create and strictly implement a budget. Your budget is the most important aspect of your personal finances as an adult that will carry you through the rest of your life.
A medical aid plan
Things such as life and car insurance are also key indicators of adulthood that most people invest in. And while there are a variety of medical aid schemes in South Africa, most people think they can do without it. If you want to be a true, organised and health-concerned adult, you’re going to have to look into the best medical aid plans in South Africa and find one that suits your lifestyle.
The reason why most people choose not to have medical aid is that it’s an extra expense that’s “not necessary”. The truth is that medical aid is necessary, can save you money in the long term, can prevent you from having to dip into your hard-earned savings to cover medical costs, and there are affordable medical aid plans on offer. And when you start thinking about having children, they’re going to need you to have medical aid in order to be covered. And we all know how prone children are to germs.
You don’t even need to have a fully comprehensive medical aid plan, there are other options such as hospital cover that you can look into. Do the adult thing and make sure you have some sort of medical plan.
A lack of free time
This isn’t so much something you need but it’s something that naturally happens when you truly start adulting. Free time becomes a thing of the past and you may be in your teens now thinking you already don’t have any free time but – ask someone in their twenties – you know nothing.
Your time is devoted and divided between work, developing your career (yes, those can be two different things), cooking for yourself, doing laundry, cleaning the house, squeezing in exercise, sitting in traffic, doing personal admin on weekends and trying to complete at least one of the series that everyone keeps talking about. Also, take note, none of that included children, friends or partners. So, it could be worse.