Leaving the nest? Five financial truths to remember

Are you leaving the nest? Are you packing your things with a head full of dreams about how great it will be to live on your own or with friends away from the supervision of your parents?

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Before you run out the door, read these harsh truths to keep in mind while you live your life of independence.

Ask any adult what it was like entering the working world or moving into their own place and they will tell you that leaving the nest was a big financial wake-up call for them, says Ruhan van Zuydam, wealth management specialist at Consult by Momentum.

"Not only was life more expensive when no longer cushioned by the comfort and safety of your parents, but you were also forced to face the realities of adulthood such as bills, rent, groceries and what they really cost."

Nine times out of 10 they will also tell you that they wished someone had been honest with them about what to expect.

"Leaving school or university and joining the workforce marks an exciting but often uncertain new chapter. Many young people step into adulthood with big dreams, but little guidance on what to expect or how to build and protect their financial dreams.