• Friday, December 01, 2023
businessday logo


How to get out of financial dependency


The inability of someone to provide for him or herself at least the basic needs of life makes the person financially dependent, and this becomes more of a challenge as the person gets old and becomes unable to take up responsibilities. Expert reviews the scenario and proffer solutions.

Life can be extremely hard when you find yourself having to depend on others for your daily bread. When you are young it’s not that a big deal but as you get older you’ll want more independence. Unfortunately we now live in a world where money is paramount. This means anyone who is seen to live on less than they need for survival and good living would most likely have to live off others.

What is financial dependency? It is where a person has to rely on another or others for their upkeep. As earlier said, when you are young and still under the care of another, it is not seen as a taboo, it is actually expected. But when a fully grown man or woman is still dependent on someone else then they are bound to lose their self-confidence and self-worth. Even those who support the dependent person sometimes find it extremely challenging to respect the dependent person.

How do people become financially dependent? 


The way people think has a tendency to make some dependent. Many believe their current financial situation is a permanent one and live like they are in anunending state. It all has to do with the state of a person’s mind. Only those who believe they can get out of their financial predicament, seek ways to get out. This does not include those who turn to criminal activities. There are honest ways to change your financial situation but it first starts from a change of mind.

Loss of Job 

This is the number one reason why grown adults become dependent on others financially. Once a person losses their source of livelihood they begin to depend on others for their day to day living.

Insufficient Income 

When income does not cater for ones way of living then financial dependence is inevitable. You can only survive for so long on an income that does not meet your needs. If you also have a family to support then it makes it twice as hard. In many cases, men and women go round asking family and friends for financial help to support themselves and their family.

No income 

This is a no brainer. When you do not have an income source and you are an adult, you automatically depend on others. The basic needs of life are food, water, shelter and clothing. If you cannot provide for these basic things then you will find yourself resorting to begging for survival.

No Savings 

When you do not have any savings set aside you might find yourself in a financial fix when a money challenge comes your way. And they always do. You become dependent when you have to go up to someone else to seek help financially. Unfortunately for some,the very people who help them turn round and hold them to ransom. Treating them with contempt because they came begging or making life unbearable when they find it hard to pay back the money they borrowed.