Because mom and dad probably know best.

Part of becoming an adult is earning your own income and having bills to pay—which makes you wonder how your parents were able to provide for all your needs while you were under their roof. Here's how they probably did it.

Live below your means.

With every pay raise, there's an impression that you can level up on your spending too, since you have the money to splurge. But this spending habit can lead you to buy things you don't need or go on experiences you could have lived without.

Living below your means is when you keep to a humble lifestyle, fighting the urge to get that new phone or head to the latest concert "just because." If Warren Buffett, one of the richest persons alive, has lived in the same house for decades even if he can well afford to live in a mansion, you can live below your means, too!

Save an amount of your monthly income.

Getting into the habit of saving is more important than the amount, because when you get into the saving habit, it will be like second nature for you, and painless to do it.

Growing your savings is not just for emergencies, but to give you peace of mind that just in case, for any reason, you lose your source of income, you have something to fall back on—and you can't put a price on peace of mind.

Go for delayed gratification.

YOLO sometimes leads to regret in the end—like a negative amount in your bank account! Financial expert and father of six children, Joe Ferreria says that in order to avoid any compulsive spending, give yourself at least 24 hours before you purchase anything that isn't a necessity. It will give you time to think whether it's something you can live without.

A good question to ask yourself before buying anything is this: Was I able to live without this yesterday? If the answer is yes, you can do without it for now.

Make your money work for you.

If you're not making money while you're asleep, then you'll be an employee all your life. If you have dreams of being your own boss, setting up passive income is the way to go. Passive income is when your money simply grows without needing to clock in the hours at your 9-to-5 job. Good ideas would be to get into the stock market or invest in a small business.

Invest in what matters in the long run.

Experiences, not things—that's been the spending mantra of the current generation. But the best experiences are those that will leave you with a lifetime of great memories, like the wedding of your dreams, the gift of the best education for your children, or a home that your family can call your own.

With a loanable amount of up to 2 million pesos*, Citi Personal Loans assists you in investing in what matters, from home renovations to your child's education. Learn more about it today.

*Subject to assessment and approval