What are the things that starts to change, when you start paying your bill?

It changed my mindset quickly. Throughout my whole life, my granddad and one teacher I had in high school told me almost daily it seemed to understand and use the power of compounding (it can be either good or bad depending on which side you land), and always make sure to pay yourself first.

I came to a more vivid realization of what those concepts meant once bills starting come in after school.

They pile up quickly!

While it's good to be frugal, live a lifestyle you can afford, and establish good habits as Austin mentioned, sometimes it isn't that realistic while in school. Personally, I was a swimmer in college and didn't have much time to work after practicing twice a day, studying, and having fun. I often spent more money than I brought in, and made up for it during the summer.

Get excited about doing things that make you money and then invest that money for yourself. Worry about the bills with what you have left over and don't let fear of them stop you from accomplishing your goals. They will always be there. Don't worry about it. Time is much more limited.

Definitely pay your bills, budget, and check out the links below... but make time to have fun!

http://wealth.visualcapitalist.com/visualizing-power-compound-interest/

http://wealth.visualcapitalist.com/personal-finance-landscape/

That is a great question! Paying bills can be stressful, but also very self fullfilling. It is something you figure out how to maange best for you once you start. I would recommend seeing if there are continuous, big payments you can get get rid of (rent, auto insurance, memberships, etc). Then I would write down everything you must pay for (yearly/ monthly payments) and how much you normally pay for necesssities, such as food. This will leave you with a decent idea of how much you have to spend. Although it can be stressful, paying bills makes you feel as if you have control over your own life. No longer do others have much of a say in what you do or where you spend money. The most stressful part is the first couple of months where you see the things that you now have to spend money on (dry cleaning, laundry, toiletries).

Paying taxes is not too bad. Unless you have dividends/ investments for the most part you will receive a refund instead of pay a tax. Most young adults have simple income, and can use the free version of turbo tax.

Anacletus, good question. I wish I could tell you that paying bills and paying taxes is a fun, wholesome, stress relieving activity...but it is the opposite. It's part of life so it is something that you're going to have to get used to unless you are ok with mounds of credit card debt. When you start paying bills you'll really learn the value of the dollar and how much you can spend given your current income level. Before I started paying taxes and covering expenses, going to Starbucks was a daily activity...soon those $6 iced vanilla-bean frappes weren't so fun and became less frequent. BUDGETING is a key skill to develop and get used to sooner rather than later. Also, TAXES are another fun topic that goes hand in hand with bills. Taxes are equally not fun but perhaps an even more important aspect that you will be well acquainted with.

Taxes, bills, and payments aren't fun but they are not the end of the world so long as you are prepared. Stay organized, stay calm, budget, plan, and breathe; everything will be ok so long as you adequately prepare for everything.