Once you or your child turns 18, there are a few important things you need to take care of financially. This article tells you what you need to arrange and how to do it.
When you turn 18, you need to apply for a
Once you turn 18, you are required to have your own health insurance. This can be done online. You can choose which health insurance company you want to take out insurance with. You pay a fixed monthly amount for your health insurance. This is called the health insurance premium.
Once you turn 18, you can also apply for healthcare allowance. This is an amount you get from the government to pay some or all of your healthcare costs. Whether you get healthcare allowance depends on your income. Only if you have a lower income can you apply for healthcare allowance.
To help you meet the cost of school or study, you can get or borrow money from the government to pay for your school or study. This money is for such things as:
Books
Public transportation costs
Tuition fees
You can apply for the tuition reimbursement or study financing via
If you are 18 or older and have a job, you are required to pay taxes on the money you earn. This is called income tax. If you are employed then this is done automatically by your employer.
Nevertheless, at the end of the financial year, you must also file your own tax return. If you want to file tax returns for 2023, you can do so between 1 March 2024 and 14 July 2024. You will receive a letter or email about this from the government. When you file your tax return, the
Once you turn 18, you are responsible for your own money. This means you become responsible for your own bank account. If you do not have your own bank account yet, you may open your own bank account from the age of 18.
When you turn 18, you and your parents will no longer receive child support. If one of your parents receives child support, from the age of 18, you may receive this money yourself. It is wise to discuss this with your parents.
