Soon, there will be a transition from state in life and status for many college graduates. This is a translation which involves moving away from the four walls of the classrooms into the openness realities of life. This will duly come with changes from ‘home work’ to financial thoughts. This is a time of donning a new financial coat, different to what was known before.
As you find yourself in this new pedestal of life, the fundamental questions begin to pop-up one after the other. What? Where? When? And, How?
- Understand your budget
The first fundamental question that comes to your mind after graduation is “what now”? The right answer to this is question is ‘first understand your financial budget’. Though new job opportunities will present themselves to you. This is a time of self-appraisal to know what your personal budget should be. Know and holding onto it is very essential from this time onward. This is a time to understand a ‘blow-it-all’ living style is not meant for you. Even if you have not got a job yet to give you an informed budget planning, some researches here-and-there will guide and lead you to ‘near the answer’ position. Your personal budgeting will include what is your income and what are your expenses. You need to critically compare the two and arrive at what you can and what you can’t.
This is like a practical budget in readiness for your real life budget. If your practical budget works, you are on to a working budget. Some variations may crump up in your budget, but it will constantly guide you on how to spend, save and also for debt repayment.
The purpose of budget is to prepare you ahead for financial responsibility and to make you have well-thought out plans for a future of ‘rest and not ‘stress.’
- Embrace credit and control debt
The first rule to enjoy financial freedom in life is to establish a solid credit base and limit debt. Normally, student loan debt and sometimes the plague of credit cards are synonymous to undergraduates and young graduates.
Standing on solid credit footing now is a guarantee for your future investment and other operations. The use of credit cards at the early part of your graduation is not a bad one to make small payments and get going with some bills, your house rent, and other essentials that you may need. Your credit cards are handy in such little payments. You need to apply wisdom in the use of your credit cards and closely monitor the rating. In case it is difficult for you to make few credit cards settlements, you may then consider approaching some easy cash advance, but be sure you can pay back on time. It is necessary to contact your credit lenders or provider of your student loan deferment consideration. This can be helpful to sort things out for an easier repayment schedule. Be diligent in monitoring your debt details, repayment, and balances. For more information contact icash.
- Set some financial goals for yourself and begin to save toward your goals
Setting financial goals drives you to be more financially responsible and stable. It makes you to curtail unnecessary spending and prompt you to save towards a future investment plan. Setting goals and prioritize them will give you a clearer vision in your financial drive. Your goals need to include some but not limited to the following:
- Saving for emergencies
- Saving for your first car or home
- Saving for retirement
- Saving a total financial freedom from debt
It is rewarding to understand and follow the above tips as a young graduate. This will save you from plunging into the uncertain pool of a new environment different from your past academic –regimented abode.
