Some Money Management Advice for the Recent Grad
When you are just graduating from college it is a very exciting time, you have the rest of your life ahead of you and you are now ready to start off on a new career. This can also be a stressful time for some, you are now on your own and responsible for your own finances and your financial situation. Here is some advice for the recent graduate to help them start the rest of their financial life off to the right start.
You must live on a budget. When you live on a budget you must be able to separate the necessities in life with the luxuries. You need to purchase the necessities, you should hold off on the luxuries. Spending too much money once someone gets out of school and get a job is common. It is bad though. Instead of spending because you are making more, you should be saving.
Make a financial plan. Where do you want to be financially in six months? In one year? In ten years? Make a plan and stick to it. You can review and revise your plan if necessary but do not do it because you do not want to work toward your goals. Instead you should revise when you have made it to a goal early. Say you wanted to save so much money in one year, but you have made it to that amount in eight months. Revise your plan; obviously you can save more than you thought.
Do not eat out on a regular basis. This costs a lot of money. Instead eat at home. You can not only save money by doing this, but it is also healthier for you. Spend a day on the weekend making meals that you can freeze in individual portions
to cook on the nights when you get home and are too tired to cook.
Try shopping around for the best deals. No matter what it is that you are buying, groceries or an appliance, shop around for the best deal. Find out all the information you need before you decide on what store you are going to. This is one way that can really save you money that adds up quickly over time.
When you are not using an electronic item you should unplug it. Even when off electronics that are plugged in still use electricity. By unplugging them you are using less electricity and therefore your bill will be smaller, saving you money.
Make sure that you are not letting debt pile up. This is bad for a couple of reasons; the first one is that if there is interest with that debt it is going to add up much faster. The second reason is that even if there is no interest you can ruin your credit score which can hurt you down the road when you are trying to get a loan for a home or car.
When you are a recent college grad you are just getting started in life, and you need to make sure that you are starting off in the right way. Be careful with your money, do not be like so many others and get so excited about it that you spend it all and end up in financial trouble. Take your time with your money and with your finances and you will be getting off to a good start in the rest of your life.