Finance Tips After College

Thursday, April 25, 2013

Finance Tips After College

Image credit: viviamo / 123RF Stock Photo

Without a shadow of a doubt, a college degree is one of the greatest accomplishments of a lifetime, one that comes with countless opportunities and benefits. Yet, life after college is more than a little scary, the pressure to succeed professionally and financially is often overwhelming. To make matters worse, college graduates have the weight of their college loans looming over them with little to no credit history to speak of. In short, getting started after college is sometimes difficult, particularly on the financial front. However, there are steps college graduates can take to help them get a jump on financial stability, decreasing their stress and allowing them to focus on achieving the rest of their dreams.

1. Small Steps

Just as, a baby must learn to crawl and walk before running, college graduates should take small steps to financial stability before incurring massive debt. A good way to do this is by paying off the smallest debt the graduate owes, putting a little extra toward each bill. Paying off the debt early not only builds confidence in the graduates but it also helps creditors.

2. Move Back Home

Admittedly, few college graduates want to move home with their parents, but that might be the wisest step toward financial stability. This does not mean graduates should depend on their parents financially. Quite the contrary, this is an opportunity for graduates to develop good habits and learn financial responsibility. Pay rent, half the bills, and groceries to learn financial independence while having the comfort of a safety net.

3. Save Money

Everyone enjoys the little extras in life, but knowing one has something tucked away in case of emergency, or unexpected expenses is far more satisfying. In short, put a set amount of money away each month rather than submitting to frivolity. Before too long, one can build up quite a savings, That step going a long way to building financial security and ease stress when unexpected expenses arise.

4. Financial Planning

Life is unpredictable, yes, but establishing goals and developing plans can take the guess work out of one’s day. Financial planning can do far more than that, paving the way to financial stability. In addition,  financial plans ensures a graduate knows what bills to pay and when, how much money is needed for necessities, how much to put in savings, and what can go toward the general enjoyment of life.

5. Say No To More Debt

The lure of a credit card is difficult to resist, but resisting leads to a better life. Graduates often start their adult life out with a fabulous deal of debt because of college, adding to debt ill-advised. One credit card for emergencies is always a good idea, but only use the card for its intended purpose. Beyond that, avoid the temptation by refusing appealing credit card offers. Financial stability isn’t about spending money, but rather knowing when to spend money.

A college degree can indeed pave the way to a better life, but first graduates must obtain financial and professional security. The degree takes care of the profession security, but one must take steps to achieving financial stability. Fortunately, they are easy steps to follow, little things that add up to vast accomplishments.

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