So, you are a college student and will be graduating soon, well that’s a great news!!! Soon, you will be in a situation where you will be asked to take a lot of financial decisions. You will be soon moving out of the campus, starting a new job and becoming independent financially. Besides this, 90% of the college graduates also have to pay back the loan, although no credit check loans seem an attractive option, but it does not always help. While all this is happening, you need to take care of finances and given below are some tips that will help you survive this challenge:
1. Set Budget
You need to understand where the money is coming from and where the money is going. For this, you need to set a budget – this will be your monthly budget. Setting a monthly budget does not only help you in creating a short term goal, it also helps you solve all your financial problems. You can always maintain a diary, or take maintain a note in your smartphone or can download an application that will take care of your day-to-day spend. While creating a budget, you can start by saving at least 20-25% of your paycheck. Doing this will certainly help you save a lot of money. Knowing that you have sufficient amount of money saved in your account will allow you to spend guilt free.
2. Pay-off Your Student Loan
In order to live a stress free life, it is important to pay your monthly amount on time. It has been observed that a lot of students try to get rid of this amount with the help of various unacceptable ways. One of them is no credit check loans that turns out to be tempting to the students. Although, as tempting as it may turn out be, it is always advisable to go for a legal and aggressive method to pay back. By paying the money back on time, you will end up paying less interest and you will also have extra money that can be used for some purpose.
3. Don’t Waste Time Waiting For Perfect Job
Great things take time and if you want that perfect job, you will have to hang on to the current job. While you are at it, instead of complaining, all you can do is start networking, understand the market, understand the industry, and grab the opportunity as soon as you get it. You should always be ready to make sacrifices, which can be in terms of moving out of the city, creating right network and applying to right job you find online.
4. Take Risk
Never be afraid to take risk. At this age, make as many mistakes as you can. This is the only way that will help you to learn and grow. You might not be happy with your current job, there are a lot of people out there who struggle a lot before landing the job of their dreams. You should never feel pressured. As long as you are learning, and growing, nothing should matter.
5. Create Emergency Funds
Life comes with a surprise kit. One should always be prepared, and in order to tackle an unexpected event or any costly event, having an emergency fund at your disposal will always be of great help. Having an emergency cash will provide you safety in cases like those of a car accident, job loss, or any other event. To start an emergency fund, you can start by putting away a minimal amount depending upon your expenses and then increase the same as and when you want it.
6. Pay Bills Timely
It is very important for you to keep a track of all your expenses and you should make sure that you pay all your bills on time. Paying your bills on time will make sure that you do not have to pay hefty amount post that, as doing this will have a great impact on your budget. You can schedule automatic payments, set reminder on your smartphone and download applications that notify you about the various bills to be paid.
7. Insure Yourself
Out of all the insurances available, health insurance is the most important. Make sure that your organization provides you with a health insurance, in case they don’t, go and buy yourself one. You should start by looking into a high deductible plan that will help in cutting costs.
8. Keep Yourself Away From Credit Cards
As soon as you are out of college, you will soon realize that you have started spending more as compared to that in college (considering the fact that you have started earning). You do not need to buy everything right away. Buy what is required at that given point of time. If you really want to live a hassle free life, keep yourself away from credit cards. Start using a debit card and buy only things that you need.