7 Basic Financial Tips Every Recent Grad Should Use

Celebrated your graduation day? Recently! Graduating from university is a massive step in your

life that will help you to construct a flourishing and a successful career. But this new chapter in

your life comes with challenges of its own. For fresh graduates, finances are a big deal, and

how you can manage it makes all the difference. If you are smart, all your plans will run

smoothly without any hiccups, and you will be in a great position to follow your feasible

dreams, and to achieve your goals with ease. Spinning it, managing finances aren’t your region

of expertise. Then, below are 7 tips which will assist you become a savvier financier-

Slash your spending into half

Cut down on spending wherever you can- right from skipping laundry days to reduce your

caffeine intake (coffee cups). There are plenty of realistic steps you can pursue to trim down

your expenses.

Here are some of them-

Move back to your parent house, yes it’s not the most appealing tip. At this stage of your life,

most of us want some level of freedom and privacy, even though, moving in with your parents

is critical to cut down on housing costs, which can make a massive difference to your monthly

savings. As the money saved on EMI’s or house rent will eventually add to your saving amount,

and you can also get out of previous your debts (student loan) which you might have racked up

during your college days.

Avoid going out for dinner or takeout with friends too frequently. You should still allow yourself

to coddle your taste buds with some palatable treats within your resources.

If you don’t wish to give up your social life too much, consider skipping drinks and night outs

from the time to time. You always don’t need alcohol to have fun with your buddies, right?

Reducing your debts

Reducing your debts is directly proportional to cash in your bank account. In simple words,

meaning you need to spend less month from your earnings ever month for paying off the debt

installments. So, start saving now for some good outcomes in the future such as owning a

house and a happy retirement.

Pay off your credit card bills; get out of this habit of buying everything with your credit card. It is

by no means a misdemeanor to carry them in your wallet, but it is good to shop with your

currency notes whenever and wherever possible.

Try not to spend more than 25 to 30% of your credit limit.

Check your credit score once a month.

Start investing money

It’s never too early to start thinking about your future, invest money for a better tomorrow.

Don’t take it as any other option of saving money; consider it a way to earn money along with

your regular wage. After all, the cash you going to make from your investments will ultimately

go in your bank account.

Invest money in the stock market or mutual funds; remember starting early means plenty of

time to make your money grow. Don’t step back, if you are not having enough information on

these- go online read some quality articles, talk to your friend, who invest money in these, or

consult a financial advisor.

Don’t stop learning

Just because you are out of school and got a dream doesn’t mean that learning is over for you.

Today’s, job market is competitive than ever, and the more skills you acquire, the higher are the

chances to find and keep employment that truly pays a living salary

Learn about your job and the field you’re in, further get your hands on new skills that can help

you with your current job, this will give you a competitive edge.

Investing in yourself come in a selection of forms. You start learning a foreign language, study a

new trade, or read some knowledgeable books. Updating your knowledge doesn’t have to

happen in enormous steps. You just want to make sure that you are constantly moving ahead.

Build and Protect Your Credit

Having a good credit score is crucial to a lot of steps you’ll probably take in next couple of years,

want to buy a house, let’s say three years from now? First, you need some credit points.

Pay off your bills on time. Not only for credit score, but it is also a good practice to avoid late

fees. As a matter of fact, your payment history contributes approx 35% of your total credit

score, so it is imperative for clear all of your earlier credits on time.

Create your monthly Budget

Knowing how much money needs to be fixed to cover all your everyday expenditure will make

money less of a worry for you in your daily life. Make a list of the potential expenses, such as

grocery buying, cell phone bills, and how much is cost to feed your car. Stick with it- if your

portion for entertainment expenses is 30$ a week, then be it, even if your friends have decided

for watching next week’s blockbuster. Feel free to say “NO”.

Yes, you can do it

Making a conscious effort to cut down on your spending, and investing money wherever

possible is a huge footstep in the right path for a thriving future. Not only you’ll have fewer

money worries at present, but also will be benefited from your penny-pinching in the latter half

of your life, when you have sufficient retirement funds. Follow the above tips to build a strong

base for the rest of your life.

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