For many new college grads making the transition from college life to the real world is one that is very challenging. It is the first step towards freedom, with many paying their own bills and taking care of themselves for the very first time. This means quickly adjusting to these changes. Making ends meet can be hard for those who have never done it before, especially if they have college loans and other expenses to be responsible for. These 10 tips can help college grads make it from the start.
If you want money you have to make money. Even if the job isn’t the one that you went to college for, some money is better than no money. Take any job that you can until the right one comes along and have no worries of getting behind.
Stretching Your Dollars
Making the most of the money that you have is essential for college grads. Set aside money each pay period, and follow the envelope method to reserve cash for bills, food, entertainment, etc. But, you’ll also need to stretch that money as much as possible. This can be done by using coupons, eating out less often, switching brands of foods, and yes, even reducing those stops for that delicious cup of Starbucks.
It also means spending less money and eliminating some of those things you may think you can’t live without. Sure, the $100 per month phone is nice, but can you really afford it? Eliminate or reduce nonessentials and stretch every penny.
Put aside some money each time you are paid as well. At least 10% of your earnings should be put into savings.
Know Help is Available
Anyone can find themselves in a financial bind. Just one extra expense or incident can send your financial life into shambles. However, there are options that can provide assistance in your time of need, including payday loans.
College grads prefer payday loans because they are easy to get and rarely require a credit check–since most people fresh out of college have yet to build credit, this is always a plus. They are also easy to repay and can be obtained hassle free as often as they are needed. Even better, they can be used for any purpose, but it’s important to take into consideration the extremely high interest rates which can eat away at your income. This option is best reserved in cases of emergency.
Respect Your Scores
While the SATs are over, it is essential that you still keep a close look on the numbers, this time the numbers of your credit report. A negative credit score could be devastating to your life. A good credit score is a number between 700 and 850 and scores can be as low as 400. If you do not understand or know your credit score, you may find yourself in regret later.
Look Ahead in Life
Know what you want in life and go for it. Knowing what you want will help you save with a clear picture in your mind of the goals you must achieve. Although no one can predict the future, you have the ability to budget and live within your means, which may be beneficial should you face the unexpected.
About the Author: Andrew Greene is a freelance writer and blogs for nowaitpaydayloans.co.uk where you can get a fast payday loan!