Disclaimer: This is a contributed blog post as a sequel to my adulting finance tips series. Enjoy!
The importance of shrewd monetary handling comes thick and fast when exposed to the life of a student. Not only do you have plenty of important bills to pay such as your books, your accommodation and your general survivability, but you need to manage all of this while attempting to thrive in your studies. It’s likely that you have either worked a job to fund this time, or you are lucky enough to have been gifted this funding.
However, you need to remember a few things when graduating college. When completely in control of your own finances and without the shield of student life to ensure you keep your promises, the potential for losing much more is always there.
We’re going to assume that you’ve already found a job after college, no matter how humble it is. We’d recommend considering the following tips now that you’re a functional adult out in the real world:
Consider Social Spending
At college, it was likely almost expected for you to spend a fair amount on your social life. From heading out to the clubs to trendy street bars to vacations and festivals at the end of the year. It’s important to know that while you may have borrowed, worked for and ascertained these events out of a sense of only being young once (you’re right,) the party cannot last forever. Or rather, it can, but in a different sense.
Consider your social spending, and ensure this is the first thing you ever reign back in your pursuit of long-term profitability. It is essential that you try to see the value in a night in rather than spending $100 or more in a club as standard. It’s important you cut back on your vices such as social smoking, drinking too much at expensive bars or spending $350 on an outfit before you head out. When you temper your social spending, you’ll notice your finances stabilize, and from here you can begin to budget effectively.
Consider Your Credit
We get it. Heading out at university to the bars and clubs and social events can drain your wallet. Even if you were the most temperate person at college, the costs involved can definitely have left you owing more money than you might like to. Now that you have a stable paycheck coming in, you should absolutely try and get this credit score back on track. With the willingness to do this, you will often find that piece by piece, ten dollars here by ten dollars there, you will be able to contribute to paying off your creditors.
You might also consider short-term solutions to help you stop debts from breathing down your neck, such as the much more manageable and flexible secured bad credit loans from Evolution Money. With the right willingness to resolve your situation, a service like this can be a gift.
Usually, with the right financial sense, you will find yourself climbing out of the bad hole your credit could have led you down, and begin to see the light of savings and managing tight personal finance.
These tips should hopefully help you develop your personal responsibility in ways that are sure to mature you.