A College Grad’s Ultimate Guide To Financial Matters
If you have recently thrown your mortar board high into the air in celebration and sheer relief at completing your degree and achieving an incredible qualification, you are now well on your way to stumbling into the big wide world on your own two feet. You may have left home a while ago and have been living with friends or in a dorm with fellow students. You might even have learned to do your own laundry and cook some half decent food. However venturing into the fog of financial matters that you’ll now be presented with can be scary and difficult to navigate. Take a look at this guide to managing your newfound financial considerations.
If you’re not blessed with multimillionaire parents, the chances are that you’ll have a frightening amount of debt as you leave college. The average student in America owes $22,135. This isn’t unusual, and it’s a debt that most of your fellow students will have. Your aim at this point should be to shift this debt as speedily as possible. That doesn’t mean working all hours God sends and working yourself into the ground. Consider consolidating your grad loans into one manageable monthly repayment. By signing up to one of the personal loans described on signature.loan, you’ll be able to lengthen or shorten your loan length depending on your requirements. Work out how much you can afford to repay each month and work out your loan term based on this figure.
Your First Job
When you see your first paycheck appear in your bank account, you may be tempted to go out and splurge. Don’t. This is how bad financial habits begin, and you want to keep your finances in shape from the moment you leave college. If you are embarking on a graduate scheme, you may qualify for an employer sponsored loan repayment program. Having your new employer contribute to your graduate loan repayment can help you shift the debt and obtain a bit more financial freedom quicker.
Buying Your First Home
You may be eager to get a foot on the property ladder as fast as possible. You’ll be aware that investing in bricks and mortar is one of the safest and least risky investments you can make. No longer will you have to line the pockets of landlords, and you’ll have a home of your own in which you can put down roots. To obtain a favorable mortgage you need to ensure your credit score is strong by following the tips listed on bankrate.com. Repay your debts on time, never miss a payment and don’t stray into your overdraft. Saving for a deposit will be difficult as a recent college graduate and will obviously take time, but if you’re willing to forego gourmet meals, the swankiest car and the frappuccino on your way to work every day, you’ll be ready to purchase a home faster than you think.
Emerging as a college graduate will give you the best chance in life. However, you will still need to be proactive in ensuring that your financial health remains buoyant and strong.