That college graduation that you enjoyed so much may be a happy moment but it also marks the beginning of a lifelong struggle to make ends meet. As an anointed graduate ready to enter the competitive workforce, you are only at the starting line of a challenging race towards financial success. Nothing can prepare you for what’s ahead, other than the below survival tips:
Plan Ahead: Have a plan of what financial goals you want to accomplish every year based on what you believe your income would be (or based on what your salary is if you already have a job). Remember that you will have student loans that need to be paid and a realistic payment plan would have to be included in your monthly budget. It’s also a good idea to put money aside to live off of, in case you end up unemployed and have difficulty finding another job. Most importantly, generate a realistic budget that accommodates your lifestyle in a cost-effective manner so that it is easier to execute that plan you have laid out.
Choose A Financially Rewarding Job: Though your paycheck is important, note that isn’t everything. If you are still looking for a job, look for an employer who you are happy with, who seems financially stable, who offers a good salary, and is committed to developing your skills so that you can advance to a higher position either in the same company or somewhere else. Remember that as much as employers are looking for the ideal job candidate, you should also be looking for the ideal work environment. Be selective as to who you choose to work with and always ask yourself if the money is worth the effort that you put into the job.
Start On Your Retirement Plan: It’s never too early to start saving up for retirement. Commit a small amount of income every month to your retirement fund or seek advice from a financial consultant out there, who will most likely be more equipped to map out an easy and successful path towards retirement.
Live within Your Means: Most importantly, do not overspend. Stay committed to the financial plan that you laid out before. In addition, try to not to fall into the temptation of overusing your credit cards or before you know it, you will be drowning in credit card debt and you won’t be able to keep your head above water. All the luxuries that you dream of indulging in can wait because it is a matter of time when it will be financially within in your reach, whether it’s a fancy restaurant you’ve always want to go to, a pair of sneakers you’ve always wanted to buy, or a new car that you’ve always wanted to drive. Patience is virtue.