Leaving college can be a little bit daunting—and mistakes are made… seriously! This blog article is about life after college. Just a few tips that may help you survive being an adult!
Just Say ‘No’ To That New Car
Many ex-college friends buy new cars just after they graduate. Why? Because they are earning and can afford it—right? Whatever you do don’t buy that new car. Seriously. A car is a depreciating asset and it’s better in the long run to buy a used car.
Fancy Means More
Another huge mistake people make is to get themselves a great apartment downtown—but why not rent somewhere more modest and take in roomies to keep your expenses lower?
Yes To Renting From Your Parents
If you haven’t jumped straight into a job you will, more than likely, be living with your parents. It’s good practice to pay rent to your parents too—it gets you used to the concept of paying rent.
Don’t Deny The Emergency Fund
In the real world people have to be prepared for all kinds of emergencies—including having to buy that fridge immediately after the old one breaks. Try saving a minimum of $500 first and build your own emergency fund—this could be the one piece of advice that really pays off for you.
Spend Less—Save More
If you’re never done a budget, now is the time. You likely have student loans, housing, possibly insurance, cell phone, internet, etc. The bills start to add up, and you need to know where your money is going. Spend less than you earn! That way you will never spend a week without electricity.
You Need To Know That You May Get Fired
If you knew in advance that you could be fired wouldn’t you do things differently? Of course! Get into the habit of thinking that you could be fired at any time and you’ll start saving money— and then if the worst happens you will be prepared.
Do You Need That?
Forget the nails, tanning salon and Apple Store…. Your immediate needs are food, shelter, transportation and power. Your wants always come second to these. Get into the habit of seeing your money in two different ways—your serious money and your fun money.