You’ve finally managed to graduate from college and ended up with your very first paying job ever. I am sure it feels great. I can remember when I had arrived there about 7 years ago. It feels great. And best of all the felling of independent is just unbelievable. However, as they say, along with independence arrives accountability and that can be very scary.
Most of us really don’t have much money left after paying all the bills to save. So, the best way to save money in my opinion is to try to make some kind of additional income.
If you need some ideas, check out he following link for a some simple and easy ways to make money online.
Whether you want to make money, save money or basically learn about personal finance to manage your life better, the following few tips will help you.
1. Having a budget
- Monitor your current expenditures for just 30 days. Take note of every single dollar spent. For instance, $1 for candy, $700 for rent.
- Break your spending into categories, such as groceries, phone bill and clothing. Total up what you spent in each category.
- Review every single expenditure. Perhaps there is a place where you might be able to save a few dollars. Think small (go to the local library instead of buying new books) and big (say goodbye to your vehicle and experience the public transportation system).
- Make a note of just how much you intend to invest on every category per month. That is basically your budget.
2. Student education loans
- Get in touch with your current student loan office and assure they’ve got your up-to-date contact details. Determine the amount you will be required to repay, as well as your repayment start time. A lot of loans give you a deferment choice, forbearance durations and versatile payment routines, however you must request them.
- Maintain documents of all the monthly payments you will be making. You could subtract interest rates on your loans, governed by particular income qualifying criteria.
- Record long and short term objectives, and just how much you have to save toward each and every one. A case in point of a short-term end goal can be a second hand car. Long-term targets include a deposit on a house as well as retirement living.
- Try to save at least 10-20% of your current earnings. Don’t have a whole lot of hard cash to burn? Modify your budget to reduce your current expenditures.
- Create a savings account. Keeping the cash beyond your bank checking account will help keep you against wasting it on items besides your current objectives.
- Check with your current financial institution to arrange automated savings transactions on a monthly basis. Using this method you’ll always remember to save.
4. Credit Cards
- Don’t be taken in by con artists. Keep away from any kind of offer which guarantees people credit irrespective of your credit history, bills a good up-front rate, demands you to contact a 1-900 number, or perhaps claims to fix your credit track record.
- Obtain the credit card that matches your business needs. Certain features, including reward points, could possibly have greater costs.
- Pay back no less than the bare minimum amount due by the due date to protect yourself from overdue charges. The more you pay on top of the bare minimum, the quicker you’ll pay off the account balance.
- Create payment pointers than enable you to realize what exactly is due and when its due.
- Remain inside your borrowing limit. Exceeding it may possibly bring about fees to be rejected.
- Learn how to create a reminder that you’re getting close to a set limit you determine yourself.
5. Retirement living Preparation
- Save just as much as you possibly can meant for retirement living.
- Enroll for a 401(k) program at your workplace. A lot of companies match your contributions, which means that your financial commitment comes with the possibility to get bigger a lot faster. Put in place an Individual retirement account, and save towards retirement living as well as deferring your income taxes.
I hope these few pointers will help you get on the right path of financial freedom. If you need more assistance, I am here to help. I have been helping people learn and manage their personal finance for over 10 years now.
Please use my contact page to contact me for a free PFSR (Personal Finance Situation Review)