Common Money Mistakes College Graduates Must Avoid
College grads don’t instantly feel like adults as soon they graduate. They will be facing major
transitions because the real world is absolutely not an easy one to live in to. Most students claim
that they are highly knowledgeable about managing their finances and yet they are guilty of
overspending and uncontrolled expenses which college graduates need to avoid. Read more to
find out about the common money mistakes grads make.
Lifestyle- the real world can be shocking once you are already in it. A change in lifestyle
is necessary to be able to manage everything well. If you are used to spend every
weekend on shopping, cut it down to twice a month. You’ll be surprised to how much you
can save especially with all the other needs such as rent, food budget and many more.
Your credit- college grads often put all of their expenses on their credit which is actually
a bad idea. You won’t realize the damage or the difficulty of maintaining a credit card
until the bill arrives and until you have a free credit check. And it will just keep getting
harder if you miss out on paying it and they will start accumulating slowly. If his happens
early, college grads money mistakes will just have them spending several years on
working on improving their credit for future transactions.
Saving up- with all the expenses, such as food money, rent, utilities, student loans and
other forms of debts will give college grads a difficult time with putting money into their
savings. Keeping a budget list will actually help with keeping track of your expenses.
You will be more likely to save up as well. You don’t have to put a huge amount of
money all the time, but you do have to save up consistently and in the long run, you’ll
have saved up a huge sum of money.
Salary and benefits- newly grads may find it intimidating to ask for more money but then
again, asking and negotiating won’t hurt. Take advantage of the benefits that your
company may offer you. Make the most of your job and get the salary that you deserve.
Be responsible and secure your future even if you are just a newly grad. Practice controlling
your spending and keep a track of everything to keep you and your credit in tip top shape.
Check your credit rating and credit scores regularly for a happy financial life. Keep a track on
your credit report & score with credit monitoring and a regular check.