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Financial Tips for Those Who Have Recently Graduated

January 19, 2013

Finances Financial Advice Tips
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You have just graduated and you are enjoying your newfound sense of freedom and along with this freedom you will feel a greater sense of responsibility, particularly financial responsibility. Few people realize that starting the habit of savings earlier in their lives is the passport to greater freedom that they will enjoy in making lifestyle choices in the coming years. Here are basic tips in handling money that will improve your overall finances, a great deal.

College Graduates. Title Loans Express can help you finance collegeLatching on to a job at the first opportunity

Everybody desires a career that is intellectually satisfying, mentally creative and emotionally fulfilling but rarely land one that satisfies all these areas. It pays to be as practical and grounded as possible. Remember that you lack experience which employers cherish, so get going and say yes to a job that will put you on the career path you desire instead of wasting time waiting for that dream job to come by.

Benchmarking your savings rate

The salary you receive will be your net take home pay less the tax deductions and health insurance premiums, and what you take home can’t be entirely appropriated for expenses. Cultivate the habit of setting aside 10% of your pay every month, gradually raising that savings to 20% of the pay. This way you will have a fund for urgent unexpected payments.

Opening appropriate bank accounts

Next, open a savings account and a bank checking account linked to an ATM card that will give you instant access to money when you need it. Satisfy yourself regarding the fees for account maintenance before you open these accounts. Keep only expense money in the checking account that you will be using frequently, and stash your savings in the savings account that you won’t be touching. With this process you have started your budgeting and you are well on your way to observing financial discipline.

Navigating the world of credit cards and debit cards

Debit cards and credit cards require specialized handling, and here are essential tips to help you handle them efficiently without becoming a salve to them:

  • Keep purchases closely linked to your checking account balance without ever creating an overdraft.
  • Use the cards sparingly and always stay within the expenses budgeted for the week.
  • One way of keeping purchases under check is to restrict drawings below 30% of your sanctioned limit. When you show card usage and prompt card repayments you boost your credit rating.

Protecting the privacy of your personal data

Protect and guard the privacy of your social security number, and bank accounts to prevent identity theft and frauds.

Getting a proper bill payment module in place

Organize your bills in one folder so that they become easier to manage, and if you get hassled handling them physically, ask your service provider to send you bills through e mails or directly to your mobile, and better still arrange e-payments through online banking.

Repaying your education loan

At this point you will begin repaying your education loan, and all payments must be handled carefully so as not to give room for delays and missed installments that will ruin your credit report. This is a burden that refuses to go away even in a bankruptcy filing, and you need to reduce all domestic expenses so that you will be in a position to repay these dues on time.

Tackling emergencies with aplomb

Emergencies will not stress you out if you avail a loan for vehicle title on the strength of the collateral of your car title papers. If the car title is clear of loan liabilities and you possess a steady job income, the cash loan for title will hand you 60% of the value of your car in cash within minutes of applying. The ease with which an auto collateral loan can be availed is not the only benefit; you are charged a reasonable interest rate of 25% APR, and offered repayment schedules that can be structured to match your income, leaving you ample cash to meet your personal expenses. The car equity loan is the best way to raise emergency cash without disturbing your savings.

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