Being a student is an overwhelming experience. The highs and lows of school and college life can be demanding. However, these are also the days which will always be etched in your memories for as long as you shall live. All the same, graduation dramatically changes things and it is at this stage in your life that you need to take some major decisions as the weight of financial independence burdens your shoulders. Entering the real world can be a dreaded aspect as you would be having bills to pay and jobs to work. However, the switch from a carefree college student to a responsible employee can be a seamless one if you follow the 4 essential tips given below. It does not matter what your majors are. You may have a background in English literature or may have recently completed clinical data management courses; in either case, these tips remain static.
1.) Organize all your important documents:
You may not realize it but documents like your mark sheets, birth certificate, insurance policies and the likes play a very important role when you wish to go hunting for a job. These are the most important documents, on the basis of which, you may get a job offer. Therefore, keeping them safe is, without a doubt, the most crucial step. Keep these documents safe in a folder so as to not lose them. To be on a safer side, it is advisable to purchase a fire resistant locker to keep all your important documents together without harbouring the fear of losing them.
2.) Pay off any loans that you may have taken:
The biggest burden that may weigh you down is the repayment of student loans along with any kind of debit or credit card bills. You may not feel the urgency to act immediately, however, as a rule of thumb, it is always best to immediately pay off any loans that you may have taken. This will not only help you ease the burden at the earliest, it will also help keep a clean credit history. A good credit history can help you immensely in the future, especially when you wish to buy a home. If, due to any reason, you believe that paying off the debt will be a cumbersome task, it is best to contact your lender at the earliest.
3.) Have a certain level of control over your spending habits:
When you are freshly out of college after having completed your course and have a new brand new job to boast about, the idea of splurging on luxurious products may sound enticing. However, you must realize that continually overindulging will do you more harm than good. These impulsive habits will eventually come in the way when you intend to buy yourself a new home in the future or during your retirement. It may seem trivial in your early days but it will most certainly have an impact in the future.
4.) Save a chunk of your earnings for emergency purposes:
Unfortunate events are often uninvited and sudden. Therefore, it is your duty to be prepared, at all times, for the worst. The best way to ensure that an emergency does not consume you whole is by keeping a chunk of your monthly earnings aside, thus forming an emergency fund. This will help you immensely when you are in dire need of money.
Becoming a graduate may sound alluring; however, if you aren’t mentally prepared for the responsibilities that follow, you may find yourself in a financial mess.
Camilla Logan is a student counsellor. She helps students to select courses ranging from marketing and media to clinical data management courses. She has a background in psychology and is also a freelance writer. She is a coffee addict and loves to gorge on Italian food.