Congratulations to all the newly minted graduates! You should be proud of your accomplishments and excited to embark on your future. Finding work in your area of expertise may take some time however when you find work and have a stable income you need to make the most of your new earnings and we have a few pointers that will help you make the most of your new earnings.
Educating yourself financially is the most powerful step you can take in managing your money smartly. One book to consider is “Why Didn’t They Teach me this in School” by Cary Siegel, a great read for those beginners who want a simple explanation of what to do with their money.
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Create a Budget
This can be as simple as an iPhone app that tracks your spending, reminds you of bill payments and identifies how much you can spend freely and how much you need to save. You can also sit down with a financial advisor, or using an online tool such as Budget Calculator.
Say Goodbye to Debt
Now is the time to eliminate as much debt as possible, not create it! Power pay down your debt and budget wisely for your spending needs.
Photo source: http://welkerandcompany.com/2015/05/29/paying-off-debt/
Set-up an emergency fund as soon as you get a job. Life is full of financial ups and downs such as an unexpected family emergency. If you have set up an emergency funds you will have peace of mind that you are prepared financially.
Invest for Your Future
Putting money into an investment such as an RRSP is a great idea at this time in your life. You will see your money grow and this investment decision will be invaluable when you’re ready to buy that house or start a family.
You might be young and retirement may seem a million years away, however now is the time to plan for Retirement. You will be grateful later!
Travelling is often an irreplaceable experience that can open so many doors for you in life. Check out resources online for how to travel on the cheap.
Understanding your finances will be one of the best investments you can make after you graduate. Manage your finances wisely or seek help in doing so and maximize your financial future!Previous: "5 Ways to Trick Yourself into Savings" Next: "How to Stay Financially Savvy During Wedding Season"