Graduate Advice

3 Financial Tips to Help New College Graduates Survive Transitioning to the Real World

Life as a fresh graduate from college can often feel like a roller-coaster ride as you are thrust into different directions in your new journey. While throwing the graduation cap feels liberating, it also comes new opportunities and responsibilities.

Before you can kick off your career, knowing how to handle your own finances is crucial if you want to thrive in your first few months out in the real world.

With that in mind, the tried-and-true tips below should help you get your finances on the right track while the path to a full-time career is waiting on the horizon:

Tip #1: Outline Your Financial Responsibilities to Create a Budget

Even if you don’t have a job or a place of your own yet, that doesn’t mean you’re off the hook when it comes to budgeting your money. Finding the expenses you need to consider without an income can be tricky, but you can still achieve a healthy financial status by determining a ballpark figure.

Consider the potential expenses on rent, utilities, food, transportation, student loans, health insurance, clothing, entertainment, and a small portion for your savings. Knowing the common aspects in your life that needs spending should help you outline a solid budget plan that suits your financial capabilities and keep you from getting lost in a lifestyle you can’t afford.

Tip #2: Find Ways to Live With Your Means

Luxury can’t always buy happiness, so one of the most common advice you may hear is that it helps to appreciate what you currently have. Getting lost in your dreams of grandeur isn’t necessarily a bad thing, but compromising your financial stability to invest in expensive products, dates, or travel goals you can’t afford will only set you back in your journey.

With that in mind, one of the first lessons you need to learn when surviving the real world is to appreciate living within your means. Keeping a budget should give you a basic outline of your capabilities, but it also helps you practice your decision-making skills as you choose where to invest your money.

Tip #3: Prepare For the Future

It’s hard to think about your financial standing when you don’t even have a job yet, but learning how to invest your personal finances can give do wonders for you in the future. Doing your homework on the 401(k) plan and “rainy day” funds should keep you out of debt along the way as it ensures you have enough money set aside for potential emergencies down the road.

The Bottom Line: Post-Grad Survival Guide

Finding a full-time job can be challenging for many, so it’s wise to accept that landing a career right off the bat is not a cakewalk. While it’s not the financial paradise you dreamed of, there are plenty of ways to achieve a stable future by getting your finances in order as soon as possible. To that end, the tips above should help you get started on the right step.

If you’re looking to stay on top of your finances and get your finances on track, Nava Ventures makes it easy to crunch the numbers. Offering a new way to bank for fresh graduates, get in touch with us and see how we can help you with your banking!

Check out our website for more information about the importance of financial literacy in banking! Follow us on our journey by joining our app wait-list below 😄

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About Aman Thind

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