When you are in college, it is pretty easy to manage your money because, well, there’s not so much money anyway. Everyone probably expects you to be surviving on student loans or a part time job somewhere. However, once you are out of campus the tables turn. Suddenly, you need a job, a new apartment and so many other responsibilities immediately crop up. What’s worse, your parents are less willing to send a cheque your way. That is why you need this cheat sheet with smart money tips to help you raise cash, make money savvy decisions and keep your finances in order as well.
Negotiate a good deal
One of the smartest things to do now that you are a graduate is to get yourself a job. And remember, when accepting a job offer, a simple enthusiastic request for a higher salary after expressing your appreciation for the job offer could earn you some extra dollars. Therefore, ensure you haggle a higher salary deal before accepting the wages your new employers suggest. Doing so is actually a sign of professionalism. If you want to have an easy time do not forget to do prior research so that you know what to expect and the right words to say.
Alternatively, if the salary is really fixed, spread your nets wider. You can also focus on other benefits such as insurance cover, retirement perks and work-at-home flexibility. Remember, these benefits can be worth a good fortune but unfortunately most job seekers overlook them. Be smart and put them into consideration.
Flee rapid lifestyle inflation
If you want to enjoy a wealthy life then you should avoid falling victim of rapid lifestyle inflation as fresh graduate. Finishing college means a new apartment, sofa’s, television among other things. However, instead of using your first pay check to buy that 55-inch screen, spread your purchases over time. Remember, buying all your new digs at in case will strangle your finances in the long run. For instance, you might need a bed yes, but that embroidered duvet can wait.
Remember, living a high life just after campus will cost you big time. An occasional lapse into nightly take-outs is ok. However, regularly wastage of money will greatly hurt your finances in the long run. That is why you need to keep off from an inflated lifestyle. Rather, save more than you spend and spend less than you earn.
Get a logbook loan; invest
Taking out a logbook loan is a smart move to make when you want to raise quick cash for that investment you want to do. This is because all you need is to be the legal owner of a car and you could earn up to £50,000. What’s more the age of your car will not affect your loan eligibility as long as it is in good working condition. So before you get rid of that sports car that served you well through campus, make some extra dollars first. You could even get yourself a new car or better still throw in some good cash into that investment deal you have. Additionally, despite using your car as security, you will still keep and use it for business as usual.
Although you have student loans to contend with, it is imperative that you save. Remember, a lifetime of saving will result in massive wealth in the long run. Furthermore, the earlier you start to save the better it is for you. For instance you will save more if you inculcate the culture now than when you wait till you’re forty or so. In order to make your work easier, pencil down a budget and stick to it. Additionally, when shopping, let’s say for groceries, do not just go for popularity. You might be shocked at the large sums of money you will save by looking at the price tag instead.
However, do not just stop at saving. Ensure you have an emergency fund kit somewhere. After all, you never know when you will need urgently need to repair your water heater.