There is often something of a financial struggle involved in being a graduate. You’re not taking out additional student loan payments anymore and your best chance of getting a job involves relocating to a thriving urban center, usually a very expensive place to live. Additionally, your lack of professional experience will likely mean that you’ll have to work a couple of low-paying jobs before you start to be considered for positions featuring a better salary. However, there are a few things you can do to keep yourself afloat. Read on for some handy financial tips.
Save, Save, Save
If have any funds leftover from your part-time college job or any grants you may have been awarded, keep hold of as much of it as you can. Consider opening a savings account or investing it somewhere sensible as long as you have enough to live on in the meantime. It’s a great idea to draw up a budget. First, record every last penny of your income and expenditure, right down to the occasional bag of potato chips. Do this for a month, then review it to see what you could live without. Your gym membership could be replaced by a run every other day. You could give up your entertainment subscriptions until you’re a little more financially stable. Your occasional corner store bag of potato chips could be exchanged for a weekly multi-pack purchase to help you save by buying in bulk.
Revise Your Current Financial Responsibilities
Are you paying back a student loan? You may be able to deduct some of its interest from your taxable income to give a break on your tax return. You need to have attended a relevant course at an eligible institution on at least a half-time basis – and the loan in question must have been disbursed within 90 days before the academic period starts or 90 days after it ends. You can qualify for a full deduction if your modified adjusted gross income (MAGI) comes to $70,000 or less, and a partial deduction if it is between $70,000 and $85,000.
You might consider putting a little of your money into stocks, shares or assets in order to grow it. There is something of a risk in this action, as it’s hard to predict what will happen, and the value of your investment may go down over a particular period, but if you can afford to ride the wave of the stock exchange or the development of cryptocurrency value, your funds could grow in the long term.
Find the Best Deals
Compare all the prices you can. From energy and internet providers to groceries and transport options, there are so many areas in which you can make small savings, and those pennies add up. Browse clearance aisles, use price comparison websites and take advantage of flash sales and coupons. Check out online sellers of second-hand items too. You could grab a high-quality bargain. Make sure you’re always investing in quality, however, as buying a sub-par item could mean you’ll be shopping for a replacement in a couple of months.