Have you recently graduated? Then here are a few money tips to help you over the coming months.
Cut down on non-essentials
It’s all too tempting when you’re dashing to spend money but cut down on non-essentials where ever possible. It’s all too easy to buy coffees and snacks when you are constantly on the go. If you’ve started work, then take a packed lunch and don’t get into the habit of buying your lunch every day – it’s a surprisingly difficult habit to break once it’s become the norm.
Also, take a look at all of your existing bills and your direct debits to see if there are things on which you can cut down. Just be sure to check the contract of any services you’re stopping to see if you’ll face any charges and let the service provider know before you stop the direct debit.
Pay off debt
Look at the debt you’ve acquired, check the rates of interest and if you can, pay off the debt with the highest interest rate. Even if you’re fortunate enough to have savings or investments, the interest they’ll make will never equate to that charged on a credit card, so pay it off. Facing up to debt can be difficult, but it’s better to know what you owe, than to ignore it and stick your head in the sand, help is out there if you need it.
If you are seeking a job, then log on to CV-Library for a huge selection of vacancies, plus lots of tips on writing your CV, cover letters and interview techniques too.
If you’ve recently graduated, put together a budget to guide you over the coming months. Remember that now you’re not a student, there may well be bills you’re responsible for, that you haven’t had before – like council tax. The Citizens Advice Bureau has a really handy online budget tool you can use. Don’t make your budget so difficult that you instantly give up on it, take a measured approach. Do allow yourself some treats – one bought lunch at work a week or a drink out with friends for example.
A lot has been written about the boomerang generation and the difficulty of getting on the housing ladder, but if it’s an option for you, then do consider moving back in with Mum and Dad. Longer term it’s the solution that’s most likely to make it possible for you to accept the job you most want, wherever it is (without being tied to an existing rental agreement), and that is most likely to make it possible for you to save up a deposit for your own home. So if it’s possible, and all parties involved are amenable, then give moving back to your childhood home consideration.
Save whatever you can, it may seem a drop in the ocean and not enough to make a difference, but just begin, save whatever you can. Even a small rainy day fund could make a difference at a crucial time.
So there you have a few hints and tips on managing your money.