As a college student, your life is pretty set out for you; you just have to choose how you’re going to do it. But when you leave college, you have to decide what you’re going to do. When coming out of college, you’ll probably be: facing large debt, high rent fee and struggling to get on the big property ladder.
You need to think of what you’re going to do now after leaving college as you enter your chosen field of work.
Before you think about rent, you should buy a house straight away. It might seem a bit much, but getting a house ASAP gives many, many long term financial advantages to you. Buying a house is an investment for your later years really.
It can be hard to get on the property ladder yes, but if possible do it. Don’t worry; there are ways in which you can get a mortgage even with a low income.
You first of all need to keep clean credit rating. You need to work as hard as you can to maintain a highly clean credit rating. Don’t bother missing your monthly payments; it’s just not worth it in the long-run.
Target your highest interest loans first by keeping them in order. There’s no point in leaving the worst until last. Most student loans are low interest rate anyway, but be warned.
Remember to actually enjoy life; these are your youngest and arguably best years of your life. Enjoy them and don’t make them revolve around finance! Obviously try to save money as much as you can and be organized, but don’t let finance dominate your life.
You can also look at your general conveniences and commodities that you buy on a regular basis. In order to cut down on your expenditure you should look at what you currently buy on a daily basis or even weekly basis that you don’t actually need. Don’t cut out all of your luxuries, but try to cut out some. It’s not worth buying the latest gadgets when you don’t even have a mortgage for example! Be mature about your spending – this will be your best bet when it comes to saving that valuable money.