Michael Delmonico understands the difficulties that come along with finishing college, finding a new job, living on your own, and setting yourself up for future success.
As a college graduate, it can be a challenging time to develop a strong backing and savings system. The likelihood is that money is ‘tight’ due to the lack of income over a sustained period of time. There is little need to worry though. At this stage, it all boils down to a bit of planning. Listed below, are a few of the major priorities and expenses you will come across as a recent college graduate.
Student loans are one of the biggest issues young individuals face after graduating college. The numbers can quickly become overwhelming, especially if you have not acquired a real job yet. Because of this, it is important to begin college planning early. Knowing what to expect from your student loan payments will help you feel less overwhelmed when that day comes. Maintaining a part time job during college and saving a little each month will also help lighten the load. There are also plenty of options for refinancing your loans to set up a payment plan that works best for you.
Buying a Car
After graduating college, you are likely beginning to live on your own and finding the need to travel to and from work. This means you will probably need a car. If you have a car, you will also have to think about gas, insurance, oil changes, etc. Saving up for a car with extra cash from part time jobs is another helpful tip for recent college graduates. If you find yourself short on cash but in need of a car of some form of transportation. Consider the following:
- Buying a used car
- Leasing a car
- Using public transportation
- Biking or walking to work
Renting an Apartment
Now that you have spent time living on your own at college, you will have to make a decision about returning home to live with your parents or renting an apartment. Depending on your situation and your parents’ sentiments, returning home for a little while can be a great way to save up for an apartment in the future, or to pay for the other expenses listed above. If this is not an option however, there are options for cheap housing including:
- Renting an apartment outside of the city
- Renting an apartment with roommates
- Sharing a room
With years of experience in the industry, Michael Delmonico has seen many college students undergoing the same challenges. When you are in your early 20s, you often don’t have the discipline or knowledge to have a full plan set in place. You can barely decide what to have for breakfast or how to motivate yourself to go to your next class. However, with a little bit of knowledge, awareness, and commitment, you can make your future expenses less of a burden on your future self!
To learn more about college planning and saving money for college, check out the 10 Principles of Money Management from Michael Delmonico and the team at Insured Financial Wealth.
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