After graduating college, you’re pretty much thrown straight into the real world. There’s all these financial aspects, you may not have had to understand or think of before that you do now.
The adorable Morgan Yates, filmed a post-grad perspective on finances for all her fellow graduates needing some help. She explains budgeting, saving, retirement, taxes, and almost every other aspect you could think of that you’ve most likely never actually thought of before…
Analyze Your Spending
First on the list, is to examine your spending so you can make an informed budget. In doing this, the budget you create for your finances is something you can actually stick to.
Morgan’s best recommendation is to look at your past three months of spending. Do this to study and analyze where you spend the most and places to cut back.
The best place Morgan found to keep her budget was either a Google sheets document with a budget template. The other option is an app called Cleo. This links to your banks account and tracks your spending to create all different types of categories.
The next suggestion from Morgan is to have a bank account strategy. With social media emerging we know that self-employment is a really big thing. Thanks to Morgan we got tips on finances for self-employment as well as traditional.
Morgan shares that she personally is self-employed. She really has to be aware of what she will be taxed on her income. She calculates out of her weekly , bi-weekly, or monthly income, how much will be taken out from taxes. After that, she sets it aside as to not be surprised when April rolls around.
Next on the list, is a savings account. The tricky thing about finances it to know when to save and how much. Every ten days, Morgan moves money to her savings account that she has deemed fit for her income and budget.
The catch to this tip, is that this money should not be moved back, it should be considered untouchable. If you don’t see the money as untouchable that you are saving, you will most likely just move it back to a different account and spend it on something you most likely shouldn’t. Am i right?!
Another way to save for your future is retirement. And for those of us self-employing, this is even trickier. Yet again, you need to set aside money for yourself or look into different programs that will set up a retirement account.
If you are working in a traditional manner, or not self-employed, some companies may have retirement accounts that they will match whatever you put in. This is something that you should be researching at different companies, in regard to accepting job offers.
Calculating Finances and Spending Capabilities
You also really need to think about what you can afford post-graduation. If you are moving to a new city, state, country, whatever it may be, you need to research into more than what rent will cost.
Some post-graduates will assume they only have to keep in mind the cost of rent when delegating a budget and what not, but other expenses need to be recognized. There are expenses such as wifi, parking, water, power, and so much more and these all need to be taken into account when calculating what you can afford.
The next tip is relative to the previous in the sense of spending within your means. Yeah, it’s fun to have a night out on the town every once in a while but it needs to be in moderation.
The other important thing to remember is if you use a credit card, you really need to be paying it off every month girlfriend. We are bossing up, we don’t need debt on our mind.
We really need to be aware of the best time to get a credit card and if we’re even ready for it. Morgan shares that if you are moving across country or to a new state, invest in a credit card because they’re may be certain deals for spending a large lump sum in the first couple months of having a credit card that will give you rewards. In Morgan’s case she had absolutely no furniture when she moved and investing in a credit card to use on buying all the furniture gave her lots of airplane miles with the deal she chose.
To see the last couple tips that Morgan so kindly shared with us watch the video down below!
Dealing with money, budgets, saving, taxes, and so much more can be overwhelming. Let us know how you feel after watching this video, because we sure feel like we got some helpful tips and tricks. Come back in a couple months after testing out these hints and let us know how your financial state is lovely ladies!