Financial Management Tips for Fresh Graduates

Four Helpful Tips for Young Consumers

• Set realistic career and financial goals. As early as you can, we encourage you to set short- and long-term career and financial goals. Consider what you would like to achieve in the coming days and try to modify your activities and habits so that it will be possible for you to reach your targets. For example, identify a definite career that you would like to pursue. Then try to come up with objectives that are in line with the career path that you would like to tread on. You can apply as a management trainee so that you can acquire sufficient experience and knowledge that you can use as you go up the corporate ladder. You can also work for a local businessman, so that you can save funds and absorb a lot of information that you can eventually use in building your own commercial establishment

Still, you have to make sure that the career and financial goals that you will set for yourself are realistic, or else, you can end up feeling frustrated especially when you fail to reach important milestones.

• Establish a savings fund. As soon as you get hired, make sure that you allocate a certain percentage of your income to your personal savings account. This way, you can prepare funds that you can use, not only for your future endeavors, like buying your dream house or car, starting your own family, and financing a huge wedding, but also for emergency situations.
• Jump-start your credit profile. We also encourage you to jump-start your credit history by applying for a line of credit, either for a credit card account or for a small personal loan. Keep in mind that by starting your credit history early, you won’t have a very difficult time convincing lenders to grant your request for credit, especially if you would need substantial funds to finance an urgent need. 
• Come up with - and stick to - a budget. You will also benefit from developing and sticking to a financial plan, or budget. After all, a budget is known as a very effective tool that can help consumers, especially young ones like you, to manage their financial resources in the best way they can. Such plan can help you maximize the use of your income by helping you identify important from unnecessary expenses. At the same time, a budget can be instrumental for you to reach your financial goals. After all, it will allow you to allocate sufficient cash not only for your expenses but also for your personal and contingency funds.