6 Tips to Study Up on Your Finances

Published on June 16th, 2016

Congratulations, you’ve graduated! All those days and late nights spent studying have finally paid off. So, let’s say you’re graduating with a degree in biology, or education, or marketing, whatever it may be. Chances are you have become an expert in your specific field of study. However, are you an expert at managing your own money?

Unless you’ve learned how to handle your finances at a young age or in college, you’ve most likely grown up without ever learning basic money management. Fortunately, we have some simple steps that you can take to learn about your personal finances and also how to manage your money, which is vital for post grad life.

So you want to take control of your finances? The first step is to set up a budget. You’ll want to take advantage of the benefits that budgeting provides:

  • Put yourself in a spot where you can save for the things you want, like vacations or cool stuff
  • Budgeting can help you improve your credit score
  • You won’t get caught off guard by unexpected costs if your car breaks down or an emergency happens

To get started, sit down and figure out how much you spend on certain things like living costs, leisure, travel, household bills, and family and friends! Put together as much information and you’ll have a better idea of how much of your spending on each. Now that you know where your money is going, you can get your budget back on track. If you feel that you’re spending more than you make on certain things, you can make the necessary changes to the expenses in your life. This can be as easy as:

  • Walking or biking instead of driving
  • Packing your lunch
  • Staying in with friends instead of going out on the weekends

Simple steps like these can help you save your money which will lead to an overall higher quality of life. It also helps to get others involved such as your friends or family so that you know how much money is available between each of you.

Finally, it’s a good idea to review your budget every couple months. Life happens, and some unexpected changes can occur whether you get an early promotion, your bills suddenly increase, or even if you get a dog! Adjusting your budget can help you plan for the changes in your life.

We hope now you can start ballin’ on a budget. Please feel free to contact our team at vLoan at any time with any questions or concerns!

 

Source: moneyadviceservice.org.uk

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