It’s something that our parents, grandparents, and everybody in our family has told us at some point; we need to be more careful with our money! And, combining this with a time when you’re fresh out of college or are currently experiencing the real world first-hand, money is the overriding concern in every part of your life. Achieving a sense of freedom after spending time deep in study is something that you feel you have a right to. But, unfortunately, it’s never as easy as that. We have lives to lead, and this requires that three-letter word, job. We need a job to make sure that we are paying off our debts, but also that we are providing a means to support ourselves. Leaving college is a very difficult time because it thrusts you into the big, wide world, but in achieving any sense of financial freedom, while also enjoying your life, needs to be achieved by doing a few things…
Utilize the best skill you acquired in college, studying! Whether you did much studying or very little, planning ahead for the next 10 years or so of your life, will feel like a lot of effort, especially when you are of the mindset that you need to enjoy life, instead of worrying about trivial things like buying a house. For a lot of people now, buying a house is completely off the agenda because it’s not affordable. This means that we are spending more money on rent than ever before, so this means that our spending habits are a bit more frivolous than someone who owns their own home. Naturally, our outgoings are that much more in comparison to those that own their own home. And while there are arguments to contradict the other, when you are living on a month to month basis, your monthly outgoings are going to be much less if you owned your own property. So, this means planning ahead, and while it sounds too sensible to plan for things like a house, it’s better to make it more interesting by integrating these things with your life goals. So, if you have a dream career you are aiming for, this gives you a better idea of how you will cope financially when you achieve this career. You may not have any ideas on career, but you may want to travel the world, again, this is something that takes a lot of finances. So, think about your major goals in life and what will benefit you. You may want to have a child, you may want to get married, whatever your goal if you start thinking about these now, you will naturally start to gear your finances towards these events. And, to keep you on track, a financial plan is always a suitable option. Because lots of people find themselves struggling financially, these issues can weigh us down and make us feel depressed. Always remember that there are resources available if you ever find yourself in this type of situation, you can click on this link to be taken to a debt consolidation site, but when it comes to achieving a sense of financial freedom, it is about making a few sacrifices. And this is something that we don’t always think about when we are fresh out of college.
Enjoying Life (While Being Financially Sensible)
For a lot of us, this is a contradiction in terms. But, it’s important to remember that we always should live within our means. And, for those people who feel that’s the only way to enjoy themselves is to get out and to party, go for meals, and so forth, it’s vital to address these issues now. Let’s face it, most of your friends are not going to be financially well off unless they’ve managed to get a well-paying job straight out of college. But, this is seldom the case. And, this is one of the keys to keeping your morale up when you leave college. Unfortunately, falling into a dream career isn’t what happens to most of us. So, it’s about finding opportunities to enjoy yourself that don’t cost much money. And, this can be a very difficult task, because so many things require money. But, the other thing to think about is that when you feel burdened by money problems, or in this case, a lack of money, this can hamper your frame of mind. So, for these two issues to be addressed, firstly you need to find activities that don’t cost much money. This usually requires a membership of some sort. It all depends on your personal tastes, but you can get a membership card to an art center or a movie theater, and, hey presto, you’ve got access to movies and culture! And, let’s not forget something like Netflix, which is a savior for people who have little money. But, staying indoors and binging on box sets will only have an appeal for so long. And, in being reminded that you lack in money, it can get you down. So, your frame of mind is the thing to address to reset the balance. The fact is that lots of us feel that being poor is a negative thing, but maybe you aren’t being creative enough in how you spend your free time! You can find various lists on how to enjoy yourself for free online, but when you are feeling like this, the temptation can be to use a credit card. This is a very dangerous mindset to get into because you’ll find that you will be getting a credit card to pay off the other credit card, and the debt cycle deepens. So, learning how to enjoy yourself when you have no money is a big task, but being sociable doesn’t have to cost much. You can still go out, but you won’t be spending as much as your friends. And, of course, once you’re out of college, this is the age of many house parties. Which is the greatest social event that costs next to nothing! And the other thing you need to think about when it comes to enjoying life on a limited budget is thinking about what you actually spend your money on in your day-to-day life. Are you buying things that aren’t particularly beneficial to you? For example, you may be purchasing an excess of sugary treats, or not going for the cheapest brand of something. Remember, these little parts of being sensible in what you buy means you will have a little bit more spending money at the end of the month when you get paid. Can you change your energy supplier? If so, you will find that you’ll save a lot of money on bills by the end of the year. Sometimes, achieving financial freedom isn’t about having money to burn! It’s more about learning how to live within your means.
Assessing Your Financial Priorities
This is the key to establishing a sense of financial freedom. Lots of us feel burdened by specific items of debt. And, whether you’ve already got yourself into credit card debt, student loan debt, or any other type, the key to digging yourself out of these debts is to prioritize them. You may have heard about the snowball effect. This is where you pay off the smallest item of debt first and move on to the next largest, and so on, until all the debt is paid. And this is a very handy method, because it gives you a sense of achievement, but also when it comes to paying off any item of debt, can you break it down into more manageable chunks? This is the key to achieving any sense of financial freedom. Lots of us feel burdened by the whole, rather than the sum of its parts, which is something that we have control over. And remember, there is support out there for you, from debt consolidation companies to local organizations, or even your bank. But what people see from his experiences is that they can be bailed out at any time, which is incorrect. And, this is a big lesson for any of us to learn. When it comes to assessing your financial priorities, it will benefit you in many ways to tackle the debt yourself. And this is because it will help you learn. The biggest thing we can do is to learn how to tackle our debt with the right resources, because this prepares us better for the bigger financial purchases later in life, such as a house, children, and so forth.
So, it’s this definition of financial freedom that needs to be altered, rather than feeling that we all should have more money than we can realistically spend. Unfortunately, in the real world after college, there is a lot of scrimping and saving, but it doesn’t mean that you have to live a sheltered existence. It’s about finding that delicate balance of enjoying yourself, but not putting yourself into so much debt. If you plan, learn to enjoy life for cheap, but also consider how to tackle your financial priorities, this benefits you in so many different ways, financially and personally.