Uni was great. I hung out with my friends all day and all weekend. I
worked 12 hours a week, and had practically nothing left over when the
rent was due. Bliss. Post-uni, things aren’t quite so easy. Bills to
pay, career decisions to make, the spectre of HECS. Here are some tips
and tricks I wish someone had told me. Inspired by the incomparable
Globe and Mail.
Understand Your HECS
It might not be something you have to actually pay off for a long
time, but make sure you at least understand how much you owe, at what
point you’ll start paying it off and how it will affect the other debts
and repayments you probably have coming your way.
Save Up: Short Term
I finished university thinking that lots of people wanted to hire
recently graduated communication students, and was quickly disabused of
that fact. In my ignorance, I hadn’t lined a job up and ended up paying
my rent with my credit card
for far too long- a fact that means I’m still paying off those couple
of months. Either line a job up first, or have a bit of an emergency
fund to soften the post-uni blow.
Save Up: Long Term
Even if you’ve got the dream job, sometimes things go awry. Being
prepared for that day financially is a huge boon, and will avoid you
getting into extra debt or being strapped for cash. And if you don’t end
up needing it? Thank your stars for your blessed existence and put it
towards your retirement or a house deposit.
Do You Need A Car?
I want a car- I know that much. But whether I can truly afford it at
this point of my career is another question. Understanding the
difference between need and want is apparently a crucial life skill, and
one I’m still honing. It’s an important consideration when moving- will
you need a car to survive in your new setting or could you move
somewhere with great public transport and save money that way?
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The first year in your career is going to be a tough one. You don’t
get paid huge amounts, you’re still learning the ropes. So while you
want to get out there and be independent, think about living at home or
with friends for the time being. It’s much cheaper, will be a great
support system as you go through your first year and you can move out to
your own place when you’re properly set up and able to afford it.
Budget, Always Budget
Those years of university, I never really needed a budget
because I literally didn’t have any money. Lots of people will tell you
that you should start saving then, and I’m sure that’s true. I’m also
sure there’s a fair amount to be said for a couple of years where you
don’t worry so much. Those years are gone, I tell ya. Now, I need a budget.
I have long-terms and short-term goals that I need to achieve. I no
longer think I can have it all, so I’ve got a good idea of what I want
most and how I am going to achieve it. Having a road map (as George W)
would say is the first step in getting anywhere.
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