Plenty of your post-graduation success will hinge on your ability to properly manage money. The expense of acquiring an education, as well as the additional debts accumulated throughout a college career, are quickly accompanied by the financial burdens associated with rising up in the world. Recent graduates need all the support they can get while remaining monetarily independent.
Math help programs and finance courses can be a great way to learn to manage your finances while in school, but most students avoid them to take easier courses instead - often leaving them with little financial planning skills. However, with the help of online calculators can help you maintain financial stability in the following ways:
Paying off credit cards more efficiently
In 2008, the average senior enrolled in an American college graduated with over $4,000 in credit card debt. Minimum payments help you make ends meet now, but over time they will rob you of enormous amounts of money through interest. Use a credit card repayment calculator to help keep yourself from giving in to the lowest monthly payment possible.
Buying a new automobile
Many recently hired college graduates will go on to buy a new automobile. With gas prices shooting past the $4/gallon mark, most folks just starting out can’t afford to be driving gas guzzlers to and from their new jobs. Use a fuel economy comparison calculator to determine which potential vehicle in your price range is right for you.
Projecting student loan debt
You should have been using a helpful student loan calculator prior to borrowing. But now that you’ve earned your diploma and the student loan bills are coming in the mail, it’s essential that you get a realistic portrait regarding the true scope of your debt. By doing this before the six-month grace period, you can preemptively know whether or not you need to negotiate lower payments and commence consolidation.
Choosing to rent or buy
While not every recent graduate has the fortune of being in the position to buy a home as well as rent, even those with the credit to take out a mortgage should first use this rent or buy calculator to determine whether or not it’s the wisest choice. While prices seem irresistible, waiting until you land that salaried position may be best in the long-run.
Evaluating job offers in other cities
The wages or salary being offered for a particular job in one part of the country do not equal the fair wages and salaries of other regions. Before accepting a job offer in another city, use this living wage calculator to find out how much is necessary to live a no-frills lifestyle in that area. If your offer hovers around that figure or dips below it, you may want to reconsider.
Saving on home energy costs
Reducing home energy inefficiencies and increasing sustainability are guaranteed to result in huge savings over time, and will free up precious monthly income for recent college graduates. While this may sound daunting as far as the up-front investments are concerned, there are many ways you can lower energy usage without spending money. By using a home energy saver, you can find out how little steps toward energy reduction can result in big budgetary gains.
The post-graduation time of your life is a tumultuous one. If you aren’t busy putting together the building blocks of a career, then you’re consumed with making ends meet with the move you have. To ensure your post-graduation personal finance choices are the best ones possible, employ the use of the aforementioned free online financial calculators.
This entry was posted on Saturday, March 31st, 2012 at 5:18 pm and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
