Studying can be financially difficult. We are all well aware of that. Not only do you have to worry about tuition fees and the cost of textbooks, research trips, and other academic miscellanea, but we also have to worry about actually maintaining a decent quality of life for ourselves in terms of the basics like accommodation, food, and energy. All of this while having an extremely limited income and little time on our hands to take on extra work for extra funds and experiencing stress surrounding deadlines, presentations, and exams. But relatively few people discuss a period of time that can often prove even more difficult than the time we spend studying – the initial months following our graduation.
Sure, graduating is a brilliant experience. You have finally achieved your goals and you have a qualification to show for all of your hard work and efforts. But you are also very suddenly thrown into a new world. You no longer have the same funding that you might have received as a student. You probably can’t live in the accommodation that you’ve been living in for the past few years, as it is likely to be student-only. All of a sudden, you have to find yourself a job, a new place to live, and acclimatize yourself to an entirely new schedule. This can be overwhelming on an emotional level, of course, and it can also have a devastating impact on your personal finances, as finding a job and appropriate accommodation immediately post-graduation can prove to be a lot more difficult than it sounds. But not to worry. You will make it through these tough times. Here are just a few steps to take to help yourself along the way.
Be Careful With Lending
Many graduates turn to borrow money during this period of their lives. This makes sense – they may need quick access to money that they do not have. Perhaps they need a large deposit for a new rental property. Maybe they can’t find a job immediately and have to cover basic living expenses one way or another. Whatever your reason for borrowing, you need to make sure that you are careful in regards to who you borrow from and how much you borrow. Only use professional lenders and seek out the lowest interest rates on the market. This will help to reduce the total amount that you owe. Only borrow what you absolutely need and live on a budget during hard times. This will also minimize the amount that you owe. If you have already taken out loans or credit agreements, consider consolidating your debts. This will simplify the repayment process, and you might even get a preferable interest rate. You should find out where to get debt consolidation loan sooner rather than later.