Have you graduated recently? Well, 99% of the problems that most occupy the minds of recently graduated students are how to clear their students’ loans and remain stable financially. It may surprise you that an average graduated student has a debt of 40,200USD.
Clearly, this is more than what a graduate can make in a year. Now, are you one of the netizens struggling to pay up debts remain afloat financially? Well, we have you covered with some of the ways to help you manage your cash this year.
Pull overtime at work.
A student loan can be unfathomably jumbo while the regular monthly payment may be so little. You may have to figure a way of clearing the loan through monthly payments while still having some cash left behind to carter for other bills. This can be tough for any young man or lady.
To aid such a situation, we may advise you to consider pulling overtime hours in your workplace. If you are in an industry that offers 24 hours services, this might be the best option. While most first shifts begin from 8 am to 4 pm you can pick an extra shift that runs till midnight and earn some extra cash.
Having a second job can be another way to create extra money. You can get a seasonal job and hustle your way with both the jobs. Having a job that pays you biweekly checks where one paycheck can be used to pay the loans while the other check can sustain your daily needs.
You can consider being your boss to remain financially afloat. When you manage your own business, you can remain stable financially, and that would be the most excellent feeling on earth. One thing about this modern time is that you can be employed and still manage your own dropshipping business through online platforms. You can sell products such as dinner sets, cable chambers, phone tripod, makeup brush cleaners and blankets, among many other products.
Cut down larger expenses.
This is the best money-saving tip for most college graduates. While you may think that that fast employment is a lucky charm to throw money into unnecessary spending, we are of a contrary opinion. As a young employee who is struggling to clear some of your debts, cutting down on your expenses is the best way to go.
You can begin a new financial journey buy noting down your expenses and see what has to be left out. Leave spending on stuff such as alcohol, hotel dinners and tours. Eat often at home and use a bike or carpool when possible. Drive that money to a savings account while the rest of it can go to settling off some of your loans debt.
Improve your networking.
Networking is one skill that most of us often overlook. It’s essential to keep in touch with your college professors who can link you up with openings and job opportunities when they come up. You may land your dream job from one of your old college friends. They may also come through for you when in a financial crisis.
Cut off your credit card.
After graduating from college, many students emerge with large loan debts alongside credit card dent. This can become significant trouble for you if you are not consistent in making payments to cover these debts monthly. Also, your credit score has to remain significant for future considerations.
To avoid ruining this score, you can first pay off high-interest card debt and then avoid using your cards. Start paying in cash, and you will spend less money automatically.
Live with your means.
After leaving the comfortable campus housing, you will notice how expenses can pile up real quick in your life. Although you may want to enjoy happy hours with your friend, including lunch outs and clubbing, staying afloat financially means you will have cut these daily expenses. Identify a few clubs and restaurants that are cheaper and can fit in your budget real quick.
Consolidate your loans.
Loan consolidation is a way of refinancing loans by borrowing out a loan to pay a debt. This is a well-known personal finance process where individuals get to address high consumer debt. When taking up a student loan debt consolidation, you will first have to look out for a plan that will suit you well. I would advise you to choose a loan feature that has a lower interest than the one you have been paying before to save money that could be incurred by the interest.
As you can see, there are a number of options out there that you can utilize to make your financial situation remain afloat. Instead of falling into panic and make unnecessary financial decisions, first, do research and come up with the best decision. Believe me, the above tricks work!