The first people ask you once you graduate in Pakistan are about jobs and finances. The struggle of finding a job, managing everything especially your finances and being independent, is a lot and the struggle is definitely real. To get your financial life together and to manage things in the right way, you need to be aware of the following tips.
Set your financial goals
If you want to be successful with anything, planning in the right way is the key. Plan your goals out into three main categories which include: short-term, mid-term, and long-term goals.
After you have categorized your goals the next thing that needs to be done is to plan out how to achieve them. Be sure to have a vision, and a positive attitude.
Start saving in case of an emergency
Emergency funds and saving up for it are very important. You might have to go through rough patches unexpectedly and must be prepared for it.
Save small chunks and amounts. The recommended amount to start saving is about 10% of your payment. You can use online applications made primarily to help you manage your expenses. They are a good help in such cases.
Plan your monthly expenses
There are some expenses which are unavoidable and you have no choices with them. These include your house rent, electricity bills, phone bills, food, clothing and so much more. However, there are some expenses that can be categorized in the ‘want’ category and not the ‘need‘.
Your foremost priority should be your needs. Other than that, fix the amount you should spend on your ‘wants’. You need to pamper yourself on and off but be sure to balance things if you want to.
Plan ahead for your future
This includes starting a saving account or a retirement account. Your financial life will get aligned only if you work in this order.
One smart choice you need to make here is to go for the right bank. A bank that doesn’t burden you with extra fees and so much more will be the right choice.
Think before using your ‘credit’
Good credit can be of great help when it comes to purchase a home, buy a car or make a valuable investment. Smartly using your credit is one of the greatest favors you can do to yourself. Avoid wasting the credit money on useless things. Moreover, check your credit report for at least once a year.
The end of your university life might be burdensome in many ways however, some mature decisions and working through the finances in the right ways can actually help make things smoother for you.
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