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Personal Finance Tips for Fresh Graduates

Fresh graduates will face one of the most competitive career landscapes in decades. While there is work to go around, the prospect of career growth, promotions, and salary increase seems dim in many industries. Some businesses are optimistic. However, for recent graduates, it is important to be on the safe side. Those who are new to the work force are most at risk of lay-offs and job cuts. Below are some personal finance tips that make sense for your situation:

Write Down Your Specific Goals

Simply writing down your goals will increase your chances of fulfilling them. There is a phenomenon known as the “mere measurement effect”. A research study wherein people were phoned and asked if they were going to the precincts reveals that if they answer yes, there is a higher probability that they really will attend. When more details were asked such as how they will go and what time they planned to vote were asked, the likelihood further increases. So write what your goals are right now, tell your friends about it, and make it happen.

Shop Wisely, Don’t Spend More than Necessary

It is a proven fact that people spend more when they earn more. For example, if they changed jobs and suddenly got a salary of $10,000 this month, it doesn’t matter that they previously subsisted on $3,000. They will make their lifestyles will drastically change immediately. There’s nothing wrong with rewarding and pampering yourself, just don’t overdo it especially if you’re a fresh graduate. That same job might be gone in an instant.

Stop Comparing Incomes

Wealth is truly a state of mind. The perception of wealth is relative. For example, a survey conducted by Harvard in 1995 asked students if they prefer to live in an area where they earn $50,000 while the average was $25,000 as opposed to an area where they earn $100,000 when the rest are earning $200,000. A huge majority said that they will settle for the former. They would rather earn $50,000 than $100,000 as long as others are earning less than they do. Income is just a small barometer of success. It is important to be comfortable in your own skin and pursue excellence where you are.

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