Will You Be Able To Find A Job After Graduating?

Due to the recent downturn in the economy, depending on what sort of qualifications you leave school, college or university with, can play a big role in determining how easy it will be for you to start living independently on your own.

Whereas a few years ago unemployment rates were relatively low, now they are starting to creep up again.

Those least at risk of being unable to find a job are usually those in the health care sector, law, government, military and the financial sector (although this later group seems to be increasingly at risk). 

What this means is that unless you are pursuing a career in areas related to those fields which have high employment rates for graduates, you have to take into consideration the fact that your qualifications may not automatically get you the job you hoped for.

Repayment Of Loans & Credit Card Debts

Regardless of the field you want to get into, all students have another concern: repaying their student loan.

The increasing cost of education means students now leave formal education with massive debts, which eventually they will have to repay.

For some students they will also have to repay other loans they may have taken out, such as bank loans or repayments on credit cards.

This later issue has been an increasingly common worry for many students, who at the prospect of free money spent it like it was going out of fashion.

As a result, when they left formal education they also left with massive credit card debts which they are now struggling to repay.

In addition to this, if you live on your own after graduating you will also have to worry about paying rent, buying food, fuel for your car and endless other living expenses.

So unless you start out on a very high salary, you’re going to have to become financially literate and learn to manage the money you do have if you are to stand a chance of surviving independently by yourself.

Focus On Your Financial Future

If you are struggling financially at the moment, the best thing you can do is to focus on the future.

Of course its not easy not having much money to spend or worrying about repaying debts, but reality is reality, and so you have to deal with it in the best way you can without making it worse by having a mindset of constant doom and gloom.

If you already have a job, that’s a bonus, and one which you can use to your advantage. There may be things you cannot afford to buy right now, or sacrifices you have to make, but as long as you have some money coming in then at least you have something to work with.

To help you stay on the right track and focus your mind on the future, it is important to resist the temptation to buy things you don’t really need.

If you remember back a few articles were I talked about how we live in a consumeristic society where we are encouraged to spend our money, well be aware of this because this temptation will be all around you.

If you don’t do anything else but are able to avoid needlessly wasting your money on items you don’t need, you will give your financial situation a massive boost and provide yourself with a big advantage for the future.

Just know that by making a few sacrifices now, you will have a lot more spending power later on, so don’t let it get you down.

Be Aware Of Financial Opportunities

Another important point to make is to be aware of any financial opportunities that present themselves, and then to take advantage of them when they become available.

Many people struggle financially because they are unaware of the things which could help them to improve their financial situation.

The fact that you are already reading and researching matters related to personal finance, will put you in a good position to spot these financial opportunities when they appear.

Later in this series we will discuss some of these financial opportunities, although in brief such things you should be aware of include:

Pension plans (401(k) plans), compounding interest, choosing the best interest rates, choosing the best bank account and budgeting.

There are pros and cons to each of these, and you will need to know about them before making any decisions.

However ultimately what you do decide to do should be extremely well researched, as failure to research an option could cost you in the long run.

But out of all of these options, getting yourself out of debt and using your credit card wisely are probably the best steps you can take as a young person who is beginning to learn about personal finance and trying to survive on their own.

Ask Around For Financial Advice

In addition to this its also helpful if you can ask other people for advice to complement the research you do.

However don’t make the mistake of trusting everything you hear, as what may have worked for someone in the past may not necessarily work for you today, or be the right option for you.

Once you start looking around you will find lots of financial advice, some of which may seem contradictory.

So try to keep a level head by becoming as informed as possible from as many different sources as possible, to give yourself an unbiased view of how best to use your money.

For example, some people may tell you to invest in the stock market. But is this really a good option considering the state of the global economy?

Or would it be a better option to invest in precious metals such as a gold or silver, which may provide you with some degree of security should your countries currency collapse (such as the US dollar)?

All of these things you are going to have to take into consideration, which is why it is so important to become financially literate as your future literally depends on in.