software price graphisoft archicad 19 If you’re fresh out of university and are lucky enough to have landed a graduate job where you can get one foot into the world of work, then now is the time to start saving.
It’s more than likely you’ll have come out of higher education with some form of debt and as a graduate you have your financial future to think about.
So what can you do to start building up your finances? Here we take a look at some ways to save money and what you can do with these savings to safeguard your financial future and avoid further debts.
Budgeting is the way forward here; it’s time to put your old student lifestyle behind you and in order to have money left over to save each month I’d recommend that you check out our 111 ways to save money on your household bills.
Additionally, you can:
- Cut down on your utilities by turning off devices and keeping the heating on low
- Drive your car in a more reserved and economical way
- Limit the amount of time you go out socialising to the weekends
- Shop at second hand stores for furniture and clothes
What To Do With The Savings
Being simply told to save isn’t the best advice, it’s knowing where to save and what to save for that can help you in the long run. While it’s not ideal for credit reasons to have lots of different bank accounts, you should set up one or two savings accounts or ISAs with direct debit payments that put away a little each month for the following:
- A deposit on a house, flat or rental agreement
- For a new vehicle, or for vehicle maintenance
- Additional money for your retirement (on top of a pension)
- For family planning (if this is something you want of course)
- For a ‘rainy day’ for unexpected things you have to pay for
You may also want to set up a joint account with a partner (if applicable) to cover your bills each month; this way you know how much you have left over from your wages. Furthermore, as you progress in your career and start to earn more money, you can start to put away more each month.
At the end of the day, you’ll have worked hard to obtain your degree or academic qualifications and indeed get a job in the first place; ultimately, the last thing you want is ruin this by getting into debt or not being able to live comfortably. So consider some of the above advice and start saving now to enjoy a happier financial future.