I remember walking across the stage at my college graduation like it was yesterday. The pride on my parents face is still so vividly fresh. There was such a sense of hopefulness that I felt, it was as if I could conquer the world. I had done what any good college senior would do, graduate with excellent grades and land a dream job that would actually afford me the opportunity to pay my own bills in New York City. The world was my oyster and I was ready to conquer it. The thought of having an actual salary with benefits seemed so surreal to me, I had no clue that I was in for a rude awakening when it came to finances and there are so many things that I wish I would have known.
Have A Plan
I thought I had a plan when I walked across the stage to accept my degree. I mean that was the plan wasn't it? Go to a great school, graduate, find a great job, get my own place and live life. I'd done it, I'd follow the steps and now everything else was supposed to fall into place right? Wrong. What I hadn't given a second thought to was how much debt I'd be in with student loans quickly piling up, the pricey cost of living on my own without the safety net of parents. I never sat down to write out an actual financial plan, instead, I just lived paycheck to paycheck and barely made it. Write out a plan for your finances and stick to it.
Sacrifice Now For The life You Want Later
It's easy to want it all with the instant gratification of social media. You can't go through your timeline without seeing someone wearing designer clothes, frolicking on some fancy vacation or taking amazing pictures in a foreign land that you just have to visit. Instead of spending money on items I didn't need and a few trips I could have done without, I could have been saving that money for a rainy day or even a deposit on a home. It's ok to sacrifice some your wants now for your actual needs later.
Never Stop Learning About Money
I've never been a fan of numbers, accounting, finances or anything having to do with math really. Perhaps that's why I didn't pay much attention to the importance of budgeting and learning about money. Even if you don't like dealing with anything number wise, still educate yourself on investing for your future and staying away from debt. It's something we hear from our elders time and time again, but it is extremely important to educate yourself on how important your finances are.
Side Hustles Work
"Never have just one stream of income," my mother said to me as long as I can remember. And I didn't listen until much later. When I first graduated I depended on my 9-5 job for my income. Besides I was too tired to think about doing anything else, but it didn't take me too long to snap out of it and realize that it was going to take way more than just my day job to live the life I wanted. Side hustles are vital, never depend just on your job.
Stack Money For Life Experiences
Life is short, and although money might not always be plentiful, there will be experiences that you don't want to miss out on, so save for them! Have a fun fund that you use for that random trip to Europe or that bucket list item that requires you to spend some cash. Instead of putting yourself in debt to have a good time, pay for it in cash.
