Get Money-Ready for Life After School in 7 Easy Steps
Don’t you hate it when people say that your “real life” will begin once you graduate? Because life has felt pretty real for the last few years while you’ve been working your butt off to get to the finish line, hasn’t it? But guess what… that finish line is now your starting line. And while life has always been real, you’re about to start your new life. And you want to be ready.
Like it or not, money will continue to play a big part in this new life of yours. Because no matter what you do next, you’ll have to pay for it somehow.
So welcome to Life: The Sequel – a 7-step program designed to help get you money-ready for life after school. In this program, we’ll ask you thought-provoking questions, offer up some helpful tools, and throw out some practical tips to help you get from your starting line and onto the path to financial success… so you can be ready to begin your new life with confidence.
Step 1: Decide What Comes Next
Before you start down any new road, you need to know what direction you’re going. For most students, finding a job right after school is the main focus - and that comes with many decisions. You’re about to come to a crossroads, and you will have many options ahead of you. Which of course is great, but you do want to choose what’s right for you. Now is a good time to answer some questions, such as:
- What does your job search look like? What’s your ideal first job? Do you have a back-up plan, such as a stepping stone position you might consider? Can you work any leads you developed while in school?
- (If full-time work isn’t your thing right now) What do you want do next? Go to graduate school? Travel? Write your novel?
- Where do you want to live? Will you stay in your college/ university town, return to your hometown, or make a big move elsewhere?
- Who do you want to live with? Roommates? Your parents? A significant other? Or do you have your sights on single living for a while?
Getting a handle on some short-term decisions as well as your long-term goals will help you figure out how much life is going to cost, and what kind of financial resources you’ll have available to pay for it.
Tips for getting through step 1:
- Match your expectations to your financial situation. If you’re low on cash and still transitioning from school to career, you may not be able to afford to rent that cool loft downtown – yet. Sharing a place with friends, moving in with family or otherwise keeping things cheap may be what you need to start. But don’t lose sight of what you really want… that’s what saving is for! (More on that later.)
- Be ready for change. Once you’re no longer a student, some rules may start to change on you. For example, if you’ve been living with your parents up until now, they may expect you to start paying rent, or contributing to food and utilities. Or both.
- Round out your resume. Volunteer. Take a class. Join a committee. What you do outside of your education is what differentiates you as you apply for jobs.
- Stay optimistic. Finding a new job and making big life decisions takes time. Don’t get discouraged if you send out a bunch of letters and don’t get many replies – or have lots of interviews but no immediate offers. Instead, look at every meeting as a chance to grow and learn. And if you keep your spending to the minimum during times like these, you’ll save money… allowing you to stay flexible and open to considering a wider range of opportunities, rather than jumping at the first paying offer.
