So you just graduated college. Yay! But then before you even start to prep for what lies ahead, reality just comes barging into your life without any warning. One of the things you have to get ready for? Taking charge of your own money situation.
Managing your finances can be a bit scary, especially when you just got your college diploma and you almost have nothing to start with. You're bound to make money mistakes along the way, but that doesn't mean you can't avoid a few. And because we, here at Candy are one of your best-est friends, we thought we'd list a few money mistakes you can avoid below. You can do it, Candy Girls!
Not thinking about your future.
Sometimes, the saying "you only live once" does more harm than good. Go, YOLO and live for today because who knows what happens tomorrow, right? But have you ever thought about what's going to happen when you already used up all your money for YOLO-ing? You won't always have your parents wallets to catch you when you run out of money. They, too, have their own worries.
Sit down and start thinking about your goals in life, like a stable job and a few investments. And if you want to have a few investments such as your own home, car, or a savings account, then you have to start working towards it. It's never too early to start disciplining yourself to set aside a portion of your money, no matter how big or small it may be, for your future self. Trust us, you're going to thank yourself years from now.
Turning to your credit card.
You've probably heard and read stories about credit card debts before. Just watch the movie Confessions of a Shopaholic and you'll know what we mean. Relying on your credit card when you're in need of cash can be dangerous. Before you know it, your debt has accumulated and what you have can barely pay for everything.
Whenever you're in need of cash and you really, really, really want to purchase something, stop yourself from reaching for your card and swiping it in the counter. As Chelsea Fagan and Lauren ver Hage of The Financial Diet said, consider turning away from a possible purchase as an investment to your future.
Getting used to having no budget plan.
Setting a budget isn't as scary as other people think it is. You just have to make a plan of which amount goes to what, and follow it. Unfortunately, most of us just get the first one right. TBH, it's not easy to keep thinking about your limits whenever you're spending but that's also how you learn to discipline yourself and live within your means.
Using money to make a statement about your lifestyle.
With the existence of social media, it's so easy to look at our lives and compare it to someone else's. We see our friends going on all these trips abroad, spending their first salaries on new clothes or new phones, eating or partying in really fancy restaurants. And then we start to wonder why we seem to not be making enough.
What you have to remember when feelings of envy comes creeping in is that you don't have to keep up with other people. As Kat Boogaard said in her article for The Every Girl about money mistakes in your 20s, your worth doesn't depend on your lifestyle. "Your value and self-worth aren't directly correlated with your finances; so don't feel pressured to use money as a tangible indicator of how fantastic your life is," she wrote. "You don't need to buy that round of drinks for everyone or have the latest iPhone. You're fantastic regardless." Now remember that, Candy Girls.
You think it's all about the money.
Don't equate success or happiness with the amount of money you have in your hands, Candy Girls. That's not what life is all about. It's all about having fun and exercising responsibility while you're at it. You can have all the money in the world and still feel unhappy. You can also have just a few hundreds in your pocket and feel like a millionaire. It's in your attitude, Candy Girls. At the end of the day, it's all about feeling a sense of fulfillment and genuine joy in what you're doing.
Got college problems you want us to help you with? Leave a comment below or tweet us @candymagdotcom. :)