FinanceSpectrum.com Guides Recent College Grads on Money Management and Student Loans
Miami, FL (PRWEB) July 23, 2013 -- Today FinanceSpectrum.com finance and economic advice column released their best advice for recent college graduates. With the new responsibility of making monthly student loan payments, FinanceSpectrum.com gives grads advice on how to manage their finances, budget their expenses, and pay those loans off. FinanceSpectrum.com gives grads advice on how to manage their finances, budget their expenses, and pay those loans off. Finance Spectrum believes that when people are in school they forget about paying off the loans; they get more focused on the short-term things (getting through classes and having fun) but when they graduate those once long term things (student loan repayments and getting a job) are current things.
FinanceSpectrum.com referred to a recent Miami Times article which they deemed to be a wonderful resource for new grads to get their bearings as the new responsibility of making monthly student loan payments begins. Julie Landry Laviolette authored the July 6th Miami Times article, giving advice to recent grads on budgeting, turning down the temptation of credit cards, managing debt so that their credit does not suffer, and what she refers to as the “boomerang” effect: college grads who move back home with their parents while they secure a steady job and get their bearings.
FinanceSpectrum.com emphasized the power of budgeting, and dually encouraged recent college grads to commit to keeping a monthly budget. FinanceSpectrum.com is quoted as saying, “We stand behind budgeting like Jared stands behind Subway and like Katy Perry stands behind Proactiv. Budgets can be incredible keys to unlocking one’s financial troubles and smoothing things out, making them both manageable and less daunting at the same time. The first order of business is to establish that budget. Use an excel spreadsheet, use Mint.com, I don’t care what you use. Just find something easy to update each month. Once you’ve got your fixed expenses down, stuff like rent, internet, your student loan, you can start divvying up the money left over. Obviously the things that come first should be things like food and medical care, then you can work on non-essentials like cable, entertainment, eating out and so forth. You might find that your paycheck covers a lot less than you actually thought. So the key to the whole budget is to stick with it. If you’ve allotted yourself $100 each month in entertainment, and went to see a concert that cost $65 in the first week of your month, you’ve only got $35 left for the rest of the month. If that means that you can’t go out with friends to the bar for the last two weeks of the month, then so be it. The budget will only work if you stick to it, I promise. So stick with it.”
The online financial advice column was full of advice for recent grads on how to save some money and stick to a budget post-college. FinanceSpectrum.com is quoted as saying, “Trader Joe’s should become your new best friend. The food is inexpensive and tasty. If you’ve got roommates, shop together at Costco, Sam’s Club, or a similar wholesale store. You’ll save money by buying in bulk, plus you’ll spend less on gas to go to the grocery store every single week. If you like wine, make Two Buck Chuck your new best friend. Want to go out with friends? Hit up happy hours like a boss, or go out to a nice lunch—much cheaper than dinner. And I know it’s been said, but don’t be afraid to live with your folks for a year or two after college. A friend of mine who went back to live with his parents ended up staying for two years with the goal of paying off each and every student loan he had, and you can bet that by the time he moved out on his own he was debt-free.”
About FinanceSpectrum.com:
FinanceSpectrum.com is an online financial advice column that writes on almost every financial topic under the sun. They enjoy helping middle-class American consumers with financial plights, questions, and blunders by dishing out easy to understand and follow advice, guidance and informative articles.
http://financespectrum.com, Finance Spectrum, 3479030160, [email protected]
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