New graduates with career prospects and goals in their chosen industry may go through financial challenges. It’s the same for a new entrepreneur as he/ she may also go through financial challenges during the initial stages of a business.
Early stages of one’s career can be pretty demanding. Envision having to survive with a start-up salary. Food, clothing, and shelter are the basic necessities of life. What happens if you feel you cannot afford these necessities?
Here are a few things new graduates can consider to maintain a good standard of living. At this stage, you have a bright future and the bigger picture. So what are those things that can help you stay stable, prevent you from borrowing and help you live a comfortable lifestyle?
1. Set a scale of preference
This is very important and will help you cut cost. This is a list of unsatisfied wants or needs arranged in the order of their relative importance. We all have things we desire and new graduates should take note of this. You can create a budget for your need.
Practice drawing out a list of what is most important in order of priority and over time strike out what is not too important off the list. You will have the urge to spend on something that is off the preference list but learn to stick to your preference list with your goals in mind.
Most new graduates are expected to look good for that upcoming interview and continue to look good when they eventually get the job. It’s the same if they are going the entrepreneurial route.
The best alternative to look good is to stick to the basics. Dark colors will go a long way and casual not too detailed clothes also do the trick. A few detailed or colored clothes may be included in your wardrobe for special occasions. Regular jeans and a few tops can be worn regularly for after work activities.
For men, spend a few bucks on different colors of ties to match with a few basic work shirts.If you stick to setting a scale of preference, choosing the right clothes will not be difficult and you will not have to spend a fortune on it.
There are so many magazines, websites, and blogs that help with learning how to mix clothes and change the dress combination with the same set of clothing.
This is also important. Living on a budget doesn’t mean that you are poor. It simply means setting your priorities right and making it clear. Have you considered always checking out the nutrition facts when purchasing your groceries?
This should be your first step. Consider taking a minute or two to check a number of calories, vitamins, iron, fat, carbohydrate, protein, sodium, calcium, etc. content per serving. Being aware of what your food contains will help cut cost because you will not have to spend money purchasing what isn’t beneficial to your health.
While you are trying to reduce unnecessary spending, you should also purchase what is essential to your health. You want to ensure that you are healthy to do your daily activities and meet set targets. Try to avoid lacking any form of nutrient that may have side effects on your health. In other words, maintain a good diet.
4. Learn to do it yourself “DIY”
There may be times when you cannot afford to get your appearance perfected by a professional. For instance, a hairdo, a haircut, makeup, manicure, pedicure and so on. Imagine if everyone decided to do it themselves, it will most definitely take professionals out of business.
What I am trying to say here is that apart from the fact that doing something by yourself can be satisfying, there may be times when you may need to do these things yourself. When this time comes, the fact that you can do it yourself will help prevent you from being stranded and you will still hold your head up.
There are several videos on the internet that educate people on how to DIY. These may help cut cost once in a while.
5. Do not live above your means
This should be a personal factor. Try to live within your budget. It is your life and you owe no one any obligation to impress them. Remember your goals and what you have set to achieve. If cutting down needless expenses will help you achieve them, then so be it. Time will come when you can fully enjoy all those things you took off the list.
What do you think? Have you practiced anything here previously and did it work out? Do you have any other ideas? Please feel free to share your thoughts and we may end up helping a colleague. And don’t forget to subscribe to the blog for exclusive information.