3 Financial Tips for Young Adults
So you’ve just graduated from college and the world is your oyster, right? Well, probably not quite. The recession has hit the United States very hard, and the rest of the world is struggling too. The days of simply graduating after 4 years of no extracurricular activities and simply going to class are over. You need to stand out in the crowd.
Well, let’s say it’s a bit too late and you moved your tassel to the other side last month. You can’t exactly go back and do it all over. It’s time to get a job and become more financially responsible. As a young adult just starting out, here are some great tips:
1. Don’t be Afraid to Move Back Home – Most people who graduate from college don’t plan on moving back in with their parents after the ceremony. However, the negative stigma has almost completely disappeared, and it has actually become commonplace to move back home. This isn’t to say you should move back home and mooch for several years. This is a time for you to apply for jobs, save up any money you can and prepare for your life after college.
2. Build your credit – A solid credit rating will set you apart when it comes to renting/buying a new place, leasing a car and even getting a job. It screams responsibility, especially since having a good credit rating is very hard to accomplish these days. If you have not yet applied for a credit card, you should. Spend a little each month, and pay off the balance. This way, you will help out local companies with their credit card processing services, as well as building your own personal credit history.
3. Set Realistic Goals – Sit down and decide what is most important to you. Is climbing the corporate ladder your main goal? This might mean more time spent living at your parent’s house. Is it most important to just get a job and move out on your own? Then save up money and look at all your expenses. Don’t forget to think about utilities and groceries. It’s the regular expenses that you are not used to taking care of that will be the hardest to combat once you are on your own.
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5 Responses to 3 Financial Tips for Young Adults
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You can do half and half it doesn’t have to be either or. I think the most logcial thing is to get rid of the debt you have which will automatically free up more cash to sock away for your down payment. You’re still going to have a mortgage AND your credit card payments if you only use the available money for a down payment so what’s the point. The mortgage rate of interest is gonna be ALOT less than the credit card interest. Your credit rating won’t automatically jump but you’ll have a better debt to income ratio by paying the cards off so that’s the direction that I would suggest. Your home purchase will alot more than just a mortgage taxes, insurance, maintenace, PMI, etc. so make sure you have all that covered. The best way to insure it is to get rid of the other payments you have now and then concentrate on making payments on the home and doubling up when you can.
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the answer to that ddnepes on your current credit score and the factors affecting it. you need to meet with a reputable mortgage loan officer, have your credit run and go over your finances (income and assets) with them. if, with the scores the way they are, you qualify for a new mortgage while carrying the debt then the choice is yours. if not, the loan officer should run a program called a credit analyzer which will tell you what debt to pay down and how much to pay and approximately what difference you can expect in you credit score. the goal of raising your score is to have you qualify for ALL future credit (your new mortgage, future credit cards, car loans and leases etc) at the lowest rate possible.keep in mind, many lenders are now eliminating no down payment and small down payment programs and many of the ones that are left require higher credit scores so the meeting with the loan officer and determining how best to use your money is a must. sometimes even a slightly larger down payment can make a big different in your rate / payment.
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