Fight the urge to splurge!
You've just graduated and landing a decent paying job! Congratulations! This means dinners out, happy hours with coworkers, brand spanking new apartment with upscale furniture, new car and monthly hair cuts and spa appointments right? Wrong. Especially if you have student loans. It may seem that leaving college and getting a job will mean the dough will just roll in. But in fact, your first couple years out of college may seem very familiar because they may seem a lot like the years you spent in college. Although your paycheck will be bigger, and it may seem that your immediate expenses are small, this is what makes an adult different that a teenager. Your ability to plan on expenses that are not immediate are what will determine whether you sink or swim. You will probably not be covered under your parents car and health insurance, you may have students loans or credit card debt and may want to look into starting your retirement plan. So although your new lifestyle may seem fun and luxurious, live it up and then get down to business. The expenses are just around the corner: wedding, your first mortgage, and even new babies!Posted by Suzanne on 7/02/2009 06:56:00 PM
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Your advice is excellent, Suzanne. I have seen it happen to far too many new workers [including myself]... that first paycheck comes in, and all of a sudden a plasma screen tv is just what you need! It is far better to spend wisely and treat yourself in a smart way, than feel the financial strain whie waiting for that next paycheck to come.