YOUNG PROFESSIONALS – RELEASING THE BALL AND CHAIN
Having a young child means I don’t yet worry too much about how he will cope financially when he goes out into the big wide world, but I have a lot of friends and family with teenagers and young adults who are just starting their journey into financial life.
Being young and full of drive to go out into the world of work and be somebody is the fuel of the global economy. In truth, the mature workers who have paid their do’s are just as important, but young professionals have something they don’t. Professionals that have just left college or university have a different mindset. They see the world in ways that perhaps the older generation can’t imagine for themselves.
This is why so many companies and businesses want to snatch up young talent as soon as they can. Taking the initiative, your professionals garner the habits of innovation quickly and begin to interact with the world in more complex ways. However, the ball and chain may still be with them. Student and other debt can be a burden around their necks, and thus life can become stressful, which is sad at such a young age.
Finding ways to save and still live a fulfilling life is not just a background ambition nowadays. Scrimping and saving wherever you can is vital to stay on top of repayments when you’re fresh out of education
Whether you’re a young professional or the parents of one, giving them this advice could make things simpler:
Figure Out the Largest Ball
Find out what is the biggest expenditure and the largest debt you hold. It could be a student debt, a loan from the bank, a rent payment or perhaps transport expenses.
Once you have these clearly defined, it’s time to start subtly revolving your life around them. Figure out if you can make your largest expenditure smaller or at least look at ways you can lessen the burden. This may mean small changes like giving up luxuries and finding ways to save money on your purchases.
Next, see if you can restructure any student debt with companies like refinancestudent.loan. Re-calibrating this way can help to prolong your ability to live a lifestyle that in fact makes payments possible in the first place. The company will take into consideration your credit score, income, the ratio of debt versus income, and study your employment situation. With this, you may be able to reduce the size of monthly payments.
Drastic life changes
You’re going to be new to the world of work, which has with it a secondary layer. You might be bright and quite good at what you do for a living, but you need the ability to get to work in the first place.
Consider moving closer to where you work, and if you need to, live somewhere much more affordable. Rent is the biggest expense for so many young professionals, and it’s what can cause your finances to go over the edge and into the red. Making drastic life changes will only be temporary. Getting the monkey off your back is paramount in the first place.
If putting petrol in your car and or insurance premiums are far too high and look unsustainable, consider only using public transport. Month after month, these high costs accumulate and leave you with a large financial hole to fill, therefore don’t get accustomed to treating them as the norm.
Being young and highly qualified is not without its burdens. To get to a position where you are more skilled and talented than the person next to you comes at a cost. It’s something that won’t vanish anytime soon either.
Restructure your life and contemplate the bigger financial picture if you want to lessen the burden of debt and expenses to ensure you have a bright future.
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This is a collaborative post.