Graduating from university or college is a thrilling event for anyone who has studied and worked hard to achieve their degree. It can also be a scary time for young adults who are leaving college, as it means that you are now entering a different world, one where you have to find work, move out and make major financial decisions about your life.
One of these decisions includes buying a car. You could start by looking forused cars for sale in Gauteng or other provinces, but you will need a car for independence from your parents and in order to get to and from work. If you are struggling to figure out how, you can become financially independent, below is some helpful advice on how to start the process.
Find a job… or jobs
This might sound like an obvious tip, but many university and college leavers do not actively look for work after graduating. While you feel as though you deserve a break after a long degree,the longer you wait to look for work, the harder it will become to find a suitable position.
While you are waiting to hear back from places you have applied to, you should be working on developing your skills and honing your talents. If you do not find full-time work at first, you can look into taking on one or two part-time positions. Not only will you receive a salary from these jobs, allowing you to contribute to essentials if you live with parents or save up to move out, you will be building your resume and your skills at the same time.
Find a car
Nothing says independence like owning your own car. You can ask your parents or friends to take you to one of the many used car dealerships in your town and choose from a model that falls well within your financial means.
Ask your parents or friends to come with you when choosing a car so that you will not be swayed by the flashy new models on the floor. A graduate budget is usually not very high at first, which means you need to be on the lookout for used or second-hand cars for sale in Gauteng or other regions.Once you have found a car that meets your budget and your needs, you will be one step closer to true financial and personal independence.
Find a roof
The next step to take for financial independence after studying is to find a place to live, which usually means renting an apartment. This might not be possible right away, meaning that you may need to live at homeuntil you have saved up enough money to put down a deposit on your first apartment.
Having your own space to live in is more than just a wise financial move, it gives you independence and the ability to grow as a person. You will most likely be homesick at first, but once you are settled you will enjoy the freedom of your own apartment. It is important that your rent does not take up too much of your salary, so look for a smaller, cheaper place for when you are just starting out. This will allow you to save for a bigger apartment or house a year or two down the line.
Avoid credit card debt
Living on a tight budget is never easy or fun, especially for those who have just graduated and are now entering the adult world. A credit card or store account can look very attractive, but it is important toavoid credit card debt as much as possible at a young age.
One way to avoid credit card debt is to set up an emergency fund that you can use when you hit an obstacle in life, such as a burst geyser or car repairs. If you do plan on using a credit card, you will need to ask your bank to set a reasonable limit for you and always try to stick to being below this limit on your monthly spends.
Live within your income
Once you have found a job, a car and a place to live, you will need to work on a budget for your monthly expenses so that you can live within your income, and have something to save each month. It is vital to be financially savvy from the outset, so you do not get yourself into debts that you cannot get out of.
Living within your income means that you identify your ‘extra’ expenses, such as an expensive TV package or eating out on a regular basis, and try to put the money you would have spent on these into a savings account instead. You might have to cut back on spending time with friends or trying out a pricey new restaurant, but it is better to have money saved for a rainy day so that you are not left out in the cold.