A paycheck every two weeks might seem like a dream come true after four long years of bi-yearly dorm-room budgeting, but adjusting to an active income can be trying for any fresh graduate. From college to career, shifting the way you handle your personal finances will set you up for long-term success in your career, improve your quality of life, and fuel your future endeavors.
What Budgeting Looks Like In College
While attending university, it’s more than likely that at the beginning of the year you would budget out the amount of money you had, received, or saved, and stuck to that fixed income. Perhaps filling in the gaps with part-time jobs, and if we were lucky, our parents would keep paying for our health insurance, cell phone, and car insurance. Paying major expenses off all at once means that even if you go broke by the end of the semester, you will still have a place to live, stuff to do, and food to eat. Planning beyond that is what defines successful career budgeting.
What Budgeting Looks Like In Your First Real Job
It may seem infinitely easier to budget when cash rolls in every two weeks, but accounting for a barrage of unexpected expenses that accompany sudden ‘adulting’ can be frightening. You may already be paying for some of these expenses, but there are still things to learn if you’re trying to budget with an adjusted payment schedule. It can seem like there is a new bill every week, and they all come at once, so planning around these days will keep you from some very unpleasant surprising. While setting out your career budget it’s important to consider your goals, expenses, and current income.