As a recent university graduate stepping into the professional world, maintaining financial security let alone saving money can be daunting. It’s typically a luxury for those who land jobs with stable salaries straight out of college, while others have to consider various options, striking a balance between work enjoyment, financial gain, and practicality.
Moving back home has become a common trend among recent graduates. Previously it was slightly frowned upon, but with an increasingly challenging job market, it’s a necessity for many. It can relieve a portion of financial stress, such as rent and living expenses. Available support from parents may allow more flexibility in finding a full-time job and might be more forgiving about late payments. On the other hand, living with parents as an adult could also be a downside.
Renting a shared property is an alternative that may resemble your university living conditions —affordable yet comfortable. Resist the allure of living in a glamorous, expensive house which could add pressure to secure a high-paying job, leaving no margin for fallback. Companies like Wonga are available to assist, but make sure the repayment terms are manageable. Moving into a rented place with friends can be cost-effective and enjoyable; however, managing expectations is crucial to avoid financial pitfalls. It’s wise to relocate for work to a new city only if you have enough savings to cover at least two months of living expenses without income.
While finding full-time jobs may be challenging, consider part-time work instead of remaining unemployed. Numerous job opportunities usually emerge between June to September in most cities. Resources like Reed’s job hunter website can be beneficial in this pursuit. Don’t underestimate the earnings from part-time jobs; with a flexible schedule, you can work enough hours to cover monthly bills. However, remember to continue your search for a full-time job to ensure ongoing financial stability. The notion that part-time work is beneath a graduate should be abandoned.
Ultimately, you decide the route that best aligns with your personality, goals, and financial situation. If moving back home is the most viable solution, embrace this decision. You’re likely not the only one among your university friends facing this situation. However, if you’ve managed to gather some savings and found friends to share rent, why not venture into the next chapter of life?
About the author: Ron Alsow is a seasoned financial professional dedicating his expertise to creating valuable content for reputable websites.
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