FIVE MONEY MISTAKES UNIVERSITY GRADUATE MAKE

1.      Not adjusting your finances to your new independent lifestyle

Being out in the real world can be so shocking to student bank account, most university graduate still want to live there exorbitant spending lifestyle  forgetting the fact that money has stop flowing in from dad, mum and other relatives. Don’t expect to spend like when you still depend on your parent because life will push you to debt if you are not financially prudent.

2.      Being careless with your credit

Because you want to be in vogue and fashion conscious, you will start looking for a way to get money by all means so that you can level up with the unnecessary standard you set for yourself. The next thing is that you are piling up debt for yourself.

3.      Cultivate a good saving and asset acquiring culture

There are times when you will need to pay some bills that are useful to your existence unexpectedly such as winning a visa lottery, acquiring an asset that is needed to be sold urgently, but because you don’t have a penny in your bank account such opportunities will pass you by. Moreso, be careful of the things you acquire so that it won’t end up being a liability to you. Acquire asset first so that your asset will cater for your liabilities.

4.      Have a well stated future plan

Most of the university graduates don’t have plans for their future, it will be so shocking that even the few that has future plan are not well stated in black and white (well written down) which is one of the reason why many end up not achieving any meaningful thing after working for so many years. Many just keep spending there little earned income on irrelevant things because they don’t have a goal ahead of them. Start thinking of your retirement plan even before you get a job.

5.      Negotiate your salary

Have it at the back of your mind that no employer is ready to pay you your worth. But notwithstanding, because you are desperately in need of a job or your grade out of school is low does not mean that you should accept anything as salary. Let me tell the danger in accepting anything as salary;

·         Your expenses will always supersede your income

·         You will be financially enslaved

·         People will expect more from you

            Let us look at this example;

            Imagine someone who earns #50,000 monthly and spends an average of #2000 daily as running cost, that means he will need to spend #60,000 in 30days (a month). Automatically he has a debt of #10,000 on monthly basis, which makes it a debt of #120,000 annually. This is one of the reasons why you need to negotiate your salary.

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