Financial steps to take the year you graduate

gboyinwa ajomale

November 13, 2017 3:44 PM

Graduation from a higher institution means you now have to be responsible for some things.

The excitement of graduation from a higher institution is the best feeling for any young person, but the real deal comes after graduation. Is there any financial step to take immediately after graduation?

It might be challenging for young Nigerians to make concrete financial decisions due to the economic situation and also the high rate of unemployment in Nigeria.

Notwithstanding you can decide to take good financial steps which could help a lot in the future.

Here are financial steps you need to take the year you graduate.

1. Learn how to budget

You are no longer in school, which means the allowance and funds from your parents might most likely reduce or stop. Which is why the little money you have or get, you need to learn how to budget.

Learning how to budget when you don't have a lot makes it easy for you to know how to manage your expenses when you finally get a steady income.

2. Set financial goals

Though you are out of school and you have no steady income and no job for the period you are job-hunting, you still need to set financial goals you want to achieve.

Both short-term and long-term financial goals. Setting financial goals has a way of fixing your mind to the what you want to achieve financially.

So the earlier you set out with your financial goals, the better for your future expenses and income.

ALSO READ: Ways to make cash as a student in a university

3. Avoid peer pressure

After graduation, not all your friends will get a job or even a good paying job immediately. Some might tell you to hang which you might not be able to afford.

Instead of emptying your income to impress friends find other means you can socialize with your peers.

ALSO READ: Help your teenage kids manage funds

4. Start saving

After school, you shouldn't be told that you will have to take up some responsibilities. You can't start depending on your parents for everything after school, you need to find a way of surviving.

You can start saving out of the little you get from your parents or the from different side hustle.

Learn how to save and be sure of financial freedom.

ALSO READ: 6 money making hobbies millennials should imbibe

5. Create an emergency fund

After graduation comes the real life. You don't know what life has planned for you. Which means you need to have something to fall back on if such situation arises.

Create an emergency fund for yourself. No matter how much money you make, set aside money and put into your emergency savings.

gboyinwa ajomale