Five top financial options as a graduate
Graduating is a great achievement and marks the start of a whole new journey. It can be quite nerve-wracking going into the world and not knowing what to expect. As much as we don’t like to think about it, financing can be quite important especially when you’re establishing a new life phase with new financial restraints.
You’ll start to consider things like moving into your own place, buying furniture, and even purchasing your first car, which can be quite expensive, more so if you’ve recently got a job after graduating and don’t know how to budget with your new steady income.
To help you navigate this new journey, here are a number of financial options for a graduate, so keep reading.
Ask family members for assistance
Starting out can be quite difficult and there is nothing wrong with asking your family members for assistance. Be it, grocery, rent or furniture money. You can set up a payment arrangement with a family member and make sure you are both aware of how much is loaned and how you will be paying it back.
Bear in mind that asking for assistance from family can cause strain on relationships, so try and avoid them. Make sure that you protect your relationship. If there is interest, find out how much it would be and also find out how the lender expects payment, e.g. monthly, weekly or biweekly.
Purchasing furniture for an apartment
Moving into your own space can be a great experience, however, the furniture can be quite expensive and there are so many household items you would need to purchase. Personal loans can be used for different things such as medical bills, home improvements, pet bills, vacation, car repairs, and more.
Vehicle financing
As a graduate with a new job, purchasing the vehicle would be the next step, but most people can not afford to pay for a car without going to a lender.
It’s reassuring to know there are financial service credit providers who offer finance for graduates making it easier for graduates to purchase a car. Graduate finance gives you the opportunity to purchase a car, making it easier for you to travel around. When choosing your first car, there are important things you should consider.
You should also think of the fuel cost – it is always better to buy vehicles that use low fuel consumption, making it easier for you to save on cost. You should also choose a car that is easy to maintain and has accessible car parts. But most important? Choose a trusted, reliable brand.
Financing for a motorbike
If you’re more into motorbikes there are financing options for you too. Lenders offer leisure financing, which can assist you in purchasing your own motorbike. Before going to a lender you need to be sure what type of motorbike you would like and decide whether you’re planning on buying a second hand or brand new motorbike. Buying a second hand is an affordable option if you’re looking to save some money.
Planning on growing your business
Starting a business is never easy, nor is getting finance. However, if you had a small business while you were in university, and are interested in growing it, you could apply and see if you’re eligible for financing.
Many financial service providers offer to finance a business that has been trading for three to four years. For example, if you have been baking cakes and selling them while you were studying, you could grow that into a successful business especially now that you have completed your studies.
Final thoughts
As you enter into adulthood, it is important that you are responsible and make the right choices. There is no such thing as bad debt if you know how to handle it. You only need to make sure you pay your full monthly instalments on time every month and don’t take on more than you need. If you’re planning on taking out a loan, make sure you write out your budget and see if you can afford to pay your monthly repayments.