Friday, May 7, 2010

Yes, You Conquered Your College and Now Time to Conquer your Finances

Anyone will feel very happy and excited after conquering the college but more important than conquering the college is having a win over your personal finances. You should follow these easy to digest to do things to make it possible after you graduate.

Make sure You have a Convenient Checking Account

Having a checking account is no big deal. But make sure it is convenient enough. Always keep in mind that the checking account should be of a bank with ATM in the city you are residing. This is important so that you can anytime deposit your paychecks and also withdraw money whenever you wish to.

Have a Good Knowledge of your Credit

You have to make sure that your credit history is good enough to have a good credit report. This will indicate how responsible you are when it comes to paying off the bills. Your credit report and score often determines your ability to get any type of loan in future.

Get A Credit Card on Your Name

It will help you in having a good credit history so that you can easily get loan on big purchases like for a house or a car. It will also help in establishing your credibility big time.

Understand your Salary well

It is for sure that not all your earnings of the salary will go in your wallet. There might be a possibility of going some in your taxes, into your saving accounts, you can put some into your retirement account too. So keep a track on how much money you are spending each month.

Prepare a Budget

Preparing a budget is no big deal but sticking to it, is really difficult. There are many people who follow their budget well and that keeps them in discipline of money control. Take help of any budget calculator if possible.

Understand the importance of Savings Account

In case of any financial pothole, the savings account will act as a savior for you and your family. There might be a possibility that you lose your job, so in these times your savings will help you. Make sure you save money that can cover your at least eight months living cost. So as soon as you get your first salary open a savings account.

Understand the value of Retirement Savings

Maybe today you are full of energy and can work ten hours everyday, but the time will come when you will grow old and at time you will need to enjoy the fruits of your hard work. Different types of retirement accounts include 401(K), Roth IRA, Traditional IRA.

Get A Health Insurance done as soon as possible

If you are not taking proper care of your health while working then you are risking yours as well as your families life. Who knows if you fall ill, you need to pay a hefty bill on for your illness. So it is advisable that have a good health Insurance policy as soon as possible.

Get hold of Your Taxes

Seriously having a grip on your taxes well can save you loads and loads of money. Always keep in mind that April 15th is considered as the Tax day. For tax return you need to file these forms : forms 1040EZ, 1040A and 1040.

Pay off your Bills on Time

1st things first. Go to the nearby bank and open your credit card statement and bills account. Make sure that your billing statement is 100% correct. Never pay on something you didn't buy. Cross check your statement more than once.

Follow these quick steps and I am sure like the way you conquered your college, you will also win over your personal finances as soon as possible.

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