Managing My Finances in Year One
By EntRP on Jan 1, 2008 in Finance
After the first year I spent on my own, out of my parents’ home and the comforting embrace of student loans and a 15 hour a week part time job, I had little idea just how much would eventually change for me. Sure, I had my fair share of credit cards starting to pile up from the years I had spent in college, but I did not realize just how much more I would end up owing before I turned 30 years old.
But, surely enough, no more than 8 years after I had graduated, started my first ‘real’ job and tried to start paying back my student loans and credit card debt, I noticed that the bank accounts were not covering everything like they once had. Now, instead of four bills and a weekly take out budget, I had a car, insurance, my house, my loans, and a dozen other bills that would hit me every month.
Don’t let anyone ever tell you not to plan significantly before you head out into the real world. I can attest right now that, had I planned effectively, I would have been much better prepared for the onslaught of new bills. You can do the same – but make sure you start by keeping track of what you owe and what you make. It all starts with responsible budgeting.
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