So, college graduation is just around the corner. For a lot of students, graduation is synonymous with partying. Finally, you’ve made it to the other side of college life, and you’re now ready for the labor market.
Or so you think.
In reality, college graduation marks the beginning of a new financial challenge. If you thought that making ends meet at college was tricky, you are in for a nasty surprise. Your first steps into the world of employment will bring a variety of money matters that you will need to tackle effectively. While getting your degree means you are ready to make a living, it also brings new costs that you might not have expected. Earning money, as it happens, costs a lot!
The hidden cost of job applications
Is there anything more satisfying than being able to apply for your first job based on the skills you’ve studied at college? A lot of companies are looking forward to meeting graduates who can bring new talent to their structure. However, there are many other graduates, just like you, who are also sending their resumes for consideration. How do you differentiate yourself?
You can invest in a professional portrait, which you can use on your social media profiles, such as LinkedIn and Twitter as these are likely to be checked by a potential employer. Another great idea to make your resume stand out is to pay for the services of a resume writer who can help you to create a memorable CV.
There’s renting out and renting out
Finding a job is exciting, but, more often than not, it means renting a place. For graduates and postgraduates, renting a room or a flat can bring additional costs, as you will need to buy furniture. The most cost-effective solution is to find rentals that are fully equipped, such as Sandy Hill Apartments, as you can’t afford to furnish your apartment at this point in your financial journey. Additionally, focusing on places in organized complexes can save costs on further amenities and facilities, such as broadband connection, electricity, and secure storage.
Managing your first pay
Wait a minute! Your first paycheck doesn’t quite match the salary you signed up for. Your first real job exposes you to a new administrative reality, namely deductions from your wages. Deductions are divided into two categories, first the statutory deductions, and then everything else. Statutory deductions refer to applicable taxes, Social Security tax, Medicare, and state-related disability and unemployment insurance.
Other deductions are additional services you can opt into such as 401(k), life insurance, and furthers healthcare elements. In other words, if you haven’t prepared for those deductions, you will need to adjust your budget tightly to make it work.
First job, first costs
Taking your first job also creates additional costs. Many graduates have to consider the purchase of office wear, such as suits. Even if you only buy a couple of suits and enough shirts for the week, the necessary investment is likely to feel like a financial burden. On top of that, you will have to account for commuting, whether you choose to drive or use public transports.
In conclusion, as exciting as it can be, entering professional life comes at a non-avoidable cost. For graduates and postgraduates, understanding the financial challenges to face can help them prepare.
PS Hope this was informational ?!
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