How to Budget your Finances as a Recent Graduate

Attending college is extremely expensive and time consuming. The odds of you having money saved up during college are not likely, and when you graduate, you may not be able to locate a job right away paying the big bucks. This is when having budget sense and an online payday loan from companies will become very helpful. Payday loans are ideal for very short-term boosts, and when used correctly, they can help you secure your footing while you adjust to the adult world.

Current Income
When you are looking for a place to stay, you have to know your current income. You only want to pay 1/3 (maximum) of your monthly paycheck towards your rent. If you are bringing in $1500 a month, then your take home will likely be around $1200 a month (varies per state and benefits package). One-third of your take home pay is $400, so that gives you a starting ground for finding an apartment or other housing solution.

Fixed Expenses
After you know your income and you have a place to stay, and then look at the monthly expenses you will have. This includes gas, electric, insurance, phone, and loans. This is the core of your budget, and it will tell you how much you have left over to spend or save. It also helps you see how much you want to earn so you have more money to put away. Making minimum wage will leave you with very little left over at the end of the month.

Spending Wisely
The best thing you can do for your budget is to spend wisely. If you take in $1200/mo. and find an apartment that is $499, you are left with $700 to fuel your car, pay your utilities, phone, and insurance. You will then have student loans on top of that. Therefore, you want to keep your credit card debit to a minimum. Do not take your credit card with you when you go shopping. If you do not know exactly what you want, make sure you have a price range, and pull out only the maximum amount. In addition, do not confuse yourself by having multiple bank accounts. This is a great plan when the income is larger and you want to save towards your future, but as a recent graduate, it is best to keep it simple.

Using an online payday loan from is a method to give you that one or two month boost you will need after graduating to find a place to leave and evaluate your finances. You can also have a little cushion to find a job that you enjoy, without having to select the first job that comes along. Once you have everything set, start automating your bills so you do not have to worry about paying anything late. In the beginning, it will seem like a hassle to run your finances, but it will become a routine and you will start to notice your bank balance is a little larger at the end of each month.