Tips On Debt Relief for People in Their 20s
College graduates are in need of debt relief
It’s no secret that young people are in need of debt relief the minute they come out of college. These days, college students are targets for credit lending companies, and normally the average college graduate has at least one card and $3,000 of debt. The only way to handle it, is to find a good job right away. Here are some tips for consumers in their 20s as they look for a job:
- Every young person should buy a new suit and shoes for interviews. In today’s competitive market, good grooming can set them apart from other applicants. Investing in a good suit will always be a good decision.
- Young people shouldn’t spend money on “resume kits” or services. There are plenty of free resources online.
- Use Alumni chapters as added networking tools. If a graduate’s alumni association has a nearby chapter, they can visit and ask for help with job placement.
Getting the right look and having the right connections can make the process that much easier.
Handle the new jobs
Once a graduate finds the perfect job, the next thing to tackle is to learn to manage finances from the start. Here are three tips on how to handle the new job.
- As a new worker, people can be overzealous with spending. Because it’s probably the biggest paycheck they’ve seen in their careers, many new hires go on spending binges. This is a bad idea. First of all, though the numbers are bigger, so are the taxes taken out. It may help some people to go online and us a tax estimator to see how much is really ‘take home’ pay.
- Tax returns are more complex as salaries and investments increase. Debt relief will play a big part in the first few years of a career. They need to use deductions and tax breaks wisely to maximize money they can put toward paying down debt.
Careers are assets that need to be managed. Young people need to understand that they are investing in themselves and make careful planning decisions about where they want to go in their work life.
Getting hired is a great feeling, but knowing how to manage a career is important. Making the right financial and career decisions can put a consumer in the perfect position as they reach their 30s and 40s.
Where to live
Another big decision for graduates is where they are going to live. Studies show that more than 30 percent of all new graduates move back home with their parents to save money. This is a good idea, but if it isn’t possible, there are ways to manage.
- Young people should first of all, open a bank account. Some landlords require security deposits and first month’s rent come in the form of certified bank checks.
- Consumers should make sure they’ve saved enough money for their first rent and expenses.
- Roommates can help defray the costs of renting, but it should be looked at as a business transaction. Make sure there is a written agreement outlining all requirements and responsibilities prior to them moving in.
- Finally, young people could consider subletting an apartment for a short period of time to get themselves used to paying monthly bills and understanding the amount of money they will need to sustain themselves.