Financing your college education with loans is the new norm. If you’ve never filled out a FASFA for college, consider yourself lucky. But if you have, you’ve probably felt the crippling weight of those loans even before crossing the stage.
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While there are a number of options to ensure that you are financially sound throughout your college education, there is still a considerable gap in financial literacy after college and how to apply that knowledge to your career choices.
There are many benefits to working on your financial literacy to ensure you maintain healthy finances and a balanced career. Here are a few ways financial literacy can improve your finances and career:
1. You develop better spending habits.
You obviously don’t want to stock your kitchen full of ramen noodles, but being hyper-aware of your spending habits can help you in the long-run, especially if you’ve had issues with splurging or frequently making big purchases you can’t really afford.
A good way to keep track of your spending habits is through the app called Mint. This app is perfect for keeping a close eye on your credit score, managing multiple bills, and creating budgets that allow you to save for short or long-term goals.
Once you are aware of how much or how little you spend, you can begin to put back towards different goals, or even invest more in an employer’s 401K.
2. It teaches you the value of a savings account.
It’s always a good idea to set up a savings account, especially in the event you encounter an emergency or major life event.
You can easily start this by scheduling monthly deposits from your primary account into a savings account or signing up for an account where you earn money for specific purchases. If you’re receiving a big refund this tax season, you can use that money to jump-start your savings account.
When you start investing in yourself you’ll begin to feel more stable and confident in your money management skills. This confidence can trickle into your everyday workflow, giving you more inspiration and enthusiasm at work.
It doesn’t take much to save as long as you start somewhere.
3. It teaches you to embrace jargon.
If you haven’t read your promissory note, credit card agreements, an offer letter, or are quick to dismiss finance jargon, it might be time to change those habits and educate yourself.
The more you work at financial literacy, the more you can expect your life (and career) to flourish. If you’re interested in learning more ways to improve yourself as you navigate life after college, check out Work It Daily’s YouTube channel, hit subscribe, and learn what more you can do to stand out during a job search, or how to make yourself even more competitive in your career.
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