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5 Smart Tips for Managing Salaries for Fresh Graduates , Must Know!

 


Being a fresh graduate has its own challenges, especially in the midst of intense competition in the work industry as it is today. Back when you were in college, maybe you hoped to graduate soon and get a job. But it turns out, working is not an easy thing, especially if you are a fresh graduate who is still earning.

Some time ago, there was a lot of news about the increase in the city/district minimum wage. Some areas even filed lawsuits because the wage increases did not match expectations.


If you are currently still a fresh graduate and still earning , don't be discouraged! Here are some tips for managing salary for you fresh graduates who are still earning. Come on, see!


No Specific Formula


Often you see tips about finance that divide your needs using a certain percentage. This is not wrong, but unfortunately the formula cannot always be applied to everyone because each has different needs.


Some have to use their salary to live with their parents or some have to pay the monthly rent for a boarding house. So, the most important thing is to understand your needs first. Separate which is a priority so that you will understand the formula that is suitable for yourself.


Create a Monthly Budget


Well, to find out how much you spend each month, you must first know where your money is being spent. Write down your expenses down to the smallest detail so you can get an idea of ​​how much you need each month. That way, another benefit that can be obtained is that you can trim any unnecessary needs.


There are some budgeting tips that you can apply. First, write down your expenses per day. After the end of the month you can do an evaluation, which posts can you cut so that your expenses are not too much.


Then at the beginning of the month, determine your spending goals for that month. Keep doing daily notes and evaluations at the end of the month. That way your expenses can be more controlled.


Prepare Emergency Fund


What, the heck, is an emergency fund? For those of you who are still unfamiliar with the term emergency fund, an emergency fund is a reserve fund that you prepare without a specific purpose which will usually be used during an emergency. The size of the emergency fund is usually 6 times the expenditure per month.


Well, if you have made a budget at the beginning, you can calculate the amount of emergency funds that must be prepared. The calculation of 6 times is based on the assumption that if you lose your job or you are in a situation where you do not get income, then for the next 6 months you can still meet your needs because there is still an emergency fund.


As an estimate, if you are a fresh graduate with a minimum wage of IDR 3.5 million and your monthly expenses are IDR 2 million per month. Then the emergency fund that you have to collect is IDR 12 million.



Add Source of Income


The most appropriate investment for you fresh graduates is an investment for yourself. The trick is to improve skills through training, seminars, or increase income by looking for additional work as a freelancer or opening a small business.


Currently, there are many sites that provide work as a freelancer that you can try. With increasing skills, coupled with freelance work, your income can also increase.


Besides that, don't forget to expand your friendship, okay! Who knows you may get acquaintances who can make yourself more developed and bring in money!


Start Learning Invest

Investing according to a certain risk and return profile can make money work for us

Investment Illustration/photo: pexels.com/Burak Kebapci

There are many young people who are finally literate with investment. Plus now there is a lot of information about investing that you can learn through YouTube channels, social media, or several webinars. So, it's no longer an excuse if you don't want to try to start investing.


Eits, but don't invest because you're following the trend, OK! Invest with the aim that you can be wiser in managing your money and making money work for you. Expand information and insight about what investment instruments are suitable for your risk profile.


Set your own investment goals and the return you expect from the investment you make. Keep your daily needs first and prepare an emergency fund first before you start investing.


After reading the tips above, are you motivated to start being wiser in managing your money? So don't feel inferior if you are still a fresh graduate with income.


By practicing managing money little by little, you will start to get used to managing larger amounts of money. That way, the money you have will be more useful than just activities that are temporary pleasure. Don't forget to set it aside to share with those in need. Good luck!

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