Independent Financial Advisor School
Financial Planning Tips for Fresh College Graduates – Things to Remember
You are very excited on your first “sweldo” or salary as a trainee on the company that hired you even if it is just enough for a single person. But let me ask you something, can you survive without asking for your parents for extra money? Yes it is possible, when working out a budget plan and being frugal would be ideal training experience for being independent from your parents. But parents are still willing to help you on feet and spare some cash on your first few months at work till you are already receiving your monthly sweldo. It will be hard fought decisions of weighing the pros and cons of needs and wants. There is nothing wrong in sipping a one cup of Starbucks coffee once a week ore watch a very good movie with your friends but if you do this often like everyday after work you will eventually end up a hole in your wallet or pocket with your cash out flowing to expenses in which but in economic sense, spending encourages economic activity in the market. It is also a big compliment to your parents once you received your first sweldo with your family as long as you treat them on a modest restaurant or buy a carry out food that is within your budget.
1. Change your mindset – It is ideal for young people to rethink and reprogram about their understanding on money. At school, we were never taught about principles of personal investing but think again of re-educating yourself about personal finance.
2. Create a budget plan – This one is a very hard discipline to follow and it requires a lot of planning and monitoring on your spending on the next 15 days before your salary runs out.
3. Open a bank account - Better to start up opening a bank account with booklet not the ATM type of account because you might end up spending your money. This is just the beginning of building your cash reserves in times of emergency.
4. Save a percentage of your earnings – Once, you open that booklet bank account. You better start saving some of your cash. Let say you earn about PhP 12,000.00 per month net, you can start by PhP 500.00 to PhP 1,000.00. When you get used to the regimen of saving that 500 to 1,000 pesos then increase to a much bigger amount like 1,500 pesos to 2,000.00 pesos.
5. Stay away from temptations – There are lots of temptation around, for women shopping is one reason they get indebted without thinking then feeling guilty at the end. Men also have lots of temptation from vices that are unproductive and destructive. There is nothing wrong in joining up for a night of a festive mood and you are feeling that party swing. Yet you can go out as long you have done careful study and plan on the cash you will be spending as long as you stick with your budget limit.
6. Be open minded – Keep learning, read new books on personal finance investments or attend enriching seminars which can be useful in the near future. If you need advise from a financial advisor or consultant seek help immediately.
7. Dreams have deadlines – Remember that every dreams have deadlines in which goals should be accomplished on a given timetable. From setting your career, buying your first car or owning a new gadget etc. I know that some of us have dreams of becoming big and live a care free life but then again we face the reality that high maintenance lifestyle is not feasible unless you are ultra rich person but if you study the cases of celebrities, their lives become miserable and desperate.
A responsible youth is mature enough in their minds with high hopes and dream even if reality bites in that it will be a long hard campaign to succeed. Being frugal is the start if you want to reap the fruits of your labor in the future. Don’t forget that losing that glimmer of hope can make you pessimistic about your life, your job and career
About the Author
CRB Benedict F. Baluyut is a certified real estate broker and financial planner. Has been in the real estate industry for the past five years working for C. F. Baluyut Realty as a associate real estate broker and a member of Real Estate Brokers Association of the Philippines. He is a personal finance lecturer and advocate after learning the intricacies of financial planning with Registered Financial Planner Institute – Philippines with affiliation from Registered Financial Planners Institute of Ohio, USA.
You can catch him on his personal finance blog at http://pinoymoneyvantage.blogspot.com and his real estate blog at www.pampangarealestatetv.net. His company website is www.cfbaluyutrealty.com.
My school processed my financial aid wrong and now I owe them money, help!?
So I applied for Fafsa for the school year and my EFC was 0. I received a refund of $450 for the first part of the semester and I used it to buy a flash drive and some groceries and gas I needed to get to school. Now, my financial aid advisor e-mails me at the end of October saying I answered a question wrong and she didn’t look at my file til now. So she changed me from independent to dependent even though I live on my own and support myself.. so my EFC skyrocketed to 4000. Now I owe them back for $800 for my books and refund and I’m getting nothing towards my tuition, and the semester is more than half over.. What do I do?
I had a similar thing happen to me, although it was completely the schools fault and not a question I answered wrong.
In my situation I fought the school and won because they are supposed to handle everything before they send you the money, but the laws governing student aid do say you have to repay the money if you “intentionally misrepresented yourself.”
In your case I think it boils down to what the question was that you answered incorrectly. If it’s obvious this was a mistake, and it’s one that the school should have caught before they issued you the money, then the school is to blame and you’ll get to keep the money. But if it was a major question you answered wrong, and it even looks like you were trying to commit fraud, then you’ll have to pay them back, even if it was an accident.
Email me at pgangluff AT yahoo.com and tell me more about your situation. I have all the legal research you’ll need if your situation is close enough to mine.
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