How To Build A Graduation Emergency Fund
While education opens opportunities for better jobs, fresh graduates must face the fact that the job market is not as hot as it was before. Many fresh graduates find it hard to land a job. In fact, a lot of graduates can go for months without getting a job offer or a reply for an interview. This poses problems to those who never had a backup plan for their finances. Who will pay the bills if they have not landed a job yet?
If you are in college and are reading this, you are lucky because you can still prepare for these realities. Let this post serve as your guide to be able to build up an emergency fund you can use after graduation.
- Start by examining your finances. List down what your sources of income are. This can include your part-time job income, assistance from your parents, scholarships and financial aids. Next, identify every expense you have. Expenses are not limited to the following: books, rent, tuition, food, transportation, clothes and electronics. Now, compare your income vs. expenses. If your income is greater than your expenses, you are on the right track. Use that extra money to start building your emergency fund. However, if your expenses exceed your income, it is about time you cut back on your expenses or add some more income streams.
- Estimate how much your post-graduation expenses would be. Identify how much your expenses will be after graduation. Do your research on what kind of expenses every post-graduate will have and then estimate an amount for each of these expenses. Make your estimate high enough so that you won’t be caught off guard especially if your expenses would end up so much more than you’ve anticipated. Use that estimation as the goal amount for your graduation emergency fund.
However, if it is already too late to start an emergency fund, know that you can always take advantage of your vehicle’s equity through car title loans.
Residents of Leduc County with a car registered under your name can easily qualify to Leduc County Car Title loans offered by Car Title Loans Canada.
Car Title Loans Canada works with licensed vendors who can loan you money based on the equity value of your vehicle through Leduc County Car Title Loans. With car title loans, your vehicle is your credit, not your credit score. Thus, you can be approved despite a poor credit score.