Top Financial Advice to Help You After Graduation

Being a graduate may seem all rosy on the surface; however, it is certainly just the beginning of a rat race wherein you need to struggle for a good couple of years to prove your mettle. Needless to say, your first task is to get yourself a decent first job. This, in itself, is a challenging feat with thousands of other graduates vying for a spot that only can enjoy. However, at a certain point, after acquiring your very first job, you may have to pay careful attention to your finances for several reasons. Although the sound of being independent may seem like music to the ears, you need to realize that there is immense responsibility on your shoulders as well. To make sure that you make the best of your financial resources from your first job after graduation, this compilation of financial tips will help you in the process.

1.) Ensure that you save more and spend less:

This is the most important rule that every recent college graduate must swear by. Although you have landed your first job after graduation, your career can take a turn for the worse if you do not handle it with care. The first step to ensure this is by saving all the money you earn instead of splurging it on things that you do not require. Although you have finished your graduation, you must continue living like a student by being far more frugal than you may want to. By doing this, you stabilize your career for the near future. Essentially, you must save a lot more than you actually spend. Besides, you must make sure that you spend only for what is an absolute necessity. The rest of your money should be transferred to a savings account. You will be surprised at the interest you will receive in the coming years. it is an excellent way to add value to your savings.

2.) Avoid using a credit card; save up for emergencies instead:

A credit card may seem like the only means of salvation but you must realize that it can cause more harm than good. While it can take care of an emergency situation, it can lead to horrid financial troubles later in life. Therefore, it is best that you do not resort to this means for providing for an emergency fresh after your graduation. Instead, you could save up a small amount every month to build up an emergency fund that can be used if you meet with emergency situations like an accident.

3.) You should be prompt in the payment of your student loan:

It goes without saying that paying for college can be a daunting task and therefore, most of the students prefer to opt for a student loan to get them through graduation. Some students prefer waiting it out before repaying their loans. However, you must refrain from doing so. Being prompt is the key and therefore, you must ensure that you start paying off your student loan immediately to avoid being hit by interest rates that will cause your overall balance payments to rise. You must meticulously plan out the time that you will require to pay off your debts in order to be on the safer side.

4.) Take advantage of your employee benefits:

If you are an employee of a reputable firm, you will avail of impressive employee benefits that will help you save an enormous amount. This is particularly helpful for you since you have only just recently graduated and are not completely equipped to handle every financial situation well. Therefore, employee benefits like health insurance, life insurance and other such benefits can help you immensely when you are just starting out.

Author’s bio:Patricia Wilkinson is an employee with a well known firm. She graduated 3 years ago and has a professional degree in finance with the help of graduate schemes. Besides, she is also a blogger of http://www.graddiary.com/ and loves to eat. She also loves reading extensively on finance and always stocks up on the latest financial journals and magazines.

Four Reasons Why Businesses Should Insure their Employees

Offering health benefits to employees should not be considered controversial. Yet, there will be quite a bit of deliberation on the part of many small business owners regarding whether or not they should offer insurance coverage to their employees. Often, the deliberations will revolve around whether or not the the business can afford benefits or if the procuring a policy will be cost-effective.
Once a small business owners looks at the benefits of having a company insurance plan, a decision to offer health coverage to employees will likely be made. The following are four reasons why this is so.

Health Coverage Helps Retain Good Employees

Good help is worth paying for because it is not always easy to find or retain good help. If a water boiler repair company has a top technician under its employ, it really does not want to lose him. To keep such skilled talent in the fold, offering health insurance would be one such way to do so.

Those Working for the Company Maintain Good Health

On the surface, making sure the health of an employee is maintained may seem outside the responsibility of the employer. Actually, the health of an employee can contribute to the fiscal health of a small business. A service company cannot send out its top technician on a job if he is ill. Health benefits ensure the worker is able to take better care of him/herself. As a result, less sick days are required and the worker will perform at the highest level of effectiveness when on the job. A boiler service, for example, would certainly not want to see technicians taking too much time off. Without workers available to handle repair requests, clients might go elsewhere.

There are Tax Breaks Available to Employers that Offer Health Benefits

The tax code might be complicated in certain areas, but it is rather straight forward when it comes to the deductions a small business can take when it offers health coverage to an employee. Quite often, the money saved on state and federal income taxes thanks to this deduction will contribute towards the money paid for the healthcare policy. As a result, the health coverage is bought at a discount.

Employees Can Acquire Group Insurance Through Your Offer

This can prove to be very appealing to employees. If the employees see this as an asset, they may keep it in mind when weighing options to stay with your company or moving elsewhere.

Offering health insurance coverage to employees benefits the employer as well. Once a small business comes to this realization, it becomes a lot easier to make the affirmative decision to make health coverage plans available.