We’ve previously written on 4 Bookkeeping Tips for 2024 Graduates and have so much more to say. There is more to finance post graduation than debt, investment, employer matching, and technology. Read on to get 4 more bookkeeping tips for 2024 graduates.
1. Don’t Stop Learning
The good news is that now it is easier than ever to learn about finance, investments, and many other forms of bookkeeping. You can subscribe to the newsletter of your favorite personalities, or even add them to your favorite social media streams. Just be sure to not follow the opinions of just one source and shop around.
Did you know? The average rate for credit card interest is 21.59% EACH MONTH for new credit card users and 22.93% for existing accounts? Source: Wallet Hub
2. Use Credit Cards Wisely
You don’t have to be a recent graduate to know that today’s interest rates are outrageous on all your credit cards. For example, say your credit card rate is under the national average at 20%. You charge $1,000 the first month and only pay the minimum of $50 for the first month. Without charging a single penny extra, your next bill will be $1,140. Credit card are a necessary evil. Be sure to choose one with perks like mileage points, cash back, no yearly fees, and ALWAYS pay the balance each month. Only suckers pay credit card interest.
3. Don’t Waste Your Money on Rent
As you’ll learn with age, renting is only a good deal for the landlord. You will basically spend a good couple hundred to couple thousand per month to live in someone else’s property and build exactly 0% in equity. But you say interest is too high? It absolutely is. But it won’t be high forever, and refinancing is always available. And you don’t even have to buy now. Get a roommate or two, live at home for a bit, or rent a room in a house to save up money for that all important down payment.
Did you know? Approximately 46% of renters in the United States spent 30% or more of their income on housing, along with nearly 23% spending at least 50% on rent for the year 2020? Source: Pew Research
4. Do I Need a College Degree?
We are all told that those with a college degree tend to earn more income than those with just a high school diploma. But there are tons of ways to beat the odds. For example, there is this list from Indeed that shows jobs without a college degree that pay very well from the trades to medicine to simple desk work. Likewise, there are also tons of other degrees with competitive job markets and jobs that do not pay well compared to the national average, such as:
- Theology – average salary $40k per year.
- Performing arts – average salary $42k per year.
- Social and public services – average salary $47k per year.
- Education – average salary $48k per year.
- Liberal Arts – average salary $50k per year.
You may read the entire list here: https://www.indeed.com/career-advice/finding-a-job/lowest-paying-majors
More Bookkeeping Tips for 2024 Graduates
Are you a recent or upcoming graduate who needs professional help with your taxes, books, or other? Feel free to contact or call us at 281-894-6494 to schedule an appointment to learn more.
