However you can make it a little easier by knowing what’s going to change in regards to your finances, and being ready to take those changes on. To help you out with this, we’ve put together a list of some of the money-related things you need to know post-graduation.
Now that you’re no longer a high school student, your parent(s)/guardian(s) may decide that it’s time for you to begin paying rent. This isn’t entirely uncommon, as many parents feel that it’s a good way of preparing their children for when they move out and have to pay rent to a landlord. However you’ll probably take solace in the fact that your parent(s) most likely won’t charge anywhere near current rates. If your parents want you to pay rent, you can have a conversation with them about it, and arrange a weekly or fortnightly amount that everyone agrees is reasonable and sustainable.
Public transport and other concessions
As soon as you finish high school, buses, trains, and ferries will become more expensive. Losing your student concession can be a real hit to your wallet, due to the fact that in most states, a concession fare is roughly half of a non-concession fare. So you’ll essentially be paying twice what you used to be paying to get around. Even if you’re planning on going to uni, you’ve got several months before that kicks off, so for those few months you’ll be stuck paying full price for public transport.
Okay, so maybe you’ve been saving and saving for a few years and you’re ready to ditch public transport altogether in favour of your own set of wheels. Just be aware that the purchase price of your car is only a small part of the cost.
Registration, car insurance, petrol, servicing and other running costs can all add up singificantly, so make sure you can afford the ongoing maintenance of a car before you buy one!
Choosing a mobile phone plan
As with the first point on this list, graduation may be the tipping point for this one. Many students go through high school with their parents footing the bill for their mobile phone use, whether it’s prepaid or postpaid. However once you leave high school, your parents may decide that it’s time for you to start paying your own phone bill. Maybe cut down on the data usage? You might have been happy using data and credit all day every day on your parent’s dollar, but you may have to reign in your usage a little bit if you’re the one paying. Check out the Canstar Blue mobile phone provider customer satisfaction results here.
Most of us leave high school at the age of 17, but depending on when you were born, you might be 18 rather soon, which is the minimum age requirement for a credit card. Now, there are three options here: get a credit card and use it well, get a credit card and use it poorly, or your parent’s preferred choice; don’t get one at all. To be honest, at the tender age of 18 you’re probably best off agreeing with your parents and avoiding a credit card for a few years. They’re the single easiest way to get into financial trouble, and there isn’t any real reason why you’d need one at 18. Check out all our credit card information here.
Surviving financially after graduation is something that you can definitely manage; it just requires that you’re aware of what you’ll be dealing with. Good luck to you.