With the arrival of the global pandemic, a rising tide of societal change and economic uncertainty swept across the land. Many breadwinners received furlough notices and other workers saw their weekly hours reduced. Entire industries, such as hospitality and tourism, were devastated by the sudden restrictions on travel and freedom of movement. Restaurants were reduced to serving take-out meals and bars and other gathering places were often forced to close. Everywhere you looked, our economy was submerged in a tsunami of change.
Instead of celebrating the beginning of their new life as young adults, former college students are seeing few opportunities and bleak prospects for success.
The sweeping economic changes have been especially hard on recent college graduates. Instead of celebrating the beginning of their new life as young adults, former college students are seeing few opportunities and bleak prospects for success. The traditional path of graduating and then getting a good paying starting job has been swamped by the realities of a contagion that has put the whole world on hold. Carefully managing your finances is critical if you want to survive in today's world.
Consolidating Student Loan Debt
Many recent college attendees graduate with significant student loan debt. The big monthly payments and long loan terms can be a crushing burden even in good economic times. In a challenging time like the one we live in now, it's vitally important to take action to reduce your monthly payments and long-term interest on your existing loans. If you have been considering consolidating your student loan debt but are unsure of the steps you need to take, you can look for a guide that can help you sort through your options and discover the choices that are available. You'll be able to find out exactly how student loan consolidation works and be able to review which options are best suited for you.
Reduce Your Monthly Housing Expenses
Housing expenses can take up a big portion of your budget each month. Nationally, housing often consumes about a third of your take home pay. In a robust economy that might be acceptable, but that's a lot of money to be spending at a time like this. Dramatically reducing your monthly housing cost can make a big difference in your financial situation. Normally, one could save money by sharing a place with a couple of roommates. With the virus, though, it's better to be more isolated. You could consider down-sizing from your current dwelling to a small studio until the economy improves. With a studio you'll not only spend far less on rent but you will also reduce your utility costs.
Save Money on Your Food Bills
Expenditures for food and restaurant meals often consume a lot of our monthly budget too. It's easy to blow through cash when you eat a lot of meals out. We all want to have the finer things in life, but spending your hard-earned money on pricey take-out meals is a quick way to leave yourself short of funds at the end of the month. Instead of eating out or buying expensive convenience meals at the supermarket, take the time to learn to cook from scratch. By buying the base ingredients needed to prepare delicious meals at home you'll save lots of money each week. If you are a new cook, you'll find great videos on YouTube that can teach you how to cook wonderful ethnic food recipes.