College is over. Now what? That is the question that many ask themselves when their final phase of higher education is complete. Of course, it’s pretty common for juniors and seniors in college to devise plans of action for the future. However, sometimes those plans fall through, so many are left to create suitable replacements for the original goals.
With the economy in a volatile place, it’s essential for grads to develop a to-do list for post-college life. Every person’s situation is unique, but there are a few universal actions you can take to deal with the uncertainty, rocky job market, and rampant inflation. A very wise first step is to make a detailed job search plan. For those who are paying on one or more education loans, now is the time to consider refinancing for better terms.
Other worthwhile goals include acquiring a life insurance policy, keeping a close eye on general health, maintaining an active social life, and continuing to expand professional networks. That might seem like an overwhelming number of things to do, but if you’re currently unemployed, consider it your temporary job until a paying position comes along. Here are more details about how to make the most of that critical time period after receiving a diploma.
Refinance Student Loans
Perhaps the simplest action you can take, but one that has a huge potential to improve your financial situation, is to refinance education loans by putting them into a new agreement, complete with new terms and conditions, which are nearly always better than those that came with the original loan. There’s no need to wait years before opting to refinance, which is why so many recent grads decide to do so. Those who choose refinancing student loans with NaviRefi can gain access to better rates, more favorable repayment periods, and lower monthly payments. The main idea behind a refi is that the borrower gets a better deal due to having higher credit scores than when the initial loan was taken out.
Get Serious About the Job Search
Getting serious about finding work is one of those easier said than done goals, simply because there are so many obstacles to locating a rewarding position. Plus, it’s a time intensive, often frustrating endeavor. There are reasons some people are more resilient than others and that can really show during this process. However, there are specific steps you can take to get across the finish line. The first is to make a resume that targets the kinds of employers you’ll be interviewing with. Next, make a daily schedule that lists all the companies you wish to call, email, or personally visit. Consider working with a professional search company that gets its fees from employers, not job seekers.
Set Up a Retirement Account
Don’t wait until you reach middle age to start saving for retirement. By leveraging the amazing power of compound interest, you can turn a small monthly contribution into a sizeable nest egg during your active career. Plus, it’s simple to create an account through almost any bank or broker. Fill out a short form that officially designates the account as being for the sole purpose of retirement savings, and that’s all there is to it. Make monthly or annual contributions with before-tax or after-tax money, depending on whether you choose a traditional or Roth IRA.
Buy Life Insurance
Life insurance prices are surprisingly low for young people. If you’ve recently graduated, make an in-person appointment with a licensed, experienced insurance agent. Try to find someone who has many years of experience working with young people. That’s the best way to get high-quality coverage for the lowest price. Many people assume they’ll save money by ignoring the need for coverage. However, one or two decades down the road, you’ll be very glad that you made a small financial commitment to buy life insurance while you were young.
Don’t Neglect Your Social Life
It’s too easy to get into the career game and devote too much time to a job. While it is possible to put in extra hours at the office in order to move your career along quickly, working too much is also a fast way to suffer emotional and physical burnout. As an alternative, consider working a full-time schedule while still making time to conduct an active social life.
Always have the idea of networking in the back of your mind. It never hurts to collect names, phone numbers, and email addresses from anyone who could help you move forward in your current job or offer you a new one should you decide to change careers or positions.