Making An Entry Level Salary Work
Even though finding an Entry Level Job is often “the hard part”, it’s not the only challenge that you will face. It can also be very challenging to get by once you’ve found one.
Truth be told, I’m a bit of a personal finance junkie. While I am still paying down my student loans (and will be for the next several years), I do my best to avoid any kind of consumer debt. The thought of running up large credit card balances scares me.
That being said, I know first hand how difficult it can be to get by on an Entry Level salary. It was a big shock when I landed my first job offer, only to be surprised at how small the offer was. But I wasn’t alone. Many of my classmates and friends ran into the same problem. Often, your first job pays you barely enough to live on (or in some cases less, depending on your current lifestyle).
So when I read Stretching An Entry Level Salary As Much As Possible (from The Sun’s Financial Diary), I thought it would be worthwhile to share some of their tips.
Most of the article has to do with how you can modify your lifestyle to suit your income. One of the best pieces of advice has to do with how you can reduce your housing costs:
Rent a smaller unit. Rent an apartment unit that is fairly small but closer to work. Once you graduate from college and starting working as a young professional, rent will probably become your largest monthly overhead expense.
This is great advice. You can even take it a step further and find a roommate. This is a great way to cut down on one of your biggest expenses.
Hopefully, when you land your Entry Level Job, it will exceed your salary expectations. But just in case it doesn’t, give Stretching An Entry Level Salary As Much As Possible a read.