Zenopa welcomes freelance writer Jocasta Morrison, who gives her tips on how Healthcare Graduate students can manage their money.
"Considering that around 1.8 million students may receive a bachelor's degree this year, it's safe to say healthcare graduates aren't alone in worrying about their future. But a healthcare graduate student’s debt and the need to manage their finances after graduation can be significant, which is why graduates should immediately set up a plan to repay their student loans, look for a job that can support them until they enter their field, and seek personal insurance.
“Freelance writer Jocasta Morrison gives her tips on how Healthcare Graduate students can manage their money. “
Accept A Steady Job, Even If It Doesn’t Pay Highly, Immediately
Many HC graduates find employment in fields that use their education to help them through the last few years of college. Many work as personal trainers or healthcare consultants, for example, leveraging the knowledge they gain during their studies. A job like personal training may not pay much, but it can give you a steady stream of income to help kickstart your financial management and acts as job experience on your resume.
The Government Will Get Its Money Before Anything Else
That can help you to set up a payment plan and begin paying off your student loans immediately. After graduation, most students have a maximum of six months to make their first payment on their student loans. Failure to do so can lead to garnished wages, as the government seizes the money it’s owed whether you object or not. Before anything else,establish a regular payment plan to keep your student loans in check and avoid sullying your credit history.
Write Down Your Income And Expenses
Whether you receive an internship or begin working immediately, create a guide or spreadsheet to track your income and expenses. Most healthcare graduates earn a set salary, rather than earning an hourly wage. This means it’s easier for you to establish what your budget is for the intervals between paychecks, but it also means that if you go over budget, you probably can’t put in more hours or work overtime to make up the difference.
Predict Your Expenses, And Budget For Them Accordingly
Once you’ve covered your student loans, and created a budget for living expenses, then you can consider insurance for yourself, personal property, and so on. You likely don’t need life insurance, unless you have a spouse or child to take care of already, but you still need to pay automobile insurance if you have a car and house insurance if you own a home. These are often required expenses. After insurances are paid, then we recommend setting money aside as savings.
To better manage your money after graduation always pay off student loans and the money you owe to the government first, or they may seize your income entirely. Create a budget, so you know what to save for. If you can't find a good job in your field right away, at least look for a steady paying one, and try to put money into your savings where you can."
Looking for a job in the Healthcare Industry?
As the leading agency in healthcare recruitment, our consultants at Zenopa can offer you guidance and advice and assit you in kick starting your career after you graduate. We offer recruitment services in Sales, Marketing, Engineering, Technical, Management and Director roles in Pharmaceutical, Over the Counter (Consumer), Scientific, Medical Devices, Dental, Animal Health and Healthcare Communication sectors.
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