Avoiding Post-College Pitfalls

Do you remember what it was like making the transition from high school to college? If you, like about 40% of public and 60% of private school students, chose to disembark from the comfort and freedom of your parent’s room and live on campus, you certainly remember. Meals were no longer cooked for you around dinner time most every night. The food was probably less healthy, tasted worse, and the money came out of your pocket (either directly if you paid your own way, or indirectly via loans). You were also, of course, paying for your room–and it was probably smaller and more cramped than the one at Mom & Dad’s place.

But, over time, you got accustomed to it. And then, at the end of your four (or five, or six…) years at college, things made a drastic switch once again. Suddenly, you’ve found yourself with a more well-paying job and a little bit more money on your hands. So what’s your first course of action when you get that first paycheck at your new office job? Buy a new car, an expensive new watch, or a few other luxury items you can now afford. Right?

Excessive lifestyle inflation comes almost naturally when you move out of your parents house, get your first job, and live alone. But it doesn’t have to happen at all if you know how to manage your money, your expectations, and your lifestyle.

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