In late 2008, early 2009, Canada was in full recession as a country and many individuals in the workforce were having trouble balancing their checkbooks with their new and unwanted financial burdens. At the same time one in three young students were unable to balance a personal checkbook. This economic recession period has begun stabilization but the majority of young student still haven’t learned personal finance. As these students begin graduating, their success in the workplace will be determined by their personal financial planning skills
Personal finance is a difficult task for all graduating students, as many students are now having to payback government and personal loans, which have been interest free to this point. Once a job is secured after graduating, be it full-time or part-time, a personal budget needs to be established to match the income earned from the new job. For many, this is a difficult step and realization as an $80 cell phone bill may no longer be an option with your new job along with other luxuries that may need to be reduced or eliminated to balance the personal budget. For most, the hardest part of budgeting is accounting for all expenses expected and unexpected. A common place to search for advice to successfully build a personal budget is at home with family members. This isn’t always the best place to go for financial development and advice.
Currently, there are plenty of resources to help an individual develop a personal budget and become a young and successful graduate. The traditional method is to breakout the dusty old textbook though this method is time-consuming and difficult to apply properly. The modern approach is to use online tools that account for all of the variables in your life and teach you how to properly build and maintain a personal budget. By learning personal finance and making it easy, an individual can gain the confidence to successfully plan for the rest of their lives whither it be finance or any other area of their life where planning is needed for success.
Graduates who possess the ability to balance their personal finances immediately out of school will lead a more successful leisure and professional life as the burden of debt will likely never linger over them.