BEING a student is all good when you have your parents helping you with your finances.
But once you graduate and get a job, you are on your own and things change.
Soon after graduating, most people get jobs, a good time especially after investing the time and money in your education throughout the years.
But Wesbank’s head of Motor Ghana Msibi was quick to warn SunMoney readers to save for a car.
Msibi said employers now prefer those who have their own cars as they are far more reliable in fulfilling their duties compared to those who are dependent on public transport.
“Traditionally, buying a car would mean having a credit history, which gives the banking institution the comfort of knowing that you are likely to pay back the funds that they are providing you with to buy your car.”
Msibi said, however, as a first-time buyer, or straight out of university or college, it is unlikely that you will have the required credit history.
With a job opportunity also comes the responsibility of being financially savvy, ensuring that your hard-earned money is wisely spent and assisting you to achieve financial freedom in the long run.
Msibi shared some useful tips to help graduates ensure that they are well equipped on their financial journey.
- Track your income and expenses: This means understanding exactly how much you make versus how much you spend.
- Spend less than you make every month. A budget is important as it helps you to spend wisely.
- Minimise lifestyle inflation. Be careful not to overdo it through lifestyle pressures.
- Start saving early. This is one important financial discipline that should not be put off.
WesBank Graduate Finance offering, according to Msibi, can assist those wanting to buy their first car.