Securing your first employment opportunity is an exciting accomplishment for any graduate. Especially after investing the time and money in your education throughout the years. However, the need to be mobile as a working individual soon becomes a reality. Employers often consider those with their own set of wheels as far more reliable in fulfilling their duties compared to those who are dependent on public transport, which can be unpredictable at times.
Traditionally, obtaining a vehicle would mean having a credit history to go by, 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. However, as a first-time buyer, or rather fresh from tertiary, it is unlikely that you will have the required credit history. Yet it is important to make building a credit profile a priority.
With having secured that job opportunity also comes the responsibility of being financially savvy, ensuring that your hard-earned money is wisely spent and assists you in achieving financial freedom in the long run. WesBank has outlined some useful tips to assist graduates to ensure that they are better equipped in their financial journey:
- Track your income and expenses: This means understanding exactly how much you make versus how much you spend. Essentially, draw up a budget, and as difficult as it may be, stick to it.
- Spend less than you make every month: A budget is important as it helps to ensure that you spend less than what you make each month. If you do not track your spending, it is relatively easy to overspend. Also, don’t think that you will make up for it in the next month. Before you know it, you are in over your head with debts.
- Minimise on lifestyle inflation: Being young often means high pressure to go out and socialise, or buy the most expensive items of clothing and gadgets, instead of saving towards bigger purchases, like a house, or for emergencies. Therefore, it is important to be aware of your entertainment needs, and identify other less expensive means of entertainment. Splurging money once in a while is fine. However, be careful not to overdo it through lifestyle pressures. The money that you’re spending on unnecessary items, such as excessive entertainment, is money that you could be using towards something that will make a real difference to your life.
- Start saving early: One of the most common mistakes any working individual makes is thinking they will start saving when they start earning a certain amount. This is one important financial discipline that should not be put off indefinitely. Even if you start with a small amount, a little goes a long way. Saving is a lifelong decision which impacts how early you can retire; as well as having a go-to in case of a financially demanding emergency.
For those looking to buy their first car, the WesBank Graduate Finance offering provides graduates competitive interest rates, and tailor-made packages from various partners on selected car models. Furthermore, the entire application process can be accessed and fulfilled online.
WesBank Graduate Finance is designed for graduates who:
- Have a university degree, three-year diploma or NQF 6 qualification;
- Have graduated within the past three years;
- Are under the age of 31;
- Can provide proof of employment;
- Hold a valid driver’s license; and
- Are a SA citizen or permanent resident.
“Graduates who are currently in the market for their first set of wheels are encouraged to visit the Festival of Motoring annual event at Kyalami Grand Prix from 22 to 25 August 2019. The festival is a great opportunity to interact with a range of car options, engage with various OEM’s who will be exhibiting throughout the festival and also engage with the WesBank digital offerings aimed at making the buying journey seamless,” concludes Ghana Msibi, WesBank Executive Head of Motor.