With the Education Loan Non Performing Assets up by 84%, there is dire need for a financial reform in Indian household finances. For graduates, this means managing finances more effectively from the minute they graduate, and that requires a plan. While a good career trajectory seems like an obvious place to start, it requires a little more than a decent salary to get on top of finances.

managing your funds

Keep An Eye Out For Bespoke Graduate Products

One of the things graduates need to focus on soon after graduation is building up their credit score. While there are many ways to get this started, a credit card tends to be the fastest way to get it done. There are a number of credit cards that are suitable for graduates, including those that include a 0% APR, travel benefits, and extra points. Graduates who don’t qualify for the regular credit cards can opt for a secured credit that allows them to build up their score without risk to the bank. But graduate products extend to other services as well, such as unique bank accounts and savings products.

Understand The Makeup Of Your Finance  

Managing finances is far easier when you know what you’re dealing with. In order to get an understanding of your finances, it’s important to know how much student debt is outstanding, what the repayments are, and how much will be paid over the term. In terms of accounts, monthly fees and charges quickly add up and even accounts with retailers can be costly, merely by keeping them open. Savings accounts can charge up to Rs 50 per transaction once the threshold is reached and current accounts up to Rs 20,000, so it’s best to keep an eye on the transactions and charges.

Employ The Services Of A Financial Advisor

Building wealth starts with small steps and an understanding of the financial markets. This doesn’t come naturally and often needs the guidance of a professional. According to research, around 32% of Indians fear that they won’t have enough savings in the event of an emergency. By meeting with a professional, they can provide guidance on the various savings vehicles available to them.

Getting off to a good start financially is important for graduates, as it allows them to set a firm foundation for their future.

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