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The Self Supporting Stage |
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Typical financial concerns in this stage are:
- Paying Rent/Mortgage
- Buying a car
- Paying off college loans
- Managing money
To see how our toolkits can help you, click one of the following links:
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The Self-Supporting Stage is a period of transition
from student to working adult. This stage presents a fair amount of financial
challenges. On one hand, having a steady paycheck for the first time can
be very exciting, but knowing how to manage that money is typically the
biggest challenge of this stage in life. For those who have just graduated
from college, this stage may be the time to pay back those student loans
and get a handle on those credit card bills you have rung up. Many during
this stage will buy their first new car to go along with their first job.
The Self-Supporting Stage is a period in life with a lot of free time
and many interests to spend that time on. Likewise, those interests usually
cost money. This is a time of great optimism -- the sky is the limit and
there is no telling how far someone will go in life. Developing good habits
in terms of work, life and financial management will help future goals
become a reality.
The features and functions of Simple Home Finances Toolkits to use in this stage are:
- Use our Budget toolkit to:
- Develop a realistic budget
- See how much money is available after deducting all your living costs.
- Manage your home finances on a month-by-month basis.
- Use Loan Management from our Loan toolkit to:
- Track your student loans to see how much you owe, what it costs and how long it will take to pay off.
- Track your car loan to see how much you owe, what it costs and how long it will take to pay off.
- Plan for paying off your credit cards by treating them as installment
debt.
- Model prepaying to determine how to pay your loans off in an acceptable period of time.
- Use Loan Planning from our Loan toolkit to:
- See how much Rent or mortgage you can afford.
- See how much you can afford to spend on a car.
- Use Investment Modeling from our Retirement toolkit to:
- See how much you can afford to save and how it will accumulate over a period of time.
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