How to Update Your Budget After Law School 

Content provided by legal writers

Successfully completing law school and earning your degree is an incredible achievement. You’ve put in the hard work, pushed through sleepless nights and long study sessions, and now you’re ready to get out there and start fighting for justice. However, just as the transition from school to college led to some significant changes in your life, migrating from college life to the world of work comes with its own challenges to address. Now that you’re out of college and looking for full time work, you may need to figure out a new financial strategy. Getting your head around your changing budget can be an excellent way to reduce stress and approach this new stage in your life with clarity, and confidence. So, where do you begin? 

Assess Your Financial Situation 

The first step in re-creating your budget is taking a closer look at your financial situation as it stands today. Start by taking stock of your income, outstanding debts, and expenses, to see exactly how much money you must work with each month. Using this information, you can begin to balance saving vs investing and build a new budget that allows you to live within your means. Focus on the things you need to pay for first, such as housing, food, and utilities, before putting money aside for savings, luxury, and entertainment. If you find yourself struggling to find enough money in your budget to pay for everything, you might need to consider adjusting your living expenses, by moving to a smaller house, or finding other ways to minimize your bills. 

Deal with Your Student Loan Debt 

Going to college is expensive for any academic, but it can be particularly costly for law graduates. The chances are you’ve racked up a significant amount of debt during the time you spent earning your degree. That means you need to figure out how you’re going to pay off your loan as quickly, and efficiently as possible. The faster you get rid of your debt, the less you’ll have to spend on interest and fees in the years ahead. There are plenty of ways to boost your chances of paying off student loans quickly, but one of the most popular choices is to refinance law school loans. Refinancing gives you an opportunity to reduce your monthly payments, lower your interest rates, or do both at the same time. 

Look for Easy Opportunities to Cut Expenses 

Even if you can just about afford to pay all of the bills in your life, and still access a little extra cash for luxuries, looking for ways to cut your spending can be a good idea. The more money you can save, the more you’ll be able to put towards your long-term goals, and emergency funds. Sometimes, just taking a closer look at your budget and monthly spending habits will be enough to give you a range of ideas for where you can cut back. You might be able to reduce your discretionary spending on eating out by cooking at home more often. You could consider cancelling non-essential subscriptions, and even think about switching suppliers for electricity, gas, or insurance. 

Keep a Close Eye on Your Spending Habits 

The only way to ensure your budgeting strategy is delivering the right results is to pay attention to your spending. It’s easy to simply spend money these days without thinking about, thanks to the rise of contactless payments and online stores. However, taking a more strategic approach to the way you use money is essential to avoid getting into extra debt. Use your mobile or online banking app, or a budgeting tool to track your expenses and find any problem areas where you tend to spend too much. Monitor your budgetary strategies as your life chances and be ready to make changes to your process based on what you learn.  

Find Ways to Increase Income 

Finally, a degree in law will hopefully lead the way to a fantastic income in a rapidly evolving field. However, when you’re first getting started, you might find that your earnings are still relatively low. If you’re working on an internship or in an entry-level role, you might want to look for some new ways to increase your income and unlock extra cash. You could consider selling some of the books and resources you obtained during your college course, or maybe you could offer tutoring or guidance to other students in the legal landscape. You might even consider starting a side gig as a part-time teacher.  

Get Ready to Take the Next Step 

Completing your law degree will prepare you for an incredible new stage in your life, one brimming with opportunities for financial and personal growth. However, you’ll still need the right financial strategy to ensure you can live comfortably within your means. Use the tips above to restructure your post-graduate budget and be prepared to evolve and adapt as your life continues to change. 

This content is provided by an independent source for informational purposes only and does not contain legal advice. Consult an attorney or financial advisor when making decisions. This information is provided by legal writers and does not reflect the views or opinions of The Daily Sundial editorial staff.