6 Tips for Relocating to a New City After GraduationPosted March 29, 2022, 10:00 am by
Relocating to a New City After Graduation
As a teen, you might find it difficult to imagine what your future might look like. With so many potential careers to choose from, sights to see and people to meet, there are hundreds of ways your life can turn out right now. For those who’ve just recently graduated - either from high school or college - the choices may seem even more overwhelming. That's why many teens feel the urge to start fresh and relocate after graduation. Relocating to a new city can open up a whole new world of possibilities for your social life, your career, and your future as a whole - no matter where you are in your life right now.
While moving to your dream city can be thrilling to fantasize about though, know that this life-changing decision doesn’t come without diligent consideration. Major transitions like this one require lots of research and financial planning before, during, and after your decision to relocate.
Read on for some tips for those contemplating relocating to a new city after graduation.
1. Find Your Career Path
Since your first year of college or perhaps even earlier, you've likely studied a subject that would put you on the trajectory toward a certain industry. However, there can be numerous positions within the field that fit your skill set, Factor in hybrid vs. remote work, benefits offered by your employer, growth opportunities, salary requirements and more, and there's a lot to figure out before relocating.
The job hunt itself can be difficult too, and listing out your needs and wants for your career can help you make the best decision for yourself. Be sure to speak with an advisor, ask questions in your job interviews, and be brave enough to negotiate for what you deserve. Accepting a job that’s the right fit for you will make your decision of where to live more intentional and successful.
2. Research the Right City for You
It’s extremely important to consider the city in which a potential job is located. This will help you narrow down your search, as you don’t want to accept a job that’s in a city you can’t see yourself living in.
When deciding the right city for you, research the best cities for young professionals with your career. You should also consider your lifestyle outside of work, and make your decision based on how the area suits your habits and daily lifestyle. Additional
- Cost of living
- Proximity to family and friends
- Social life
Make sure you visit any location that you’re considering moving to. Whether it’s a week-long stay or visiting a few weekends, you’ll be able to get more familiar with the area and see if the lifestyle you’ll have there is one that suits you.
3. Decide to Rent or Buy
The next step is to think about housing. Many recent grads choose to rent as a more inexpensive option. Renting allows you to live with roommates and split the cost of rent in order to free up your finances and build your savings for a down payment on a house later on.
Depending on how much you’ve saved from your jobs or internships, your new salary, and whether you meet the minimum credit score to buy a house, buying a home may be in the cards. Each city has a different cost of living, which will determine whether renting or buying a home is affordable in that area. To help you decide the wisest option, speak with a financial expert who can compare the costs of each.
4. Come Up with a Financial Plan
Once you secure housing and know how much it’ll cost you each month, the next step is to create a budget. Your budget will be unique to your specific situation. It should encompass all of your anticipated expenses, such as your phone bill, car payment, and wireless services.
Remember that it should also leave some wiggle room for both extracurricular activities, and most importantly, saving. Experts recommend you use the 50-30-20 rule, which dedicates fifty percent of your budget to your needs, thirty percent to your wants, and twenty percent to your savings account. Knowing this, you can make smarter choices when it comes to your spending post-relocation.
5. Tackle Student Debt
Student debt is an obstacle that the many young people have to face. If you're relocating after your high school graduation, you may not have to deal with this. For many others though, student debt is a major financial burden.
For that reason, it’s crucial to factor your student loan payments into your financial plan. Make a plan to pay down your student loans with the highest interest rate first in order to eliminate the thousands of dollars you’ll pay in interest fees over time. Refinancing your student loans can be a great way to reduce your interest rate and make your budget a bit more flexible after the move. You can also explore loan consolidation, which takes your loans coming from different lenders with different interest rates and makes them one loan, which can make payments more manageable for recent graduates. Be sure to consult a financial expert or trusted adult before taking any of these actions.
6. Get Involved in Your New Community
Once you’ve found your new hometown, it’s time to dive head-first into your new lifestyle. The sooner you take advantage of all your city has to offer, the happier and more comfortable you’ll be. Attend local events, join fitness groups, and spend some time with your coworkers after work.
Visit local restaurants, stores, and cafés to find some regular spots to incorporate into your new routine. If you’re introverted and typically struggle to meet new people, don’t be afraid to utilize online groups on Facebook to meet new people nearby. Search your city’s name in the “Groups” tab to find people in your area and events that could help you get acquainted with your
Relocating to a new city after graduation might seem intimidating, but it’s a very attainable goal. To set yourself up for success, start building your savings account as early as possible. Take advantage of resources like financial experts, college advisors, and your loved ones for emotional support throughout this transition.