First Months After Graduation: Budget Essential!
The moment you finish university in Turkey, you feel a sense of freedom, yes. But immediately afterwards, there are crazy questions: “How will I make a living?”, “When will I get a job?” This is where serious financial planning comes into play.
For the first few months you may have no source of income. If you don’t have money from your family or some savings, money management will become a challenge over time. The first thing to do is to analyze your resources. How many months do you have enough money for? Food, transportation, rent, bills… It is essential to create a realistic budget by calculating these.
At this stage, you also need to know the repayment conditions of the scholarships you receive from the government or your university. For some international students, Post-Graduation Scholarship Repayment Programs in Turkey becomes a very important issue. When does the repayment start? Does interest work? Such details should be taken into account in the long-term financial planning process.
Long-Term Financial Goals: Savings and Investment
If you are just starting your career, when your first salary comes in, you may want to spend it immediately. But if you are thinking of staying in Turkey (or even if you are going to move to another country), you may face problems in the future if you don’t do long-term financial planning.
The first step is to save. This doesn’t necessarily have to be big money. Even setting aside 10% of your salary each month can save you a lot of stress after a few months. The banking system in Turkey is very accessible for international students. Check out Opening a Bank Account for International Students in Turkey to choose an account that suits you. Issues such as bank choice, interest rates and EFT fees are very influential in these long-term plans.
The investment side is a bit more complicated. If you want to open a foreign currency account or invest in gold or crypto, you need to be careful. Economic fluctuations in Turkey can even affect the exchange rate at which you should keep your money. That’s why you need to familiarize yourself with concepts such as exchange rates, investment risk and time deposits when doing financial planning.
Rent, Bills, Social Life: Keeping Monthly Expenses in Balance
During your student years in Turkey, you may not think much about dormitory life. But after graduation, you need to stand on your own two feet. Expenses such as rent, bills and social life are now your responsibility. And this is where proper financial planning will keep you afloat.
Rent prices in big cities like Istanbul are really challenging. After graduation, it may make more economic and social sense to continue living with roommates instead of moving out on your own. When bills such as electricity, water and internet are shared, the burden becomes lighter. For transportation, Istanbulkart or other city cards that offer student discounts make a significant difference in the budget.
The social life is a bit more sensitive. Friends, coffee, weekend getaways, weekend getaways, and so on until you can’t make ends meet. Setting yourself a “fun limit” is very useful for financial planning.
Also, many international students in Turkey are introduced to different payment systems. In particular, having information about Currency Transfer and Money Sending Methods in Turkey will help you exchange money with your home country in a healthy way.
Work Permit and First Work Experience in Turkey
International students who want to stay and work in Turkey need to follow a specific procedure for a work permit after graduation. For detailed legal information and application processes, you can check The official page of the Directorate of Migration Management.
It is important to be patient at this point. When applying for a job, carefully examine both salary and insurance status. Before you accept a job offer, you need to clarify your tax deductions and your net salary. Using this information, you can take your first serious financial planning step.
Many companies in Turkey offer the opportunity to start with an internship or part-time job offer and then move on to full-time positions. This first experience not only introduces you to the work culture, but also serves as a reference for creating your budget. Remember, it’s important to put some of it into savings instead of getting caught up in the excitement of the first salary and spending it all.
Credit Card or Debit Card? Banking System in Turkey
You found a job, the salary is coming, the spending has started. So which card should you use? The banking system in Turkey is generally user-friendly, but each bank has its own advantages and disadvantages. This is where smart financial planning comes into play.
A debit card allows you to spend only as much money as you have in your account. This works well to keep spending under control. But a credit card provides flexibility for emergencies. But remember, interest rates can be high, and if you don’t pay your debt on time, your budget can be in shambles.
It is not difficult to open a bank account in Turkey as a recent graduate. Passport, proof of residence and student/graduation certificate are usually sufficient.
Creating a credit score is a great advantage for long-term financial planning. In the future, this score can be effective in renting a house, shopping in installments or even applying for a visa. In other words, credit card use, if done right, will carry you forward.
Result
The period after graduation in Turkey can be the most challenging but also the most instructive period of your life. With good financial planning, you can turn this period into an opportunity instead of stress. Rent, bills, investments, bank transactions… It’s all a learning process.