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Do not expect that you will get a lucrative entry level salary. Of course, you can negotiate for a good salary if your grades are good, ready to move out of town, or your interview is good.

But, it is better not to expect much. Rather, prepare yourself to survive on an entry level salary.

Bachelor’s Degree Major Average Yearly Salary in 2016
1. Engineering 1. About $65,000
2. Business 2. About $52,000
3. Mathematics and Sciences 3. About $55,000
4. Computer Science 4. About $62,000
5. Education 5. About $35,000
6. Healthcare 6. About $49,000
7. Agriculture 7. About $49,000
8. Social Science 8. About $47,000
9. Humanities 9. About $46,000
10. Communications 10. About $47,000


So, what should you consider to survive entry level salary?

It is simple. Just consider these 8 things.

1 Living at home doesn’t mean that you’re the most unhappy person

If your parents are willing, then don’t hesitate to stay with them for some time. Pay a very below-market rent and enjoy a warm bed.

Moreover, you can get your parents’ support and guidance on how to manage your money well.

Along with that, you can live in the city, which you’re quite accustomed to.

2 Sharing your apartment with others can be fun

If you have to move out to another city, you can share your apartment with a colleague or a friend. Moreover, it is better to stay with a group in a city, which is not much known to you.

However, try to find people you like. It is said that it is better to choose who you are living with instead of where you are living.

Think - College life can be recreated for some more days! :-)

3 Decide where you want to live just like thinking about the salary

Do not just think about the entry level salary to be high. Where you are living also matters to decide whether or not you can survive with the salary offered.

For example, a relatively expensive city may offer about $75,000 per year as a entry level salary, because the living cost is comparatively higher.

So, try to tailor your expectations as per your paycheck.

4 Consider second earning opportunities to survive with less salary

Do you think a 9-to-5 job is sufficient? Well, you can always increase your income by considering a second job. It can be a part-time job or you can also be a freelancer and work as per your convenient time.

Why not use your leisure time to earn more?

You can use your hobby to earn at your leisure time. Doing so, you can be happy and earn, too!

5 Planning a budget is mandatory to survive on an entry level salary

If you are thinking “Oh my God! Budgeting!” Do change your mindset as soon as possible. Don’t think that you can do whatever you can since you’ve just started earning.

There’s no harm in keeping a fund to SPLURGE. But, it should be within a limit. Therefore, sit down calmly, calculate your total income and start allocating your expenses.

Don’t expect that you’ll be able to plan a suitable budget right from the first month. You’re lucky and an excellent money manager if you’re able to do so.

Usually, you’ll need few months or almost a year to plan the most suitable budget.

However, here’s a rough estimate of how to plan your monthly earning:

  •  About 30% for housing
  •  About 20% for savings
  •  About 25% for food and transportation
  •  About 15% (for ex. auto loan repayment, if any)
  •  Not more than 10% for fun and entertainment

Also remember, you need to analyze your budget and make alterations from time to time, especially with life’s changes - like getting a promotion, a new job, moving to a different place, getting married, having a child, or even planning a vacation.

And yes! Keep the budget journal. It will make you focused and you can also analyze your savings.

6 Credit card is good as long as you know how to manage it properly

How many credit cards do you have? Quite a lot? It is better not to have too many credit cards, which you can’t manage properly. However, do not close your oldest credit card account as it will shorten your credit history, which may lower your credit score. Make sure you pay the outstanding balance at the end of every billing cycle; otherwise, you will have to pay interest and if you continue doing so, you may have to face credit card debt problems.

However, if you have already incurred credit card debt and struggling with multiple bills, choose a suitable solution to be debt free.

Now, 2 most important considerations which you should understand.

7 You need an emergency fund from day 1

Are you laughing that we are discussing about how to sustain on entry level salary, and now it’s about creating an emergency fund? Don’t. Be practical.

You never know when there’ll be a financial emergency.

So, instead of spending how much you earn and enjoying life since you’ve just started earning, save some dollars every month and deposit a portion of it in the emergency fund.

Don’t worry if it’s as little as $20. You’ll be thankful for depositing it, in the long run, when you see that you have saved a significant amount.

8 The entry level role and salary can continue for more than 1 year

Try to plan your financial moves knowing that you won’t be able to get promotion or more salary before 1 year; on the contrary, it may extend further.

But, you should use the opportunity to learn while getting paid at the same time. Remember - expectations from you also increases when you move out of an entry level role.

So, don’t only try to get a good salary elsewhere; instead, update your knowledge to make yourself competent.

With proper help you can
  • Lower your monthly payments
  • Reduce credit card interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
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