As a graduating senior, I’ve been a bit worried about what to do after I graduate because of stories I’ve heard of other people’s experience. I’m concerned about what will happen after I get a job and how to budget for my rent, groceries, taxes, bills, etc.  What if I skip an important step? What if I do something now that drastically affects my future? What about retirement? Investing? What should I do?

Well, recently I’ve learned a few tips on maybe how to get financial settled after I graduate. If you are having the same concerns as I am, these should help!

1. Create a budget. Start working out the details about your expenses and your income. With that, pay yourself first and create an emergency fund.
2. Think about your expenses. Consider the expenses that come with a first job: taxes, transportation, food, travel, clothing, etc. Make sure you leave room in your budget for these new expenses! Also plug up any spending leaks of items you can cut back on.
3. Make on time payments. Make sure you’re making on time payments on your student loans. Debt and late payments can have negative effects on your credit score.
4. Take advantage of your employer’s retirement plans, such as 401(k) and IRA. The sooner you start investing in your retirement, the less stressful retirement will be for you.
5. Considering graduate school. If you’re thinking about graduate school for an advanced degree, weigh the cost vs. benefits first. Consider if an advanced degree will increase your annual salary or only increase your student loan debt. However, with a little research you can find scholarship opportunities for graduate students that help cover the cost of tuition.

There are many other tips and financial topics to consider, so read up on the current events and stay knowledgeable about the financial world. Start getting involved with any self-help books or read up on current events with financial websites. If you have any questions or concerns, but not the resources to answer these questions, the internet is a place to find answers, but be wary of sharing any of your personal information especially related to your finances. Phishing, internet and email scams, is the number one way identity thieves target their victims. If you’d rather have a professional to discuss with, you can look up non-profit organizations that conduct financial counseling in your area.

If you’re about to graduate, you still have time to access some very beneficial financial tools before you go! Financial Foundations is partnered with CashCourse, a free online financial education tool with articles, budgeting wizards, worksheets, and more to help you understand and plan your personal finances.

You may even come into Financial Foundations and meet with our coordinator to start a budget and get some financial counseling before you graduate! Don’t wait and contact us today at Financial Foundations or call us at (254) 710-3109!