While graduating from college is a milestone moment, the transition that follows seems like it goes by in the blink of an eye. Still, it’s a very important time in your life. Amongst other things, this is when you need to start making smart decisions about your money. While many of these decisions will depend on your unique situation, the following advice for recent college graduates should help.
Get a Job ASAP
It’s not uncommon nowadays for people to graduate from college and not have a job waiting for them. In cases like that, many graduates try holding out. Instead of taking an available job, they try waiting for the one they really want.
This is a bad idea for a number of reasons. For one thing, you want to save money after college. It’s already hard enough to do this when you’re gainfully employed. It’s impossible when you have no job and student debt to pay off.
Keep in mind, the average person has 10 jobs before they reach 40. Just because you don’t get your dream job right after college, that doesn’t mean you’ll never get it. Take what’s available and keep sending out those resumes.
Start Budgeting Right Away
Although you may have been on a budget in college, now that you have a job and, most likely, new bills, you’ll want to start budgeting right away.
This is a great example of how this period in your life will largely affect your finances for some time to come. According to a recent Federal Reserve survey, nearly a third of Americans have trouble paying their bills. One major reason is because they don’t keep a budget.
Begin budgeting now. Even if you aren’t great at it right away (you probably won’t be), you’ll at least be on the right path.
Set Money Aside for Retirement
When it comes to financial planning for recent college graduates, you probably wouldn’t expect that we’d be talking about retirement. After all, that’s a bit of a ways off, isn’t it?
Again, it’s a good habit to start early. Not surprisingly, according to a GoBankingRates survey almost the exact same amount of people who don’t budget don’t save for retirement either. It might not be a problem for you now, but life moves quickly. Someday, it will be a problem if you don’t get started right now.
Get Professional Help With Your Finances
Finally, consider help from a professional who has experience with financial planning for recent college graduates. You’ll have a much easier time managing every other aspect of your life (and, yes, even enjoying some of it) if you have a financial advisor in your corner.
At Mooney Lyons, we love helping customers make the most of their first paychecks and supporting them for years to come. Whether you want help so you can save money after college or put some away for retirement, contact us today.
The information in this material is for general information only and is not intended to provide specific advice or recommendations for any individual.