For many of you, May is graduation month! Whether you’re preparing for your own graduation or getting ready to celebrate a relative or friend’s special day, it’s an amazing accomplishment. Whatever the case may be, here a few tips on how to handle your personal finances as you join the working world:
- Gather all your loan information. Student loans can creep up fast after graduation. Make sure you’re aware of any major deadlines to begin repaying your loans. If you have loans from multiple providers, get all the information down in one place so you don’t overlook any of them. Check with your lenders about consolidation options.
- Create a budget. Sit down and compare your income and expenses. By doing this you’ll be able to see areas you could cut back on or areas you could spend a little more on. A budget allows you create a roadmap that will help you achieve your financial goals.
- Look into employment. If you don’t have a job yet, get your resume ready and start applying. Calculate your living expenses and aim for a salary that allows you to survive financially. The job market can be competitive, but don’t be discouraged! You may not get your dream job right away, but now is the time to put your foot in the door to reach your ultimate career goal. Look for our techniques for finding a job in our next blog.
- Keep learning new skills. New techniques and tools for managing your finances appear every day. It’s never too late to brush up on your financial literacy by listening to financial podcasts, attending a financial seminar/conference, tuning into the latest financial news, etc.
- Have fun! You’ve worked hard to get to where you are today. Take some time to enjoy the fruits of your labor. Remember to leave room in your budget to kick back and have fun with friends and family.
Don’t let your finances keep you from remembering that life after graduation is an exciting time and a new adventure. If you working on your finances now, you can save yourself huge headaches and mistakes in the future. But we are here to help!! Congratulations on this monumental step and the best of luck in the future!