Money tips for recent graduates!

Well, whether you are going to college or looking for a job, getting into the world of adult money is going to be tough, so here are 6 tips to help you transition into a new world.

• Create a spending plan, not a budget. This will help you develop an awareness of when your money comes in and goes out, teaching you how to handle your money. Focus on the necessities first and go from there.
• Be cautious of credit card offers. These are tempting but it’s important to not take on unnecessary credit while you are in school. Your credit score impacts your future self.
• Know your student loans. Review the terms and make your minimum payments. If you can afford it, plan to pay more. Paying off debt is the mirror image of savings.
• Be practical. Continue to think about current expenses or near-term purchases such as apartment leases, monthly food costs or choices for entertainment. Do you need it, or do you really want it? Being practical builds financial awareness.
• Get part-time work. This is a must for many students. Working part time provides an opportunity to save and generate funds for some non-essential goals. Working gives you the ability to practice your spending plan and pay down debt.
• Save something. Starting out with anything is a great step in the right direction, even if it’s just 5 or 10 dollars a week. This will help you build up a healthy habit.

Congrats on graduating!

For any help, please call our contact center at 217-872-2301 or vb.decu.com