Can you believe that it’s almost time for graduation season? If you are a student preparing to don a cap and gown, going into this next chapter of life with a financial game plan will help make this transition easier.
While choosing what college to attend and what major to declare may have been the toughest decisions you’ve had to make thus far, the next steps could be even more difficult. If you remember these three financial tips, it may just save you money along your way to success.
Watch Out For Credit Card Debt
It is incredibly easy to rack up debt, especially after graduating. Even if you can’t find a job right away or have to move into a more expensive living situation, this isn’t the time to go crazy on your credit card. Setting budgets, saving money for long-term goals, and limiting your credit card use to solely building credit will help set you up for success down the road.
Keep An Open Mind
Many new graduates expect to find their dream job with a large salary immediately upon graduation. But it is important to focus on more than just a large paycheck. The right experience when your just starting your career can be more valuable in the long run than a huge paycheck in the beginning. Getting that dream job often takes time, but while you work your way there, hone your financial skills. Create a budget, save for retirement and pay off credit cards on time.
Save Money Each Week
Sacrifice is often an important part of sticking to a budget, especially at first. Every purchase you make can have an impact on your budget. Do you need to go out to eat, or could you make something at home? Do you need to drive to work or could you walk, bike, carpool or use public transportation? Making small sacrifices each week and putting that money into savings can gradually help you save for something exceptional
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