Your Money After College

Hey there, recent grads! Congratulations on crossing the finish line and stepping into the world of adulthood. Now that you’ve tossed your cap in the air and landed that full-time job, it’s time to tackle one of the most important aspects of setting out on your own: managing your money. Let us walk you through the essential steps to financial success as you embark on this new chapter of your life.

1. You’ve landed that full-time gig – go you! Take the time to understand every aspect of your employment package, from your salary and benefits to any potential for bonuses or raises. Keep an eye on opportunities for career growth and professional development. Your job is not just a paycheck; it’s an investment in your future.
2. Next, budgeting. Crafting a budget is your first step towards financial freedom. Start by listing all your monthly expenses, including rent, utilities, groceries, transportation, and entertainment. Be honest with yourself about your spending habits and differentiate between needs and wants. Your budget will serve as your financial roadmap, so make sure to stick to it rigorously to avoid overspending.
3. Handle those student loans. Yes, student loans – the not-so-welcome gift that keeps on giving. Set up a repayment plan as soon as possible and consider options like income-driven repayment or refinancing for better terms. Prioritize paying off your student loans while still managing your other financial obligations. Ignoring them will only lead to more financial stress down the road.
4. Introduce the SAVE Plan: Save, Allocate, Visualize, Execute. Dedicate a percentage of your income to savings each month and set clear financial goals, whether it’s building an emergency fund, saving for a vacation, or investing for retirement. Visualize your goals and create a plan to achieve them. Automate transfers to your savings account for consistency and discipline in saving.
5. Live within your means. As tempting as it may be to splurge now that you’re earning a steady income, resist the urge. Living within your means is key to financial stability. Differentiate between needs and wants, and prioritize saving and investing over short-term gratification. Remember, delayed gratification pays off in the long run and sets you up for financial success.
6. Keep learning! Stay financially savvy by continuously educating yourself. Read books, follow financial blogs, listen to podcasts, and attend workshops or seminars. The more you know about personal finance and investing, the better equipped you’ll be to make informed decisions about your money.

So there you have it – your ultimate guide to financial success after graduation. By implementing a comprehensive budget alongside the SAVE Plan, you’ll gain financial control and work towards your financial goals with confidence. Remember to stay disciplined, stay focused, and watch your financial future flourish. Cheers to your bright financial future!

Stay Savvy!

Celia Otero is a Jeanne D’Arc Financial Wellness Specialist. She’s dedicated to promoting financial education and literacy and strives to ensure that individuals have the tools they need to navigate the complexities of personal finance. With a background in early education and adult learning, Celia believes that by empowering individuals through education they will learn to develop strong habits, make informed choices, and achieve financial well-being. You can find out more about Celia and the rest of the Financial Wellness team here.