Money Savvy Tips For Recent Grads

 

If you’re a recent grad, you’re probably basking in the glory of wrapping up your school career, earning your degree, and jumping headfirst into the real world. But with that real world comes the jolt of real financial responsibilities. Here are some tips to help get you through that initial shock of pure adulthood.

1.      Begin paying your student loans!  Most student loan lenders give you six months after your graduation date to begin paying back student loan debt.  If you need this time to get settled and find a job, of course take it.  But if you have a job lined up and find yourself with a little extra cash each month, slap it in your student loan!  You can start getting that principal balance down little by little so that when that six month grace period is up you are in even better shape than you would have been otherwise!

2.      Keep your expenses as low as possible! Just because you graduated and may have a job right away, doesn’t mean you can now go out and purchase that brand new car you’ve been eyeing up. Also, don’t feel like you need to take on big expenses or purchases right away. If you don’t have to move out of your parents’ house yet, don’t! If you can stick it out in your shabby little apartment for the time being to save a couple hundred bucks a month, do it! This is a great time to start socking away some cash to start building on your savings account.

3.      Ask for help! If you’re struggling to make your payments on your loan, car, credit card, etc., or you need help figuring out a game plan for your budget, ask for help. Swing by your local credit union, explain your current financial situation, and we can help you come up with a plan.

The sooner you get your financial situation in check after graduation, the easier the real world will be.

Don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

To listen to 97.5 Y-Country’s Wild Bill and Honor’s Scott McFarland talk about getting your budget in check after graduation, listen to the Mason Jar Monday episode below.