How to manage finances after college
For many young adults, graduating from college is one of the first major milestones in life. However, for the students who graduate with a ton of debt or are not able to land that high-paying dream job right off the bat, you need to practice some careful financial planning.
Your success is ultimately the success of the entire nation. We are rooting for you and want to help you get settled financially after graduating from college, so take a look at some of the tips below for some tips that can help.
Tips for managing finances after college
- Make a budget — It is crucial to create a monthly budget and stick to it. Your budget helps you see how much money you have coming in and how much is going out. There are many apps that can help. Many banks now offer budget planning as part of their apps that anyone can use to help create a monthly budget.
- Get your priorities straight — Do you have student loan bills? Credit card debts? Rent? Car payments? These need to be priority items in your budget. Do not put these payments off or continue to build credit card debt that will haunt you later. Live within your means and minimize your debts so you can reach greater financial freedom in the future.
- Save for retirement — Your retirement might be far off, but the time to save for it is right now. Already have a retirement savings account? Good. Keep contributing to it, even if it is only a little bit.
Don’t have a retirement account yet? It is a great time to get started. If your company offers a 401(k), open an account with them. You can also always open an IRA account on your own without having to go through an employer. This is a great option if you do not have access to a 401(k) or wish to supplement your 401(k).
- Build an emergency fund — Try to save at least a couple of months’ worth of income to supplement you in the case of an emergency, such as a car accident, an injury or losing your job.
Talk to a ProVise CFP® professional about managing personal finances
Life after college is challenging. You have a lot to focus on, such as a career, your home, your transportation and just being an adult in general. You may not have the time to focus on managing your financial planning, but at ProVise Management Group, we do.
Our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.
Are you ready to talk to a professional about personal financial management? Contact ProVise today to schedule a complimentary consultation.