It’s graduation season, and hundreds of thousands of college grads will be entering the real world and dealing with real-life situations, including money management. These are three fundamental rules to keep recent college graduates on track for a lifetime of financial success.
- Stick to a budget: This rule is simple; don’t spend more money than you make. What isn’t simple is following this rule. When young people first enter the “real world,” they will find added expenses – rent, electricity, loans and credit card bills – that they may not have previous experience with. In order to stick to a budget, keep track of expenses over the first few months, and find places where you can cut back.
- Avoid debt: College debt is unavoidable for many college grads, but the best way to keep it manageable is to prevent debt in other areas. Credit card debt is easy to get into and difficult to get out of. Not only will it stress you out, but it will also affect your future when the time comes to purchase a car or home.
- Don’t put off retirement savings: Ask your employer about retirement plan options and begin putting money into one right away. It may seem like money lost, but chances are you won’t even notice the money you put away. Not to mention, your future self will be grateful!
These three small steps will make a huge difference for you moving forward into your professional life!
Courtesy of Huffington Post
http://www.huffingtonpost.com/jacob-gold/money-management-tips-for-student-debt_b_5398640.html
