Financial Advice for Recent College Grads
The first year out of college can be overwhelming. Many recent grads are trying to find jobs, moving back in with parents and being pressured to start saving money. While we can’t make mom start doing your laundry again, we can give you some helpful financial advice for just starting out:
To reach your goals, create a budget and stick to it. In order to pay off debt or just keep track of your money, create a budget that includes all your expenses. Subtract from your take-home pay all your fixed costs – rent, utilities, car payments, etc. – in order to figure out how much you’ll have left at the end of the month.
Think about your future and start saving for it now. You can still spend money on fun things, but make sure you’re saving for the future too. You’ll appreciate it when it’s time to buy a house and start a family.
Start saving for retirement as soon as possible. Contribute to a 401(k) or IRA just a little every month. Investing a couple of thousand dollars early on beats saving many times that amount for many more years later.
Use your youthful energy to make more money. You’ll never have more energy than you do right now. Take up a second job or do freelance work to beef up on your savings or income. Whatever you make now can have a major payoff later.
For more money advice, please visit MSN Money.