Post Graduation Financial Tips

graduate on campus; photo credit Jonathan Daniels via Unsplash

It's almost that time of year again--graduation season. If you are one of the lucky ones about to turn the tassel, you are probably bursting with excitement about many things. One of these things may be getting your first real salary. After years of making little money, your entry level job may seem you like hit the jackpot. However, it is now more important than ever to be smart with your money. Here are some important tips to ensure you make the most of your money early in your career:

Act like a college student.

Live beneath your means for as long as you can. Have a roommate, live at home, or rent a small apartment. Doing so will allow to save the extra money.

Create a budget.

Sit down every month and account for all of you income and all of your bills. Make sure to budget for food, entertainment, and to put money in your savings account. The most important part of this step is to stick to it.

Start an emergency fund.

When saving money, this should be your first goal. Put money away from every paycheck. Creating an emergency fund is important because you never know when you are going to need a little extra. Life throws curve balls and you will want to make sure you are prepared.

Make the most of your first job.

While your salary might be small, take advantage of the other benefits your company offers. Whether that be insurance, company discount on cell phone plans, or a free health club membership, take advantage of it all. Allow your company to compensate you for all of your hard work.

Most importantly, take time to enjoy yourself.

You are at a very exciting time in your life. Take time to do things that you enjoy and that make you happy. Use your time after work and on the weekend wisely. Catch up on sleep, find a new hobby, or spend time with friends and family. Keep creating your own path and you will fulfill all of your dreams!

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