Dollars and Cents: Your Post-College Finances and You
You’ve completed your college education, and you’re ready to look for a job and move on to the next phase of life. As you enter this new stage of independence, it helps to take an honest look at what your financial situation could become. Here are some tips for keeping your money matters under control.
Budget
You’ll likely need to plan your finances and create a budget to help maintain your financial self-reliance after college. Study how much you will earn each month and what you know you’ll have in bills and other expenses. It’s possible you’ll have to write each expense down to see whether your proposed budget will meet your needs and any other incidentals along the way. Once you have a budget determined, stick to it.
A Penny Saved
Get in the habit now of saving money. It will be hard to pursue other financial goals later if you don’t build a financial reserve for yourself. That money could also come in handy for emergencies. Do some investigating to see whether you have an option to automatically transfer part of your paycheck directly to a savings account. This will save you the hassle of having to remember to transfer money there yourself.
Guard Against Identity Theft
Identity theft is a serious problem, but one you can take steps to prevent. Be mindful of who you share vital information with, such as your social security number. Select passwords which will not be easily determined, and store that information and anything else critical to you in a secure place. Finally, when you throw any mail away, make sure it doesn’t have any personal information included. Otherwise, you might think about shredding that document first.
Manage Your Debt
If you paid for college using student loans, it’s time to think about repaying them, and controlling other debt as well. If your expenses—including loan payments—exceed your monthly income, look for ways you can cut back. In some cases, your loan repayment could be simpler with options such as the Federal Direct Consolidation Loan program.
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This post was prepared by the staff at Westwood College who pride themselves on creating career-ready graduates who will have the professional skills needed to be successful in the workplace. New students enrolling in Westwood are eligible for the Employment Pledge program which provides a set amount of financial assistance to graduates if they aren’t able to find work within six months of completing their studies.
