5 Financial Tips for New Graduates

Congratulations to all the new graduates! Your hard work has finally paid off. Along with the excitement of celebrating this landmark achievement may come some uncertainties about what’s next. Here are some tips that may help you budget, save money, and plan for your financial future:

Don’t stop learning

Financial education will always be useful. Continue your education with FinStrong. The FinStrong financial education program is founded on research-based financial principles designed to help you identify what you value most.  From there you will be guided through personal financial principles that will help you make financial decisions tailored to your values.

Avoid debt

As you begin the next phase of your life, you may be tempted to celebrate your independence by spending. Think instead about building healthy financial habits for life. Over time, the money you save on simple things can really add up. Things like making your lunches at home, purchasing a used car instead of a new one, and limiting entertainment subscriptions are a few ideas to help you avoid debt.

Start paying off loans

Start paying off those student loans. Tackling student loans can seem daunting at first, but it doesn’t have to be. Tally up how much you owe, note the various interest rates, and what the repayment terms are. Be sure to make your loan payments on time. You can also pay more toward the principal of these loans as your financial circumstances allow, to reduce the accumulation of interest and pay the loans off faster.

Work on your credit score. 

A good credit score can be key to making those longer-term purchases on your list. Solid credit may also lead to benefits including better rates on insurance, a mortgage, and loans. To strengthen your score, make all of your payments on time, every time. Keep your credit balances low, and pay off any debt you incur as soon as you can. If you are renting, sign up for RentPlus, and build credit while paying rent.

Make a financial plan

When it comes to managing personal finances, powerful, automated tools may be your answer. RentPlus provides customers with RentPlus Money, an empowering personal, financial management tool that allows you to organize, track, and control your money. You will also be able to aggregate all your accounts in one place, view your income and spending by category, create a powerful budget, as well as set meaningful and attainable financial goals. By setting up a basic budget that lists all of your monthly expenses, you gain visibility into how your expenditures align with your income.