Steve Rice Los Gatos: Financial Tips For Recent College Graduates
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The document provides financial tips for recent college graduates, including: don't be ashamed to continue living at home to save money; start a budget to track spending and allocate funds; assess student loan debt and refinance if needed; continue frugal habits from college to start saving; and begin saving for the future.
Steve Rice Los Gatos: Financial Tips For Recent College Graduates
- 1. FINANCIAL TIPS FOR RECENT COLLEGE GRADUATES CREATED BY STEVE RICE
- 2. If you’re a new graduate, congratulations! You’ve worked hard to get where you are. Now that you’re starting a new life and career, make the effort now to establish yourself financially so you can rule your finances rather than let your finances rule you. You’ll thank yourself later.
- 3. DON’T BE ASHAMED TO GO HOME Take advantage of the opportunity to SAVE some money!! Use it as a great financial opportunity to save money on rent, build a sizable emergency fund, max out that new 401(k), or start paying down that student loan debt. You’ll be out before you know it anyway! Try to consider how much extra cash you could save if you lived at home for just six months! Now imagine what a year would be!
- 5. ASSESS YOUR STUDENT LOAN SITUATION Even if it’s stressful or overwhelming to look at, sit down and add up all your student loan debt so you can figure out a way to fit it into your budget. If you have too many payments, consider refinancing or consolidating them into one lump sum or to get a better interest rate.
- 7. CONTINUE LIVING LIKE A BROKE COLLEGE STUDENT Keep up your frugal college student habits to save money so you can start your postgrad life off well. Living like you’re still broke doesn’t have to be permanent, but if you’ve already been practicing not spending your money, keep up the good work and maybe even start saving!
- 8. SAVE FOR THE FUTURE You’ve probably heard this before, but that’s only because it’s so very important. I bet if you ask anyone who graduated 20, 30, or 40 years ago what they wish they’d done sooner, it would be this — start saving money as soon as possible after graduation.
- 9. DON’T SPEND YOUR PAYCHECK BEFORE YOU EARN IT If you can’t afford to pay for something with cash, then don’t make that purchase, period. It’s not worth strapping yourself with future debt, especially before you have had any time to save money! If you buy that new car or that fancy new wardrobe today, chances are you’ll be tired of all of it 6 months from now, but you’ll still be paying for it. Is that new car smell really worth it?
- 10. A REMINDER ABOUT CREDIT CARDS Just don’t. Really, don’t. Credit cards aren’t free money. You’ll be paying for purchases long after the newness of them has worn off. It’s not worth the monthly payment.