So you’ve graduated from college. Now what? Maybe you’ll move back to your hometown and get a job. Maybe you already have a job lined up. Either way, things are changing. What you do in the next ten years will help set up the rest of your life and help to establish your path and career goals. Being mindful of the role finance plays in your life is important, making educating yourself regarding personal finance the very first step in living an autonomous post-grad life. Not only will this help you plan for what’s next, it’ll help you finance it, too.
Establishing a budget is extremely beneficial. With many changes occurring around you, having a secure footing in your budget will make a huge difference. After working and really getting an idea for how much you make and what expenses will be necessary, sit down and really map out a budget to help keep you on-track. Plan for gas, rent, food, bills, and savings. If you have money left over, set up a “rainy day” fund. Being young and fresh out of school can be challenging and expensive. Especially when you’re just starting out and probably not making a whole lot of money. “Rainy day” funds are to fund the fun stuff. Whether it’s $5 every month or $5 every week, try and put a little bit away so that you’ll be able to afford fun activities. Life is meant to be enjoyed. If you want to try a new restaurant with a friend or take a weekend trip somewhere, just consult the fund! Being broke doesn’t have to mean not having fun. It just means being extra careful with how you spend your money.
When organizing your finance habits, don’t forget about your savings account. Do your best to put a chunk of your paycheck in savings every week. This is to help plan for emergencies and unexpected expenses, as well as help you work towards your future. The amount of savings you should put away every paycheck really depends on the person and the lifestyle, but every little bit makes a difference.