Budgeting After College

Graduating from college is a major milestone in a person’s life. It is a time for congratulations and celebrations. New adventures await! So do real-world responsibilities.

Whether you’re headed to graduate school or a full-time job, personal finances will play a key role in your life. Money doesn’t guarantee happiness, but proper money management can prevent a lot of unhappiness.

Start your post-college life on the right financial footing. ClearPoint Credit Counseling Solutions offers tips for college graduates seeking to make the most of their finances.

  • Develop a budget. Budgets aren’t just for people your parents’ age. An organized budget plan will help you to stay within your spending limits. Track regular monthly expenses, such as rent, utilities, car payments, insurance and credit card bills. This is particularly easy to do if you bank online or use personal finance software. Set up automatic payments for regular monthly expenses, like your rent or car loan, and automatic contributions to a savings account. The money that’s left has to last you until your next paycheck. If you need a professional’s help, ClearPoint offers budget counseling sessions to help you organize all of your finances and plan accordingly.
  • Share the burden. The first few years out of college can be tough. First jobs rarely pay big bucks. If you’re finding it hard to make ends meet, consider splitting housing costs with a roommate. That will reduce your rent and utility expenses, leaving more money for discretionary spending and savings.
  • Pay off your debt. It’s time to face up to the credit card debt you incurred while in college. Determine how much money you owe in total, when payments are due, and what your finance charges are. Commit to making all payments on time, and pay more than the minimum payment due, whenever possible. That will help prevent costly …read more

    Source: CBS local Boston


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