Post graduation can be a whirlwind between planning your future, securing jobs, and preparing to pay back student loans. We know how valuable guidance can be during this transition and as such wanted to help share some advice. Embark on your next chapter of life with confidence by keeping the below personal finance tips in mind:
Budget.
It’s important to live within your means. Evaluate your current financial standing - do you have any debt, how much do you have set aside in savings, how much money are you currently bringing in. Also consider your loan statements and their deadlines. An online monthly budget planner can be a great starting point to help you stick with a lifestyle you can afford.
Plan for the future.
This may not be at the forefront of your mind, but you’ll thank yourself later if you begin planning for retirement now. Start by taking a small percentage of your paycheck and putting it towards your retirement savings. Check your 401(k) options that are offered at your job, try to contribute enough money to receive a company match. Additionally, incase of emergency, have an account set aside with enough money to cover three to six months of basic living expenses in case of illness or unemployment.
Have health insurance.
Are you one of the lucky ones who is fit as a fiddle and hasn’t been sick in years? Way to go! But this still doesn’t mean you should be without health insurance. A bad accident or an unforeseen illness could be ruinously expensive. Apply for health insurance through your work (or if possible, remain on your parent’s policy until you’re 26) or shop around for benefits and find a high deductible policy.
Stay on top of student loans and bills.
If loans are not tackled right away they can quickly get out of hand. Understand your repayment process, when deadlines are, if you should consolidate, etc. Speak to your loan provider or visit studentaid.ed.gov for more information.
Remember to make adjustments on your finances on a regular basis. Revisit the amounts you have set for repayment, savings, etc. every few months to ensure they are still relevant and working effectively. Have any post graduation finance tips to share? Leave us a comment on our Facebook page!
The graduate schools at St. John’s University in New York City offer more than 60 graduate degree and professional certificate programs in five acclaimed colleges, a School of Law, and institute dedicated solely to the growing field of biotechnology. Our highly competitive advanced degree programs will challenge you to become the very best you can possibly be!
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