7 Smart Money Moves for College Graduates

You just graduated College. Congrats!

Now you are ready to enter a new world as a full time adult. You are about to find out how expensive it is to be on your own. Here are a few smart money moves you can make so you don’t go broke.

Don't let More Money be more Problems

You get yourself a job and start making money. Don’t succumb to the trap of spending it all on lifestyle goods and new toys.Due dates are like assignment deadlines. Rent, car payments, insurance, credit cards, and student loans all have due dates and unless you want to get behind on payments and start accruing interest charges, make sure they all get paid on time. Put these dates on your calendar and pay them on time.

Learn how to Use Your Credit Card to Your Advantage

Credit cards can kill your finances if you don’t know how to use them correctly. Instead of thinking of it as a convenient way to pay for things, think of you credit card instead as a way to build your credit and earn rewards. Don’t charge anything you cant afford to pay off, pay off your total in full each month, use the rewards to your advantage.

Build an Emergency Fund

At some point you will come across a financial burden or unforeseen expense – its part of life. Having the cash available to pay for it will keep you out of debt. Make building your emergency fund a priority.

Save for the Big Stuff

Most kids getting out of college have dreams of a nice car, vacations, and owning a home some day. Start saving for the big things today. Start by stashing 10% of your pay into a dedicated saving account specifically for these purchases.

Start working on your next pay increase

The best way to save and invest more money is to increase your income. Take additional courses/training, work extra hours, and find ways to advance your career as aggressive as possible to increase your pay.

Start a Side Hustle

If you have a hobby or passion outside of your new job, find a way to turn it into a side-hustle and earn some extra cash. You can use this additional income to start paying down your student loans or investing for your future.

Start Saving for Retirement

Retirement may seem like a long time away. But the sooner you start saving and investing for it, the sooner you can actually retire. More young people are retiring years earlier than previous generations thanks to smart investing. You don’t have to be 65 year old to retire if you start investing for retirement today.