It’s that time of year, it’s graduation season. While this is an exciting time in a young adult’s life — it’s important not to forget being responsible with your finances. Most graduates will be on the look out for their first ‘real’ job and will enjoy for the first time a paycheck, not homework. It’s important to prioritize and get smart about your spending and saving before it’s too late!
John Schmoll of US News & Money offers tips for post graduates on how they can start saving their money:
1. Start with a budget – this is essential if you want to save money.
2. Give yourself a slush fund- ‘having a slush fund can help mitigate the impact’ of [spending].
3. Avoid lifestyle inflation – don’t overspend, by definition live below your means. If do have extra funds, put them to practical things such as bills, rent, credit card or student loan debt.
4. Put money in your 401(k) – one of the best ways to save money. The earlier you save the more likely you can retire comfortably. Take advantage of an employer’s company match program!
5. Learn to cook – one of the easiest ways you can save yourself money! Simply type in what you want to make and you can find the recipe or even a video tutorial on how to make your meal!
Interested in learning more? Check out the full article, here.
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