Tips for Recent Grads: Do This Not That

So you’ve graduated from college and the world is at your fingertips. Maybe you’re one of the lucky ones to have already landed a full-time job. You’re ready to start your career, and ready for whatever life throws at you. You think you’ve got it all covered and then it hits you. The school loans, insurance, rent, and car payments. How do you handle it all? There are many do’s and don’ts that recent college grads and young professionals should consider when entering into the “real world” to save them money and headaches.

DO This NOT That

-DO develop a plan to repay your student loans. Even if you haven’t landed that dream job and you are still on the hunt, come up with a plan you know you can stick to. “According to statistics from the National Postsecondary Student Aid Study, the average student loan debt among graduating seniors is $19,237.”(http://ezinearticles.com/?Recent-Grads-Face-a-Bleak-Economy&id=1511123)

-DON’T default. This may result in trouble getting money for future education or a wage garnishment. If you do have trouble, contact your lender about a deferment or other options.

-DO consider public transportation if you live in a larger city. Carpooling may also be another option. This can save you money on gas, insurance, and car payments.

-DON’T rush into buying a new car after landing a job. Many people graduate and one of the first things they want to do is buy a new car or house. If you do buy a car or house, make sure the payment is not more than you can handle. If you are under 25 years old, you may wind up paying more for your car insurance due to your age.

-DO go out and have fun, meet new people and try new things, just be cautious.

-DON’T become accustomed to a certain lifestyle. Just because your friends can afford to eat out all the time and go shopping doesn’t mean you can. Or maybe you got accustomed to a certain lifestyle in college. It is ok to say no. Your salary at your new or current job may not be what you expect and you need to balance your money between what you NEED to survive and the things that you WANT.

Once you have that full-time job and make at least $1,000 a month, DO consider a payday loan if you get yourself stuck in a sticky situation. We all need a little help sometimes. It’s ok to ask for help, just DON’T abuse it.

DO make sure you balance your budget but DON’T stress yourself out. Just stick to a plan you can handle. Doing simple things like these can help you save enough money to start paying back those school loans, credit cards, payday loans or other expenses. Before you know it you WILL be prepared to combat whatever life throws at you.