Criminal Justice Degrees Guide

Essential Money Tips for Graduates

Ah, graduation. A time when you finally shed your student status and start living like an adult. It’s exciting and frightening at the same time, but it doesn’t have to be. Follow these essential money tips, and you can get your finances on track from the start.

Live like a broke college student. Even though you’re no longer a student and you have a decent job, now is not the time to start throwing money in the air. You’re used to living a modest life, so take advantage of this and keep more of your money where it counts: with you. Avoid blowing your cash on nonessentials, live like you’re just scraping by, and you can build an awesome nest egg to use for an engagement ring, house, retirement, and other things that are far more important than having the most flashy car or going out every night.

Keep track of your money. Use a realistic monthly budget and stick to it as well as you can. Little things can add up faster than you may realize.

Create an emergency fund. In case of emergencies or times when you need cash quickly, have money on hand to bail yourself out. This can help you avoid credit card debt and other financial snags, so do yourself a favor and think ahead.

Don’t buy a new car. Wait until you’ve really hit it big to buy a nice car. For now, make do with what you’ve got until it’s too expensive to maintain or isn’t working for your lifestyle. You’ll save thousands of dollars in the long run. It’s even better if you can manage to go without having to pay a car note for a few years.

Rent a modest apartment with a roommate. A luxury apartment downtown might be fun, but you just don’t need it. Save money on real estate and spend it where it really matters by renting an apartment that is nice, but affordable. Find a roommate that you’d like to live with and share expenses to save an incredible amount of money.

Being smart with your money is so important for new graduates. You’re just starting your independent life, so getting started with a good financial foundation can make a great difference. Live simply, save what you can, and think carefully about your financial future.

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