College graduates just getting started on their lives and careers frequently struggle with finances.
Financial planner Sophia Berg recently offered these tips for staying afloat on the Daily Finance website:
- Focus on priorities. Your best bet is to put these goals on the front burner: Build an emergency savings fund; pay down any high-interest debt you may have accumulated, and start paying back any student loans you have.
- Save for retirement. Although you’re young, planning for retirement is a good idea at any age. Contribute as much as you can to your employer’s 401(k) plan, or start your own retirement fund. Even $50 or $100 a month can add up over the length of a career.
- Keep expenses minimal. Live as frugally as you can when you’re starting out. You may be tempted to splurge on expensive items once you start drawing a salary, but you’ll be better able to pay down your debt and get into the saving habit if you control your spending.
- Pick up extra work. A part-time job on the side, or a willingness to take on extra projects on an independent basis, can add to your bank balance as well as give you more contacts and increased experience.