Financial Tips for College Graduates

May 3, 2013

May 3, 2013              Susie Jacobs

Graduation is just around the corner for many college seniors and while they are looking forward to getting that diploma they should also be looking at ways to secure their financial future, says Susie Jacobs, a financial educator at CU-Boulder.

First on the financial checklist for college graduates - know how much you owe if you have college loans.

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Financial Tips for College Graduates

May 3, 2013              Susie Jacobs

Graduation is just around the corner for many college seniors and while they are looking forward to getting that diploma they should also be looking at ways to secure their financial future, says Susie Jacobs, a financial educator at CU-Boulder.

First on the financial checklist for college graduates - know how much you owe if you have college loans.

CUT 719 “Graduating seniors often don’t know, perhaps, the total amounts of student loans that they borrowed. One of the first steps you can do is walk into the office of financial aid, sit down with a financial aid counselor, and they can help you look at your entire student loan picture. (:14) Student loans are one of your first and best opportunities to establish good credit. In today’s society, that’s going to allow you to get a car and home later on. “(:23)

Jacobs says, in most cases, you’ll have to start paying on those loans 6 months after you graduate. Other items on that financial checklist for college graduates include finding a job with good benefits.

CUT 2 “When you start applying for jobs pay attention to the compensation package. That involves not just salary but also benefits and retirement plan. (:07) In terms of benefits, a good compensation package will provide some health care for you and a good retirement plan, like a 401K, that your employee will also contribute to for you.” (:17)

Another thing to consider, says Jacob, is know how much net take home pay you will have each month so that you can create a solid budget plan.

CUT 3 “Starting a budget for after graduation it is going to be quite different from when you were in school. For example, if you are earning $4,000 a month you are not going to take home $4,000 a month. You are going to take home less than that because your retirement plan will be deducted, your federal and state taxes will be deducted, as will your benefits. Be sure that your planning your budget based on your net take-home pay every month.” (:20)

If you’re not good at creating a budget, or don’t know how, Jacob offers these simples tips.

CUT 4 “The easiest thing to do is to get a money application for an iPhone or get a pencil and paper and write out exactly what your rent will be, what your living expenses will be, and really start from scratch and then you can work up from there.” (:12)

And if you decide to use credit cards, Jacob advises to never use more than 30 percent of your credit limit at any given time. And, if you can, pay off your balance every month.

-CU-

 

 

 

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