Brian Nicholson, OKespaÑol
Going from being a student to being a college graduate is a big transition to say the least. Money Under 30 offers four ways to make sure graduates are in the "best financial state possible."
Some graduates have full-time job offers when they graduate. Maria LaMagna, financial writer for Money Under 30, said she has learned not to compare.
“They might be able to live a different lifestyle than I’m able to, and that’s OK!” LaMagna wrote in her article. “As long as I’m not trying to keep up with them, and I focus on my own situation instead of theirs, I’ll be able to stick to my own personal budget.”
Don’t expect to live in a big apartment, LaMagna says. Live with family or multiple roommates if you can. Start modestly and upgrade later.
Pay these first, according to LaMagna, as putting them off is a bad alternative.
“Being responsible doesn’t necessarily mean paying them as quickly as possible, but it does mean making them a priority,” LaMagna said.
Make sacrifices but give yourself a break
Experts suggest 50 percent of your income should go to “essentials,” 20 percent for savings (two-thirds for retirement, one-third emergencies) and 30 percent for whatever you want.
Keep track of small purchases that can easily put you over the 30 percent, LaMagna suggests. If 50 percent of your entry-level income doesn’t cover the essentials like bills and transportation costs, shave it off of your wants.
- The most charitable states
- Religion contributes to Utah being most...
- Degrees worth investing in
- As times get better can you keep a leash on...
- 9 important money tips every dad should teach...
- Balancing act: Who is in control of your...
- In faith communities, fraudsters prey on trust
- Millennials relying on prepaid cards and...
- Religion contributes to Utah being most... 24
- The future of higher education is... 18
- Want a better return on your college... 17
- In faith communities, fraudsters prey... 10
- New BYU study looks at the power of... 6
- 9 important money tips every dad should... 5
- Sequester cuts hit poor, elderly,... 4
- Is Investing the Same as Gambling? 2