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 25 most educated cities in America: Where...
- A. Scott Anderson: SBA — a critical...
- Delta to offer nonstop flights from Salt Lake...
- Startup hopes to help children with autism in...
- Why China's market slump is good news for...
- Michelle Singletary: Students should use...
- Balancing act: Survey: Many people work...
- What seekers of financial advice can learn...
- US stocks pare losses after 1,000-point... 15
- Utahns want diverse housing,... 9
- Teens are shopping more like their... 6
- US stocks extend losses as early rally... 3
- Michelle Singletary: Students should... 3
- Why you don't need to panic about... 3
- Delta to offer nonstop flights from... 3
- Global markets rebound as China cuts... 2