Summary
Graduation signals a new financial chapter in your story. Feeling overwhelmed? We outline how you can jumpstart your journey and stay ahead!
Graduating can feel like a mix of proud emotions and vague uncertainty about the future. Especially when it comes to financial wellness. You walked the stage, tossed the cap, have your degree in hand, but nobody handed you a manual for how to navigate this next chapter of your life.
💡 We believe that schools should be teaching financial literacy as a standard practice. One of the ways we are closing this literacy gap is with our personalized AI tool, WiseOne, which helps you make better decisions with your money. It’s Essential!
Let’s dive into your next steps and help you build a financial plan.
Review Your Financial Health
One thing to realize early on is that financial health isn’t about a one-size-fits-all solution or a quick sprint. It’s about building literacy and stamina.
Review your financial health by taking inventory. Ask yourself: What do you owe? What do you earn? What’s coming out monthly?
The goal isn’t to feel bad about your financial circumstance, but rather, to own it!
Now you can start building strong foundations. Set up a simple budget so you can dictate where your money goes. Money Management can help you get organized with the right tools to see your checking, savings, loans, and investments in one place.
The Loudest Line in the Budget
The average borrower with undergraduate student debt owes $29,300, according to College Board.
Having loans to repay can feel overwhelming. However, you are not powerless.
Here are foundational tips to help you pay off your student loans faster.
- Make a habit of paying more than the minimum when you can. Use any extra cash, like your tax refund, work bonus, or graduation gift, to help here.
- Set payments on autopay to lower your interest rate over the lifetime of the loan.
- Explore repayment strategies and forgiveness options. If you’re in public service or a lower income bracket, these are built for you.
Explore different ways to pay off student loans through side hustles, which help you increase your income!
Protect Your Credit
Your credit score is like your financial reputation. It has the power to help you qualify for loans or secure more favorable interest rates. It’s essential to protect it.
That means paying bills on time, not maxing out your cards, and only borrowing what you can afford to pay back.
Learn to use credit on your terms. If you need help, we’ve got an entire guide on managing credit and debt.
Invest Smart
A common misconception is that you need to wait until you know everything, about investing, to start investing. You just need to start, and you don’t need thousands in the bank.
These are some of the easiest and most accessible ways to get started:
- Open a Roth IRA (even if it’s $25/month).
- Look into fractional shares or index funds. These are low-cost vehicles with a big impact.
- If your job offers a 401(k) match, make sure to pursue it. That’s free money.
Need an expanded walkthrough? We built an easy to understand – Beginner’s Guide to Investing, without all the industry jargon, so you can understand a wide range of smart investing basics.
Boost Your Financial Literacy
For more insights into creating a financial path on your terms, tap into Cash Out by Julien and Kiersten Saunders, which presents alternative means for wealth creation and building your career.
To get good with the basics, crack open Tiffany Aliche’s Get Good With Money. Happy reading!
——
Building your financial life after graduation is all about having the right strategy and following your plan.
You’re not behind. You’re not too late. You are on time. The trick is to get started and stay motivated!
We’re here with the tools, the tips, and the truth to help you level up.
