Post-graduation life can be so exciting for young professionals: there’s new experiences, new careers, and exciting opportunities to consider. With so many adjustments and transitions, this can also be an overwhelming time for young adults. Our team has helped many families and their adult children navigate this time and make important decisions in their first jobs that will set them up for success in the future.
Here is our second financial tip for recent graduates when beginning their first job:
Tip 2: Budget – Plan accordingly for rent, car payments, credit card payments and student loans
After graduation, many young adults are completely independent from their families and the comfort of a college environment for the first time. This might mean having their own place to live, taking care of their own bills, earning income, securing credit cards, and managing student loans. For families who want to plan to help their adult children, we calculate savings and retirement plans to account for this. For those who want to encourage young people to figure out their own financial future, we can help with general guidance for getting started with tips for a successful financially independent lifestyle, including:
- Creating and list of expenses and income. This should include how much money is coming in after taxes as well as known monthly expenses like rent, car payments, etc. Regardless of income level, it’s a good idea to develop a budget and start practicing discipline with the budget. This will set a young professional up for a healthy financial future that does not feel restrictive and incorporates room for life changes.
Check out Tip 1 here!
To speak with a financial advisor, head over to our Contact Us page! We have financial advisors for all ages and life stages, and we’re happy to work with you to build a successful financial future.