Financial Tips for College Graduates

✓ Create a Budget Simple list of monthly expenses classified as either needs (gas) or wants (movie):

  • 50/20/30 Rule – 50% Fixed expenses, 20% Savings, 30% Discretionary items
  • Compare to monthly income and adjust as needed to stay positive

✓ Build an Emergency Fund Accumulate 3-6 months of expenses so you have back up fund for the unseen emergencies

✓ Address Student Loans Monthly payment will be budgeted above as a need If have excess consider increasing budgeted amount to pay down faster

✓ Start 401k Contributions Start 401(k) contributions now and increase amount as raises are earned Contribute as much as possible taking full advantage of company matches Set an aggressive growth allocation this money has a long-time horizon

✓ Introduce and Demonstrate the Power of Compounding Start saving now so money has time to grow Rule of 72 – Number of years for money to double. If 6% return, 12 years to double

✓ Use Credit Wisely to Build a Positive Credit Rating Use credit cards responsibly for monthly expenses and pay off on time

✓ Encourage Delayed Gratification Teach the virtue of patience when it relates to finances Use what works and postpone “new” items allowing your money time to either grow or pay down higher interest loans now


Download a PDF version of Financial Tips for College Graduates.


You Might Also Enjoy:

More Posts

financial advice and tips
financial tips

Financial Tips to Know Early In Life – “If I Knew This”

Financial Tips to Know Early in Life   Over the …

Read More
what your advisors are reading this month

What Your Advisors Are Reading This Month

What Your Advisors Are Reading This Month   A Financial Articles …

Read More
Wealth Planning Corporation in Cincinnati 40th Anniversary logo
About WPC

Our Giving Back List: 40 Acts of Kindness

40 Acts of Kindness   Our Giving Back List of …

Read More

Talk To A Wealth Planning Corporation Advisor Today To Get Your Questions Answered