5 Financial Tasks All Graduates Must Complete

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Attention all college graduates! Once the graduation parties are complete and the whirlwind that follows receiving your diploma starts to settle down, it's time to start thinking on a serious note. Especially for those of you that have student loans coming for you, one of the most important things you can do when you have some down time is think about your finances and how things are going to start to change at this point in your life. After you're done with that, start working on these 5 financial tasks:

1. Create a budget. Before you even think about spending money that you received as a graduation gift or from your first paycheck at your new full-time job, you need to sit down and create a budget. The days of aimlessly spending allowances and birthday money are long over, so it's time to get more strategic with your spending and saving.
2. Review your student loans. Ah, the dreaded student loans. If you feel overwhelmed just thinking about them, you most certainly need to set aside some time to review your account balances, interest rates, and repayment plan. You likely have a grace period following graduation where you don't have to make any payments just yet, so if you want to be in good shape when your first payment is due, you'll use this time wisely to really get a hold on things.
3. Start an emergency fund. You know what they say...always expect the unexpected. Knowing that life can take you in any direction at any moment, you'll want to have some money set aside so that if needed, you don't have to take money out of the savings you have for things like a down payment on a house one day.
4. Ask your employer about a 401(k). If you already have a job lined up, set up a meeting with your employer to ask about their retirement savings plan. On the other hand, if you're spending the next few months looking for your first full-time job, make asking about a 401(k) one of the things you do before the end of your interview.
5. Set up a Roth IRA. Roth IRA accounts are another type of retirement savings plan that all young investors should consider. The benefit of setting up one of these accounts is that although you pay taxes on the money you contribute, your future withdrawals are completely tax free.

Bonus task: Once you've gotten through tasks 1-5, your next step is to sit down with a financial planner to go over things like your retirement savings account(s), tax planing, estate planning and so much more. 

Not sure who to set up an appointment with? Choose American Investment Planners LLC! Although we are headquartered in New York, we have offices in Texas and Florida, and work with clients all over the country.

To start working with us, please call (516) 932-5130 or email info@americaninvestmentplanners.com.