Financial Tips For College Grads

Financial Tips For College Grads

Attention college graduates: Congratulations on your achievement! Following your graduation ceremony, last parties with friends and well deserved relaxation, it’s eventually going to be time to begin thinking serious. Whether you’ve got student loan bills on the way or you’re immediately starting out with a job, one of the most important things you can do is visit your financial situation as things begin to change in your life. Below are a few things to keep in mind as you enter the real world, as they can help your long-term financial growth:

• Budget effectively. Before considering a trip or spending that graduation money on something, create a realistic budget for yourself. Unfortunately, real world expenses are far more important and take priority over material items and nights on the town.
• Plan a backup fund. There’s always going to be a time where the unexpected hits you at the worst time — whether it’s a traffic ticket or a fender bender. Setting a bit of your cash aside is critical in preparing for the long hauls of life so that should this ever happen to you, your savings aren’t affected.
• Begin a 401(k) plan. Your retirement savings plan will likely be one of the best things you can have by your side in a time of need, and starting it now is very important. If you’re entering a job right out of school, this is something you should ask about as soon as possible, in order to get a head start. If you’re still interviewing for available positions, make sure you’re asking about their retirement plan options during the interview.
• Check up on your loans. The first student loan bill is certainly one of the last things you’ll want to see in the mail when it finally arrives. However planning ahead for this is a great way to pay them off quickly, and move on with saving that cash. Typically, you’ll have a grace period and can use this to plan ahead for payment options, potential refinancing, and preparedness for when it finally is time to make that first payment.
• Sit down with a financial planner at American Investment Planners LLC. While this step might be a bit farther off into the future, it’s never too early to start planning. Eventually, things such as your savings, tax planning, estate planning and more will be critical components to your financial future.

American Investment Planners LLC offers tax planning, estate planning, retirement planning and more to generations of families throughout the United States. More information about the services offered is available at www.americaninvestmentplanners.com.