Steve Rice Los Gatos: Financial Tips For Recent College Graduates
FINANCIAL TIPS FOR RECENT
CREATED BY STEVE RICE
If you’re a new graduate,
You’ve worked hard to get where
you are. Now that you’re starting a
new life and career, make the
effort now to establish yourself
financially so you can rule your
finances rather than let your
finances rule you. You’ll thank
DON’T BE ASHAMED TO GO HOME
Take advantage of the opportunity to SAVE some money!! Use it as a great financial
opportunity to save money on rent, build a sizable emergency fund, max out that new
401(k), or start paying down that student loan debt. You’ll be out before you know it
anyway! Try to consider how much extra cash you could save if you lived at home for just
six months! Now imagine what a year would be!
START A BUDGET
Getting that first paycheck is exciting, but it’s also an important time to realize your
new earning potential. You don’t want to go crazy and burn through those first few
checks on frivolous things. It will make you feel better about the money that you
spend if you budget it all out and know exactly how much you have allocated to
things like eating out, and shopping.
ASSESS YOUR STUDENT LOAN SITUATION
Even if it’s stressful or overwhelming to look at, sit down and add up all your student loan debt so
you can figure out a way to fit it into your budget. If you have too many payments, consider
refinancing or consolidating them into one lump sum or to get a better interest rate.
SHARPEN YOUR RESUME
Consider the kinds of skills your ideal employer is seeking and highlight any of those you
might have obtained while working on campus as a student worker, an intern, a tutor, or even
through volunteer work. Just because you were paid nothing (or very little) to do certain jobs
as a student doesn’t mean you didn’t learn valuable skills! Prominently emphasize those skills
on your resume to show that you would make a valuable asset to any company.
CONTINUE LIVING LIKE A BROKE COLLEGE STUDENT
Keep up your frugal college student habits to save money so you can start your postgrad life
off well. Living like you’re still broke doesn’t have to be permanent, but if you’ve already been
practicing not spending your money, keep up the good work and maybe even start saving!
SAVE FOR THE FUTURE
You’ve probably heard this before, but that’s only because it’s so very important. I bet if you
ask anyone who graduated 20, 30, or 40 years ago what they wish they’d done sooner, it
would be this — start saving money as soon as possible after graduation.
DON’T SPEND YOUR PAYCHECK BEFORE YOU EARN IT
If you can’t afford to pay for something with cash, then don’t make that purchase, period. It’s not worth
strapping yourself with future debt, especially before you have had any time to save money! If you buy that
new car or that fancy new wardrobe today, chances are you’ll be tired of all of it 6 months from now, but
you’ll still be paying for it. Is that new car smell really worth it?
A REMINDER ABOUT CREDIT CARDS
Just don’t. Really, don’t. Credit cards aren’t free money. You’ll be paying for purchases
long after the newness of them has worn off. It’s not worth the monthly payment.