Money Saving TIPS
Sometimes the real world can be more expensive than college graduates expect. Here are some quick tips to help you maintain a balance between your income and expenses.
- Emergency Fund — Having a fund for life's unexpected situations is important to ensure you are protected. If you have an unforeseen major expense or your job search takes longer than expected, you will have a buffer available to pay your bills. Saving three to six months' living expenses is ideal, but do the best you can.
- Eating Out — Eating out all the time can quickly add up and put a large dent in your monthly budget. You could save hundreds of dollars every month by simply bringing your lunch from home a few days a week and cutting back on dinners out.
- Your Company's 401(k) Plan — When you get a job, one of the first things you should do is sign up for the company's 401(k) plan. This is a great employee benefit because most companies fully or partially match their employees' contributions. Remember, it's important to pay yourself first. Always put money away, whether it's a 401(k), an Individual Retirement Account (IRA), or even a savings or money market account. If you transfer the money automatically from your paycheck, then you never miss it because you never had it to spend in the first place. By starting to save early, you can plan better for the retirement you want!
- Credit Cards — Following graduation, you may have expenses like purchasing a business wardrobe or furnishing your new place. Credit cards make it easy to buy something now and pay for it later, but unless you pay your bill in full each month, you will have to pay finance charges. Interest rates can be very costly, so look at the rate when selecting a credit card. Check out our credit cards to see if one is right for you!
Disclosures: Membership eligibility required. Subject to credit approval. Rates and terms subject to change without notice.