Get Ahead of your Finances
- Diminish Expectations - Just because you have a job doesn’t mean you will immediately be able to live without money worries. Keep living like a broke college student as much as possible to avoid digging yourself into a financial hole from which you can’t recover. If you buy a car, buy used. If you need clothes for your new job, consider secondhand or shop the clearance racks. Realize that financial comfort doesn’t happen overnight.
- Consider Your Living Situation Carefully - It is easy to find that the majority of your income goes to rent and leaves you nothing to show for it. If you’re in a good place financially, perhaps buying a starter home would make sense. If not, maybe living with a roommate would take away a bit of the financial burden.
- Avoid Letting Credit Card Debt Pile Up - While using a credit card may be unavoidable, it is vital that you don’t let that debt spiral out of control. Using multiple credit cards can make it easier for the debt to creep up on you, so keep a close eye on balances.
- Remember Taxes - When you start earning more, taxes will become a very real thing. Make sure your job is taking enough out of your check each pay period to cover that bill when it arrives—this can save you a big headache at tax time.
- Create an Emergency Savings Cushion - While you are likely saving for long term things too, make sure you have a “slush fund” of at least $500 to $1000 available to take care of small expenses. As a graduate, you should be able to cover unexpected car repairs or replacing a laptop without too much worry.
- Save for Retirement - Though it may seem far away, it is never too early to start saving. Take advantage of employer matching or tax deferred programs to get the best bang for your buck.
If you have any further concerns about getting your finances in order, our team at Oklahoma Central Credit Union is always here for you. Feel free to contact us at any time and let us help you open an account, choose a credit card or do whatever it takes to transition into your new life as a graduate with the financial security you deserve!