Graduation Goals: Smart Financial Moves for New Grads

Graduation is a major milestone in one’s life. Whether you’re graduating from high school, college, basic training, or another educational endeavor, it’s important to keep your finances in check. We’ll take a look at a few smart financial moves for new graduates.

Budget

Budgeting is a cornerstone of financial success. That said, it’s smart to build a budget and stick to it. If you’re not already, begin tracking your spending habits. And remember to spend wisely. A good budget framework is the 50-30-20 rule. This means 50% percent of your budget goes to needs, 30% goes to wants, and 20% goes to savings.

Save for emergencies

Speaking of savings, it’s always a good idea to put away money for an emergency fund. This can act as a financial safety net when unexpected expenses or emergencies arise. A good emergency fund should have about three months’ worth of living expenses, but any amount is better than none. After all, you never know what emergencies could arise.

Save for retirement

Again, saving is important. And it’s never too early to begin saving for retirement. The earlier you save, the more you’ll have available when retirement comes. Many employers offer retirement plans, and some even match an employee’s contributions up to a certain percentage. By saving now, you’ll thank yourself later.

Improve your credit

Your credit score sets the tone for your financial future. That said, it’s wise to improve it while you’re young. This can start by making credit card payments on time and only using a fraction of the credit that’s available to you. To ensure payments are made on time or that you don’t go over your credit limit, set up phone notifications through your credit card company’s app. Above all, avoid relying too heavily on credit cards.

Open a checking account

Opening a checking account is one of the first steps to financial independence. So, if you haven’t already done so, it’s wise to set up a checking account. Checking accounts not only allow you to pay bills, they allow you to receive paychecks via direct deposit.  Gulf Winds Credit Union has a variety of personal checking account options to choose from.

Pay off student loans

There are several repayment options out there for student loans. But just like credit cards, you must make your payments on time to avoid accruing interest. If you budget your spending wisely, you can even pay off more of your student loan at a time. You may also consider refinancing your loan or opting for a loan forgiveness option. For those thinking about applying for a student loan, compare different loan options before making a choice.

No matter your post-graduate plans, it’s important to keep a close eye on your financial moves – especially if you’re looking for work. But, you don’t have to do it alone! Gulf Winds Credit Union offers financial coaching to help you every step of the way.

Hunter Morrison

About Hunter Morrison

Hunter has freelanced for various print and radio publications across Northwest Florida, including The Bay Beacon, Navarre Press, Inweekly, Crestview News Bulletin, and WUWF. He was also the Editor in Chief of the University of West Florida’s student newspaper, The Voyager. In 2023, Hunter moved to Kenai, Alaska to take up a news reporting position with KDLL Public Radio. For fun, Hunter enjoys cross-country skiing, hiking, photography, thrifting, traveling, and looking for the best Thai food around.