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Money Tips For Graduates That We Call All Use

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The caps have been tossed into the air, gowns are now in a puddle in the corner of the room. Graduates, those folks leaving high school and college, are now out in the world, making those first steps on their next path. Granted, for some, it may mean a summer of fun, then off to school again, but for others, it means they are entering the realm of The Real World (and I'm not talking about the MTV reality show...though I do admit to watching it back in the day).

These past few weeks, everywhere I surfed online, I spotted advice for these graduates, hints and tips on navigating their way on the financial minefield and job hunting 101. And you know what, there's some great advice for all of us in these articles. Here's a bit of what I found. Some may be reminders, some may be a new approach to the same old money issues:

--  Live within your means. Always a good thing to remember. Getting a first paycheck -- or paycheck #1,039 -- can make anyone a bit giddy, and the words "shopping spree" may pop into mind. For kids new to the workforce, that may mean a closet full of new clothes or brand new apartment décor; for us, it may mean a similar thing. Keeping a handle of spending is tough, especially when you work hard during the week and want to treat yourself, but it is essential to remind yourself of needs versus wants. Tuck a little mantra in your wallet to be a bit of a Jiminy Cricket for your spending or make a list of wants and spread them out over the year, whatever works to keep you mindful of money.

-- Avoid starting bad money habits. Young folks who head to dinners out every other night (because they can!), lunching out every day or brunches on the weekends can add up to money not-well-spent and it is easy to fall into a money-flowing-to-nowhere routine. We can learn from this, too: not packing lunches or take-along snacks, ordering in, paying unnecessary fees, all of those little things we do and fall into a pattern with can add up. One way for new grads -- and us -- to combat that: bad-habit-proof your meals. For young adults, learn how to cook a few easy meals, ones that you can invite friends over and have everyone save money. For us, it is all about meal planning and have a stash of ready-to-go snacks (we've talked a lot about this in our hub, right?).

-- Get a good bank account. Many grads have a regular checking account. Many of us have had the same bank account since getting married or graduation. Take a minute to look over what your bank is offering you. Do you have a linked savings account? Does it give you a decent interest rate? Shop around and get the best banking deal you can.

-- Prepare for emergencies. Make it automatic and do it now. Once you get those bank accounts -- a linked checking and savings account -- start having a bit taken every month from your checking and transferred over to the savings account as an easy way to start building that emergency fund. A few thousand dollars to have on hand in case of emergencies (not a new flat screen or a vacation). We all need this these days and making it so simple is a great thing.

Do you know any young moms or people starting out? What financial tips do you give them? Do you have a hard time with any on my list?

©iStockphoto.com/malerpaso




by on Jul. 2, 2012 at 12:00 AM
Replies (41-46):
michiganmom116
by Gold Member on Jul. 5, 2012 at 9:52 AM


Quote:

--  Live within your means. Always a good thing to remember. Getting a first paycheck -- or paycheck #1,039 -- can make anyone a bit giddy, and the words "shopping spree" may pop into mind. For kids new to the workforce, that may mean a closet full of new clothes or brand new apartment décor; for us, it may mean a similar thing. Keeping a handle of spending is tough, especially when you work hard during the week and want to treat yourself, but it is essential to remind yourself of needs versus wants. Tuck a little mantra in your wallet to be a bit of a Jiminy Cricket for your spending or make a list of wants and spread them out over the year, whatever works to keep you mindful of money.


This is vital!

michiganmom116
by Gold Member on Jul. 5, 2012 at 9:54 AM

I actually sat down with my niece before she went to college and shared meal planning tips and recipes.  She was thrilled to have several ideas of things to make in a microwave or on a hot plate!


Quote:

-- Avoid starting bad money habits. Young folks who head to dinners out every other night (because they can!), lunching out every day or brunches on the weekends can add up to money not-well-spent and it is easy to fall into a money-flowing-to-nowhere routine. We can learn from this, too: not packing lunches or take-along snacks, ordering in, paying unnecessary fees, all of those little things we do and fall into a pattern with can add up. One way for new grads -- and us -- to combat that: bad-habit-proof your meals. For young adults, learn how to cook a few easy meals, ones that you can invite friends over and have everyone save money. For us, it is all about meal planning and have a stash of ready-to-go snacks (we've talked a lot about this in our hub, right?).

SweetLuci
by Silver Member on Feb. 5, 2013 at 9:59 PM

 Good hints.

Juniper53098
by on Feb. 6, 2013 at 12:56 PM

My son needs to learn about the going out to eat thing, but otherwise he does pretty well, although he is still in school.

baconbits
by Bronze Member on Feb. 6, 2013 at 1:03 PM

 My biggest tip to them is the same as to young married couples. To realize that while you may now have a job you have not had the time to build up to what your parents have. That takes time. It is not your RIGHT to have a nice place to live.

elizabooks
by Member on Feb. 6, 2013 at 1:19 PM
I'd tell them to work while in college. Preferably in thier chosen field, but if not then on campus as a way to cut college bills, or work study or just in a shop somewhere.
This way they can learn to budget, schedule, and understand why they have to study.
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