You will now be entering into a world of unknowns. A world where you can’t get by on intelligence alone. To become successful, you’ll need to take calculated risks, learn from failures, build effective relationships, and thrive in a world where the exact path isn’t laid out for you.
Now I’m here to share with you my money advice for recent college graduates. I know more individuals are graduating from college later in life. However, for the sake of this article, let’s assume we’re speaking to the traditional college graduate.
If you are already used to being broke, then don’t go out and increase your lifestyle to match your new paycheck. Try to live like a college student for as long as you can. If you get a raise at work no matter how big or small, put the majority of it towards savings, debt pay down, or investments.
Automating your finances can be a substitute for a budget if done right. This approach will require more self discipline so you’ll have to know yourself before going this route. Having a little money in savings will help during months when you spend more than anticipated.
When you get that first job, check to see what retirement account options are available in your organization. If your company offers a match, do your best to take advantage and invest at least up to that amount.
The important point is even if you aren’t paying debt immediately, do your best to set the foundation so you can increase the gap between income and payments as your income increases.