College Graduates: Avoid These 11 Common Financial Mistakes After Landing Your First Job
Before you sign a lease for an apartment or purchase a new car, avoid the most common financial mistakes made by college graduates. We have assembled a list of blunders to steer you towards a financially fit future.
1. No Emergency Fund
In this next phase of your life, it’s essential to save money, specifically for emergencies. When you least expect it, your car may need a repair, you need expensive dental work, or you perhaps get laid off from your job.
2. No Monthly Budget
Now that you’re living a more independent life, you need to have a budget and keep your spending in control. Don’t get rid of all your ramen noodles until you have a fully-funded emergency fund set up!
3. Living Beyond Your Means
When you strike out on your own, you may find your newfound freedom is costly. Put the brakes on large or repeated impulsive spending. Living beyond your income is a recipe for financial disaster.
4. Getting Rid of Your Roommate
Sharing expenses with a roommate, you may not see very much may provide you with worthwhile savings. Those savings can give you the financial flexibility you may not otherwise have.
5. No Student Loan Repayment Plan
One of your most considerable new responsibilities will be to make regular student loan payments. Don’t put off paying these loans or extending the time further into the future.
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