3 Financial Tips for Young Adults

So you’ve just graduated from college and the world is your oyster, right? Well, probably not quite. The recession has hit the United States very hard, and the rest of the world is struggling too. The days of simply graduating after 4 years of no extracurricular activities and simply going to class are over. You need to stand out in the crowd.

Well, let’s say it’s a bit too late and you moved your tassel to the other side last month. You can’t exactly go back and do it all over. It’s time to get a job and become more financially responsible. As a young adult just starting out, here are some great tips:

1. Don’t be Afraid to Move Back Home – Most people who graduate from college don’t plan on moving back in with their parents after the ceremony. However, the negative stigma has almost completely disappeared, and it has actually become commonplace to move back home. This isn’t to say you should move back home and mooch for several years. This is a time for you to apply for jobs, save up any money you can and prepare for your life after college.

2. Build your credit – A solid credit rating will set you apart when it comes to renting/buying a new place, leasing a car and even getting a job. It screams responsibility, especially since having a good credit rating is very hard to accomplish these days. If you have not yet applied for a credit card, you should. Spend a little each month, and pay off the balance. This way, you will help out local companies with their credit card processing services, as well as building your own personal credit history.

3. Set Realistic Goals – Sit down and decide what is most important to you. Is climbing the corporate ladder your main goal? This might mean more time spent living at your parent’s house. Is it most important to just get a job and move out on your own? Then save up money and look at all your expenses. Don’t forget to think about utilities and groceries. It’s the regular expenses that you are not used to taking care of that will be the hardest to combat once you are on your own.

 

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