{"id":8237,"date":"2023-05-13T12:45:25","date_gmt":"2023-05-13T16:45:25","guid":{"rendered":"https:\/\/ifintechworld.com\/loans\/7-money-moves-new-college-graduate-should-be-making\/"},"modified":"2023-05-13T12:45:26","modified_gmt":"2023-05-13T16:45:26","slug":"7-money-moves-new-college-graduate-should-be-making","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8237","title":{"rendered":"7 money moves new college graduate should be making"},"content":{"rendered":"
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Graduating college is a new chapter for young adults and this exciting path will concern money matters.<\/p>\n

FOX Business spoke with multiple money experts who shared their top tips to help new college grads make a successful transition from student to the real world.<\/p>\n

Be Deliberate with Your Money<\/strong><\/h3>\n

Recent college graduates should start their money foundation with a mature understanding of money.<\/p>\n

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“Money has meaning and value, so using it wisely and intentionally can feel not only empowering but inspiring,” says Brad Hindman, managing director of investments at Wells Fargo Advisors.<\/p>\n

CLASS OF 2023 GRADUATING INTO ‘TIGHT, UNCERTAIN’ JOB MARKET<\/u><\/strong><\/p>\n

Hindman recommends a simple yet impactful approach regarding money.<\/p>\n

“Put money in its rightful place,” he says. “By that, I mean be deliberate about not allowing money to have more energy or power than it warrants \u2013 lest money could end up controlling you.”<\/p>\n

For example, says Hindman, if you give yourself a spending allowance, the piece of clothing or electronic device you purchased can have so much more value to you.<\/p>\n

Try to Stick to a Budget\u00a0<\/strong><\/h3>\n

Hindman says a budget is a great starting point for new college grads.<\/p>\n

“I know that \u2018budget\u2019 is a cringeworthy word, so think of yourself as the CEO of \u2018Me, Inc.\u2019 and this is your cash flow sheet,” he says.\u00a0<\/p>\n

To illustrate how to create a budget and create priorities, he recommends writing “discretionary” and “essential” on a piece of paper.<\/p>\n

“Under \u2018essential,\u2019 list things you can\u2019t do without \u2013 mortgage (or rent), car payment, food and so on.\u00a0Under \u2018discretionary,’ list things that are nice to have such as dining out at restaurants, manicures\/pedicures, massages and so on,” Hindman says. “The reason I suggest this exercise is that most people simply do not know how much they\u2019re spending in the discretionary column.”<\/p>\n

WHAT ETFS ARE GOOD INVESTMENT CHOICES FOR NEW COLLEGE GRADS<\/u><\/strong><\/p>\n

Create an Emergency Fund\u00a0<\/strong><\/h3>\n

After completing the discretionary\/essential exercise, Hindman says the college grad can eliminate or reduce some spending. With the excess, they can earmark it to create an emergency savings fund.\u00a0This fund can be for an unexpected car repair, medical emergency or to cover living expenses if you have a sudden job loss.<\/p>\n

“I suggest that people pull enough into an emergency fund monthly to get to a point in which they\u2019ve saved $1,000-$5,000,” he says.<\/p>\n

Take Note of Your Student Loan Obligations<\/strong><\/h3>\n

After graduation, it\u2019s time to check in on any student loan debt you may have while also taking into account the type of student loans you have and weighing the options that are available to you, says Alyssa Schaefer, chief experience officer and general manager at Laurel Road.<\/p>\n

“One way to tackle this is to schedule a free consultation with one of the nation\u2019s leading student loan consultation providers, GradFin, as their student loan specialists can assist recent graduates in managing their student loans and can help navigate and map out a personalized plan to support their financial future,” says Schaefer.<\/p>\n

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Invest Money That\u2019s at Your Disposal<\/strong><\/h3>\n

If you\u2019ve received monetary gifts for graduation, or have savings from a summer job, or if you\u2019ve sold your baseball card collection, Schaefer says her advice would be to invest the money you have at your disposal, even if it means simply opening a high-yield savings account.<\/p>\n

As market volatility continues to cause concern, she says a high-yield savings account is convenient for keeping your cash liquid and accessible, making it an ideal option for starting an emergency fund and saving for a rainy day.\u00a0<\/p>\n

Inquire About Your Benefits Through Your New Employer<\/strong><\/h3>\n

Gain an understanding of your work benefits.<\/p>\n

GOOD NEWS: STUDENT LOAN REFINANCE INTEREST RATES FALL FOR BOTH 5- AND 10-YEAR LOANS<\/u><\/strong><\/p>\n

“<\/strong>Whether you\u2019re graduating and starting a job immediately, or taking some time to figure out what\u2019s next, I also highly recommend asking your employer what benefits they offer,” says Schaefer. “Offerings can range from a health savings account (HSA) or flexible spending account (FSA) designed to help pay for health care expenses, 401(k) contribution matches, and even travel stipends, all of which can help you in the long run.”<\/p>\n

Also, be aware of any perks that companies may be offering toward health and wellness that will allow you to make the most out of your current situation.<\/p>\n

“Most recently, we\u2019ve seen a positive shift toward more time off, mental health services, fitness,” Schaefer says.<\/p>\n

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Open Your Own Credit Card<\/strong><\/h3>\n

You may have been an authorized user of a parent\u2019s credit card account, but that doesn\u2019t carry as much weight in the credit scoring formulas as having an account in your own name, says Ted Rossman, senior industry analyst at Bankrate.<\/p>\n

“Having your own account gives you more independence in terms of your spending and payments,” says Rossman. “And, responsibly using a credit card opened in your own name could definitely help boost your credit score, enhance your approval odds for other financial products and lower the interest rates you’ll pay.”<\/p>\n

When deciding which credit card to open as a new college graduate, be picky.<\/p>\n

“Especially when you\u2019re just starting out, I think the main considerations should be to avoid debt and fees,” says Rossman. “You\u2019re probably not spending enough to earn a ton of rewards at that stage anyway.”<\/p>\n

Rossman tells FOX Business that it\u2019s more important to get in the habit of using credit responsibly \u2013 maybe by putting small purchases on the card and paying them off on time and in full \u2013 and focusing on building your credit score.<\/p>\n

CLICK HERE TO GET THE FOX BUSINESS APP<\/strong><\/p>\n

When deciding among credit cards, Rossman says a no-annual-fee cash-back card would be a good choice.<\/p>\n

“Apple Card is one of my favorite starter cards,” he says. Rossman explains Apple Card is more widely available than most credit cards, it doesn\u2019t charge any fees (other than interest \u2013 which you can avoid by paying in full), it includes helpful budgeting tools and it offers pretty solid rewards (3% cash back at select merchants, 2% when you use Apple Pay and 1% when you use the physical card).\u00a0<\/p>\n

Another recommendation, says Rossman, is to consider a no-annual-fee cash-back card that gives 2% cash back on everything, like the Citi Double Cash and the Wells Fargo Active Cash.<\/p>\n

“Although they\u2019re probably a bit more selective in terms of credit quality, and they\u2019re not quite as fee-friendly,” he adds.\u00a0<\/p>\n

Another alternative is a secured card.<\/p>\n

“You put down a deposit that serves as your credit line, so it\u2019s very low risk. The Capital One Quicksilver Secured Cash Rewards Credit Card is a good one since it doesn\u2019t charge an annual fee and it gives 1.5% cash back on everything except hotels and rental cars booked through Capital One Travel, which earn 5% cash back,” he says. “There\u2019s also a clear path to upgrading to a traditional, unsecured credit card after establishing a solid track record, maybe six-12 months or so.”<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Graduating college is a new chapter for young adults and this exciting path will concern money matters. FOX Business spoke with multiple money experts who shared their top tips to help new college grads make a successful transition from student to the real world. Be Deliberate with Your Money Recent college graduates should start their […]<\/p>\n","protected":false},"author":1,"featured_media":8238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[240],"tags":[83],"class_list":["post-8237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loans","tag-featured"],"yoast_head":"\n7 money moves new college graduate should be making | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Graduating college is a new chapter for young adults and this exciting path will concern money matters. 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