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Best Financial Practices for High School Graduates


You did it! Congratulations! Even though the school year didn’t end quite as planned, your hard work and dedication to your education has finally paid off! So what’s next? Do you have a job lined up? Or is college your next destination? Regardless, making sure you are properly prepared to manage your finances is important as you take that next step in life.

In the following blog post we have highlighted some factors to take into consideration when establishing your financial security. We hope you find these tips useful!

Educate yourself on creating a budget

The lifeblood of solid financial planning is creating and implementing an effective budget. You’ve probably been told that hundreds of times, but it cannot be overstated. Understanding your necessary expenses such as costs for rent, utilities, clothes and food vs. the amount of income you are expecting is pivotal towards financial security. We encourage you to learn as much as you can about creating a budget and following it to the best of your ability! Click here to learn more about creating an effective personal budget.

Work on your credit score

Establishing a good credit score early after your graduation is imperative. Ensuring that you are making on-time payments on car loans, phone bills, rent and student loans (if you are attending college) will help you establish good financial health down the road. You can also establish your credit score by, wisely, using a credit card and making sure to make all your credit card payments on time. Click here if you have further questions regarding credit cards.

Consider an emergency fund

All of us have unfortunate situations that come up unexpectedly. From a car repair to an unforeseen medical issue, there are plenty of unfortunate mishaps that will require you to have additional funds to pay for them. The best way to confront those situations is by saving money in an emergency fund. Basically, if you take a percentage of your earnings and contribute them to a savings account where you will only use the funds for emergency situations, you will avoid being caught in a financial bind when those issues arise.

It’s never too early to think about retirement!

As your finishing your senior year of High School, retirement is probably the furthest thing from your mind. However, beginning to plan for a future retirement is never a bad idea. If you have the option to partake in a 401(k) plan through your place of employment make sure to take advantage of that program. Saving money and investing in a retirement plan is a great way to establish a financial plan for your future!

All of us at CES Credit Union want to emphasize how proud we are of all the high school graduates and we wish everyone the best of luck in their future endeavors! If you ever have any questions regarding your finances, don’t hesitate to talk to us. We would be more than happy to help you out along the way!

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