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Financial Advice for Graduates


Graduation is an exciting time! Moving on to a new chapter in life, whether that be college or the workforce, is both exciting and, at times, scary. These next steps are unchartered territory for any high school or college graduate. Understanding how to best manage your finances post-graduation is vital to establishing a good financial future! In the following blog, we have outlined a few areas to keep in mind when you are planning for your post-graduation financial future.

1. Create a Budget

Your post-graduation life needs to start with the understanding on how to effectively budget! Creating and implementing an effective budget, can help you establish healthy spending habits and give you a better understanding of how to live within your means. 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!

2. Utilize an Emergency Fund

You can only plan and budget for the anticipated expenses in life, but what about the unanticipated expenses? 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. Taking a portion of your paycheck and putting it into a savings account that you only touch for emergency situations can be a big help when those unexpected expenses occur!

3. Set Financial Goals

Goals are important. Whether related to health and fitness, academic, professional or financial, setting goals is a great way to help ensure personal success! If that means saving for a new house, planning to travel, or even paying off any outstanding debt you may have accrued, putting aside some extra finances with each paycheck can help you achieve those financial goals.

4. Live within your means

When you get that job post-graduation, there can be an excitement to get the dream apartment/house or get a new car, but do these wants fall within your means? This is why creating a budget is important.

When you start receiving those early paychecks, you will often feel like you have hit the financial jackpot. But properly balancing all of your expenses and separating wants from needs can help you dictate what is within your means. Maybe it isn’t time yet for that dream car, but if you set financial goals you can more comfortably acquire that dream car over time.

Have you utilized any of the financial tips above? If you answered no, we strongly recommend you consider doing so. Your financial future can be shaped by the actions you take today! If you ever have questions on managing your finances, please feel free to speak with an employee at CES Credit Union!

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