4 Financial Planning Tips For Recent College Graduates

by Lauren Beichner

Marketing Specialist

5.20.2022
|
Member Tips

If you're reading this - congratulations! You made it to your adult life chapter. You may have accepted your very first full-time job and you're thinking 'wow, I have SO much money now'. Although it may be true that you are making more than you ever have before, it's important to be responsible with your newfound paycheck in order to set yourself up for a life of financial stability and ultimately financial freedom. 

Here's what to do to get yourself started off on the right foot: 

1. Pay Down Your Debt

More than half of American students1 now need to borrow to pay their way through college. If you're one of those students, you probably are graduating sitting on a pile of debt - don't worry, you can pay this down quickly if you make it a priority. A good approachis to try to go well beyond the minimum payment (if you can) in order to pay your debt down fast. 

Try Our Debt Consolidation Calculator

2. Automate Your Savings 

Set up your checking and savings account to automatically draft money from your checking to your savings every month so you don't even have to think about it. You should aim to save at least 20% of your monthly income.2

3. Pay Your Bills On Time

If you get in the habit of paying your bills late you can get yourself into a lot of financial trouble and your credit score can take a major hit - and fast. To avoid this, make sure to pay down your balances as fast as possible. 

4. Contribute To Your Retirement Savings Plan

Start saving for retirement sooner rather than later. Think of it this way: if you start saving earlier, you will only have to save smaller amounts at a time versus large chunks at a time later on. Trust us, you'll be avoiding stress down the road if you start saving for your retirement now.

Looking For 1:1 Financial Advice?

You Have Dreams and We Have Ways To Help You Make Them Come True!

Coastal Wealth Management, *available through CUSO Financial Services, L.P., will provide you with a free and personalized financial review as a member benefit. Taking advantage of this opportunity right after college is a great idea - it will help set you up for sucessful financial future. 

Get Your Free Financial Review

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We care about bringing great financial education to our members. That’s why we’ve partnered with EverFi, a financial education leader to provide a variety of financial articles and videos with tips to help you get on your feet.

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1. According to www.investopedia.com 

2. According to www.tiaa.org

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Coastal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.