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Your hard work and dedication have led you to and through the collegiate finish line.
As you embark on your next chapter, you are going to face new obstacles, opportunities, and choices—many of which will center around your finances.
Should you rent an apartment or live at home? Where will you be applying for jobs? Or, are you going to continue your education?
Here Are 9 Tips to Start Your Financial Journey Off on The Right Foot!
- Don’t Budge on Your Budget
As you jump-start your adult life, you will have to adjust to a new income and new expenses. Track your spending to determine how much you spend on groceries, entertainment, utilities, etc.to determine where you can cut back spending to start building your emergency fund. (Hint: it is recommended to have 3-6 months of expenses saved away) Download a Budget Binder to help guide you through the process!
- Shop Around for Insurance
Taking on your first insurance policy can be intimidating. While it may be tempting to use the same carrier as your parents, there might be a better option suited for you. Our agency is comprised of independent agents, meaning we shop a variety of carriers to find coverage and costs that work for our client’s budget. Find a solution that works for you!
- Renter’s Insurance is Worth It
Whether it’s recommended or required it’s better safe than sorry to have it. Renter’s insurance protects your belongings from theft or accidental damage, covers you from liability, and is more affordable than you think! In Pennsylvania, the average cost of renter’s insurance is only $13 per month—and if you bundle with an auto policy you can score even more savings!
- Even Though You Could, Don’t Do Your Taxes Alone
Filing your taxes online is quick and convenient, but without the insight of a professional you may be missing out on credits and deductions that will increase your tax return. If you’re contributing to your 401(k) or paying towards your student loans, you may want a second look to make sure you didn’t miss anything.
- Yes, You Should Start Saving for Retirement
Though retirement seems like a lifetime away, the sooner you start saving the more it will pay off when the time comes. Your company-sponsored retirement plan is a chance at earning free money towards your retirement fund. Based on your employer and the match amount selected, your company will match your contribution dollar-for-dollar each pay. Word to the wise, don’t miss out on this opportunity—even if you only contribute a small amount, you are still better off for getting started.
- Even Young People Need Life Insurance
Life can happen in a heartbeat. You may think that because you’re young and only just starting to establish yourself that life insurance is not necessary. However, the younger you are when you purchase life insurance, the less expensive it is. Use a Life Insurance calculator to determine how much coverage you need and what your estimated monthly cost would be before reaching out to an expert.
- Pay Down Debt
That’s right—It’s time to talk about those dreaded student loans. This financial undertaking can be overwhelming, but with proper planning combined with focus and discipline, you can decrease your debt! When possible, pay more than your monthly minimum and consult with a financial professional to determine which payment strategy makes sense for you.
- Be Conscious About Building Credit
Building and improving your credit score is a process that takes time. Making on-time loan payments and establishing a positive credit history can help you slowly build your credit score. Be responsible and conscious of your spending!
- Education Doesn’t Stop
The world of personal finance is complex and multi-faceted. As your life changes and evolves, as will your financial goals and responsibilities. Continue to expand your knowledge on money management and ask for help when needed! Having a professional in your corner can make a world of difference.
Small steps now can pave the way to a promising financial future! Don’t get discouraged along the way—we have plenty of resources and tools to help address your questions and concerns.
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