As the May temperatures increase, and the weather becomes pleasantly warmer, Seasonal Affective Disorder (SAD) dissipates. Likewise, as individuals celebrate the joyous season, many are equally celebrating an important milestone: graduation. As such, the time is upon us when tassels will be turned from right to left then athletically thrown in the air, which will signal the end of an academic era. For high school seniors, graduation will more than likely be an emotional rollercoaster as they bid farewell to the administration, friends, halls, rivals, teachers, and walls that have come to shape their adolescence for four years. Upon bidding farewell, they will prepare to say “hello” to the next chapter of their lives – college, the military, or the workforce.
For college seniors, graduation will be an equal ride of emotions as they bid farewell to the institutions, academic courses, faculty, sleepless nights, social excursions, and transformative experiences that have defined their four years of adulthood. Thus, after the ceremony has concluded, some will be taking a year (or two) off to begin their journey of self-discovery; some will begin their descent into the world of the gainfully employed; and some will still be doggedly seeking employment six months to a year after their momentous day. In examining life after college for these individuals, finding a full-time job will test their emotional and mental stamina, especially as the results pouring in become less than favorable. Moreover, as the prospect of securing part-time employment to stay afloat and begin building a nest egg increases, optimism may decrease. As result, life after college will not be what you expected. No matter your level of matriculation and plans for the next chapter of your life, advice on how to effectively navigate it all will be welcomed. More importantly, advice on how to effectively manage and maintain finances may be your single, top priority. If this is your reality, financial advice for recent graduates is abundant. An example of financial advice can be found in the form of Wise Bread’s May 22nd Twitter chat, for which I had the pleasure of participating in. Below you will find the transcript of the chat. Although finished, I welcome additional advice for recent graduates. Let us begin: Q1: What is one thing you wish you had known when you had graduated? WW: The importance of early action planning when looking to save for retirement. #WBChat Q2: For high school graduates headed to college, what should they do to prepare financially? WW: Graduates can begin doing these three things: begin saving money either earned through summer employment or gifted from family and friends; begin creating budgets so as to start tracking expenses; and start researching how to establish credit (ex: a secure credit card). #WBChat Q3: What financial moves should college grads make after they graduate? WW: Should student loan debt be a reality, be sure to talk with your loan provider about the various ways to lower monthly payments, how to make income-based repayment plans work for you, or deferment. #WBChat Q4: How can recent college grads save on housing expenses as they navigate post-college life? WW: If returning home is an option, act fast! As such, there is no shame in returning home as you prepare for the next chapter ahead. Additionally, while at home, utilize your stay as an opportunity to maximize savings. I, and so many of my family and friends, returned home after college. #WBChat Q5: What career advice do you have for recent college grads? WW: Prior to graduation, become a familiar face at your institution’s career office. Thus, if your schedule allows, attend every resume and cover letter workshop offered, as well as every interviewing workshop, too! #WBChat Q6: How can recent graduates tackle student loan debt if they have it? WW: Explore any and all repayment options available and then get started. Remember, if all you can repay is the bare minimum each month, do it without hesitation. #WBChat Q7: What can new graduates do to build an emergency fund? WW: Start small. Use an envelope, a mason jar, or shoe box (should you not have a bank account) to store $10 a week. This will serve as a starting point in the building of your emergency fund. #WBChat Q8: Should recent graduates make an effort to save for retirement? WW: Absolutely! There is no rule that says one should not start exploring retirement and savings options early. #WBChat Q9: What is your top financial tip for new graduates? WW: Treat saving with the same earnestness as you treated your academics. #WBChat
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