A Financial Checklist for New College Grads

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Fight the urge to just spend

It may be tempting to go shopping, check or otherwise spend wildly when you get your first real paycheck from a full-time job, but you don’t want to establish a habit of living paycheck to paycheck. Instead, decide beforehand how to allocate your money.

“If those habits aren’t created when you first graduate from school, it’s incredibly difficult to adjust,” says Katherine Liola, an advisor at Ameriprise Financial.

Develop a savings and spending plan, says Justin Krane, a Los Angeles-based financial planner. “List out what your non-discretionary expenses are. Non discretionary expenses are things that you have to spend money on,” Krane explains. Like rent if you no longer live at home with your parents.

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