Home > Students > 3 Money Tips for New College Grads

Comments 0 Comments

You are (around) 22, educated and out on your own (likely for the first time). So what’s next? For young adults just out of college the world is full of possibilities and that can be both exciting and terrifying. After you properly frame and display that very expensive piece of paper — also known as a diploma — it’s a good idea to consider the following tips to ease the transition between college and the elusive ¨real world.¨

1. Make the Most of Your First Job

Whether you have budgeted for a small break before beginning your first job or have to start applying before you even graduate, it’s important to make the most of your first job. This is true whether you plan to use it as a steppingstone for the future or a chance to explore something new. Consider your degree, possible internship experience and real-world interests before you start interviewing. From training and rotational programs to assistant and coordinator positions, it’s important to balance what you want to do now with what will help you in the future.

It may not be perfect right away or fulfill all your passions but it is where you are starting so make connections and be the best at the job as you can be to get noticed. Remember, experienced co-workers can be great resources now and years down the road for references and job opportunities. Work to impress others and learn what you can from anyone you meet.

2. Create a Good Financial Foundation

Affording life on your own can be scary — especially if you are responsible for student loans. There are some steps you can take early on in your working life that can set you up for financial success. The first is living within your means.

That starting salary may not be large, but it’s what you have to live on. Creating a budget and tracking your spending can help you live within that salary. If you find that is not possible, it might be time to find a roommate, skip the dining out or otherwise reduce your expenses. The lifetime cost of debt can be astounding (check out what your debt is costing you), especially if you have higher interest rates due to a low credit score. You can see your credit scores for free on Credit.com.

This is also a great time to start saving for retirement. Even though it might seem so far away and so separate from your current life, the longer you give your money to grow, the less you may actually have to put aside. Also, if you start saving for retirement right away, it becomes a part of your budget and a habit you can keep throughout your working life.

3. Find Time to Enjoy Yourself

Between holding down your first job and staying within your budget, you may find it hard to find time for yourself. It’s important to use those time management skills you learned during college. Use your time after work and on the weekends wisely — get enough sleep, find activities that you are passionate about and form a strong support network. Finally, don’t compare yourself to your peers. Not everyone is in the same situation and that is OK. Everyone is carving his or her own path at this age — just be sure you are proud of yours. If there is something you don’t like, make a change.

More Money-Saving Reads:

Image: iStock

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Our Owners

Credit.com is owned by Progrexion Holdings Inc. which is the owner and administrator of a number of business related to credit and credit repair, including CreditRepair.com, and eFolks. In addition, Progrexion also provides services to Lexington Law Firm as a third party provider. Despite being owned by Progrexion, it is not the role of the Credit.com editorial team to advocate the use of the company’s other services. In articles, reporters may mention credit repair as an option, for example, but we’ll also be sure to note the various alternatives to that service. Furthermore, you may see ads for credit repair services on Credit.com, but the editorial team isn’t responsible for the creation or implementation of those ads, anymore than reporters for the New York Times or Washington Post are responsible for the ads on their sites.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team