Budgeting after College

Entering the real world after graduating college is a huge adjustment. Not living on campus, working a full-time job, increased costs… there are a lot of changes happening around you. “Adulting” isn’t easy, and it comes in full swing after graduation. But it doesn’t have to be difficult. It’s important to get a hold of your finances as soon as possible, so you don’t get stuck in a rut. 

If you were hired after graduation, you likely have steady income coming in. The first time period of having adult money can be an exciting time, but very tempting because you have it to spend. If you save wisely and don’t go crazy, you’ll set yourself up for success! Here are some tips to get yourself on your feet right away: 

Back with Mom & Dad

We’re going to start with something you don’t want to hear… If they’re cool with it, move back in with your parents! Just do it! For a little while at least… It will be the cheapest rent you will have in your life. It is an amazing way to build that savings “safety cushion” that you can lean back on when you are thrown into paying a higher rent and/or a mortgage. You won’t regret it. And if moving back into your parents’ house isn’t an option, finding a place with a roommate or two is the next best thing! Saving or splitting this major cost will save you a lot in the long run! 

Evaluate your Expenses

Once your living arrangements are finalized, you should put together all your typical monthly expenses (housing, car, groceries, entertainment, student loans, etc.), and make sure your planned expenses are less than your monthly income! Write everything down – it will help you be more aware of your spending!

Prioritize Saving

Creating a budget isn’t just about spending money, but to encourage you to save money too! A house, an engagement ring, a new car… all these things require money to purchase – so start saving sooner rather than later. You will thank yourself in the long run!

Money Management

Looking for a tool to put your budget in writing? Money Management is a feature in our online banking that allows you to create and manage your budgets, set savings goals, and even connect your other accounts or credit cards for easy tracking. And you get these tools for free by simply having an account with us! Learn more.

Start a budget and work towards improving your financial health today!