5 Budgeting Tips for New College Graduates

So, you made it through college in one piece, and you even managed to land a good job.  Congratulations  You’re in the home stretch toward financial stability – but you haven’t exactly hit home base yet.  Most likely that new job isn’t going to make you rich (not yet, right?), and it’s even more likely that you have some major student loan debt that needs to be tended to before you can stake your claim to financial freedom.  What’s more, your life had changed in a major way, and it’s time to start prioritizing some new goals, and figuring out how you’re going to accomplish those goals.  It’s time to rewrite your budget, with your new circumstances in mind.  Here are five budgeting tips for new college grads:

Write Things Down

This doesn’t mean you have to literally write down a budget on paper (which you can, if you want to).  But you absolutely need to get all of your monthly income and expense figures out in front of you so that you can create a plan.  If you don’t want to do it the old-fashioned way, you can create a spreadsheet, invest in budgeting computer software, or take advantage of any of the free budgeting tools you can find online.

Set Some Goals

Perhaps the greatest beauty of a budget is setting financial goals and figuring out how you are going to reach them.  Put some serious thought into deciding what you’d like to accomplish, and use those goals to prioritize your budget.

Establish Good Spending Habits

Once you have all of your monthly expenses in front of your face, it’s a good idea to trim the fat where you can.  Cut back on all unnecessary spending, as you see it, in order to free up as much cash flow for goals as possible.

Be Realistic

It’s possible that you are paying all of your living expenses for the first time in a long time (or ever), so you need to examine your monthly obligations and get them down to the bare minimum.  That new salary may seem like a lot to you, but you may be surprised by the reality of having to pay your rent, utilities, insurance, and more.  Be realistic about what you can and cannot afford, and you won’t get sideswiped.

Eliminate Debt

If you happened to get into some debt to get through college, then you might want to consider consolidating that debt into one, manageable payment.

The time after college graduation should be exciting, but for many, it can also be very stressful.  Keep financial stress at bay, and reach your goals in the process, by following these budgeting tips.

About the Author: Patty Kleen is a college graduate with minimal student loan debt. She enjoys writing about personal finance, budgeting, and money saving tips and is a regular contributor at creditloan.com.

59 Responses to 5 Budgeting Tips for New College Graduates
  1. take myers briggs personality test free
    October 4, 2014 | 7:33 am

    Nice post. I was checking constantly this blog and I’m impressed!
    Very helpful info specially the closing section :) I care for such info a lot.
    I was seeking this certain info for a very lengthy time. Thank you
    and best of luck.

  2. Frank
    October 7, 2014 | 5:11 pm

    Nice post. I learn something totally new and challenging on blogs I stumbleupon everyday.
    It’s always useful to read through articles from other authors and use something from other websites.

  3. Winston
    October 12, 2014 | 2:48 pm

    Excellent post. I will be dealing with some of these issues as well..

  4. Bit.ly
    November 1, 2014 | 9:32 am

    Greate article. Keep posting such kind of information on your
    site. Im really impressed by your blog.
    Hey there, You have done an incredible job.

    I’ll definitely digg it and in my opinion suggest to my friends.
    I’m sure they will be benefited from this
    web site.

  5. hey
    February 21, 2016 | 11:58 am

    What’s up all, here every person is sharing these kinds of experience, therefore it’s pleasant to read this web site, and I used to visit this web site everyday.|

  6. phentermine
    March 29, 2016 | 2:50 pm

    There arent any over-the-counter products
    or services that can correct the underlying problem. Goal is to cut sodas as best
    as you can all together. Phillippe Frogue of Imperial University, London in a analyze
    he spearheaded explained: This is the first genetic result in of extreme
    thinness to be identified”.

  7. The final song of the night was ‘Oh Shot,’ the dare
    I say, ‘hit’ from Ghosts. Westfield often comes off gruff
    when taunting the crowd, it surprisingly adds to the fun of the performance;
    and the band has truly mastered the art of performing.
    The other half was toward Ruthann, about how he’s the
    closest one with her here and how she’s the one he can really tell this to.

  8. clash royale astuce deck
    April 25, 2016 | 10:40 pm

    Paragraph writing is also a excitement, if you be familiar with after that you can write otherwise it is complicated to write.|

  9. clash royale gemmes
    May 19, 2016 | 8:51 am

    Thanks a bunch for sharing this with all people you really recognise
    what you’re speaking approximately! Bookmarked.
    Kindly also seek advice from my web site =). We may have a link trade contract between us

Leave a Reply

Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/5-budgeting-tips-for-new-college-graduates/trackback/