Real World 101 - Money Tips for New Grads

Congratulations -- you’ve graduated and are ready to go into the real world. Though you have your diploma, there’s still more to learn about the basics of financial management.

Key money skills you need to know:

• Track spending. Write down everything you buy for a month to see where and how much you’re spending.
• Budget. Look at your income and spending habits. Allocate for weekly needs, wants, and impulses within your budget. Surprises happen, so let yourself break the budget, now and then, just remember to make up for it in the coming weeks.
• Use your checking account to help budget and track income and spending. You need to know how to write a check, how to keep a check register, and how to balance your account. Remember there are consequences for overdrawing an account.
• When applying for a credit card, read the Truth In Lending Disclosure.  All lenders are required by law to provide this information to applicants. This information includes the interest rate, annual fee, late payment fee and other information regarding the credit card. Credit cards are good to have in emergencies and can help establish credit history, so make sure to set personal limits and stick to them.
• Develop good consumer skills to make money go further. Buy necessities wisely and practice comparison shopping by looking online.