Graduating College / High School

Review Your Student Loan Situation

Understand your student loan balance, interest rates, and repayment options. Set up a plan for paying off loans, including considering income-driven repayment plans or refinancing.

Set Up a Budget

Create a budget that accounts for your new income, living expenses, and savings goals.

Build an Emergency Fund

Save 3-6 months' worth of living expenses in an easily accessible account to protect against unexpected costs.

Start Saving for Retirement

Open an IRA or contribute to your employer's 401(k) plan, especially if they offer a match. The earlier you start, the more you can benefit from compound interest.

Establish a Credit History

Start building your credit score by responsibly using credit cards and paying bills on time.

Get Health Insurance

Ensure you have health insurance coverage either through your employer or through a family plan. If not, explore other options such as the health insurance marketplace.

Set Up a Retirement Account

Consider contributing to a Roth IRA, especially if you anticipate being in a higher tax bracket in the future.

Understand Your Income Taxes

Learn about your tax filing status, potential deductions, and credits that may apply to your situation.

Begin Saving for Large Purchases

If you plan to make big purchases (like a car or home), start saving for a down payment.

Start an Investment Plan

If you have surplus funds, consider investing in low-cost index funds or other investment options based on your risk tolerance.

Review Your Student Loan Repayment Terms

Understand when your student loan grace period ends and what your monthly payments will be.

Automate Savings and Bill Payments

Set up automatic transfers for savings and bill payments to ensure timely and consistent contributions.

Establish Financial Goals

Set both short-term and long-term financial goals to help guide your saving and spending habits.

Start Building a Professional Wardrobe

Allocate part of your budget to invest in appropriate clothing for your job and professional development.

Get a Financial Advisor

Consider meeting with a financial advisor to help guide your financial decisions and create a roadmap for long-term goals.

Track Your Spending

Use budgeting apps or spreadsheets to track your spending habits and make adjustments as needed.

Consider Additional Education or Certifications

If applicable to your field, start saving for further education or certifications that may enhance your career prospects.

Prepare for Housing Costs

If you plan to rent or buy a home, ensure you understand the full cost of rent or mortgage payments, utilities, and maintenance.

Plan for Job-Related Expenses

Consider any work-related costs like commuting, required equipment, and continuing education.

Protect Your Assets with Insurance

Ensure you have adequate auto insurance, renters insurance, and possibly life insurance, depending on your circumstances.