The Class of 2022 is in the process of graduating and stepping into “the real world.”Part of that growing process including taking on a greater role of personal financial responsibility. Without the safety net of college meal plans and living arrangements, financial consequences can come shockingly swift for those not prepared.To help, financial experts from CityLink’s “SmartMoney” program and Financially U in Cincinnati offered their top tips for new college graduates and young adults looking step out on their own.Resoundingly, the biggest piece of advice from both entities is to create a budget and stick to it. College graduates and young adults must be honest with themselves about setting up a budget that accurately reflect daily expenses: Food, rent, mortgage, utilities, internet, gas, travel, medical needs, transportation, clothes, entertainment and student loans to name a few categories where younger people tend to spend most of their money.SmartMoney recommends people review their credit report to review any debt owed and figure out a plan to pay it as soon as possible. Once someone lands that first job outside of college, both SmartMoney and Financially U recommended signing up for the company’s retirement plans, participate in a matching options, including a 401K if available, and also consider opening a Roth IRA.Financially U founder and CEO Shauntel Dobbins told sister station WLWT she also warns younger adults to be careful about app subscriptions that can add up quickly due to streaming services, gaming apps and even exercise programs.”Because a lot of times when we create our budget, we do not include those different apps in there,” Dobbins said of subscriptions. “And that that could be what’s eating up our money. If you have three or four different movie apps and all these different things, and then we those add up it could be $100 a month. We should relook at those things so we can be aware maybe if we lower down some of those that can increase our savings.”Dobbins also recommends people have a separate savings account and work to build up three to six months of expense savings to be ready at a moment’s notice to face an unforeseen emergency.SmartMoney recommends people keep track of their daily spending by using apps like Mint, EveryDollar and TrueBill.
The Class of 2022 is in the process of graduating and stepping into “the real world.”
Part of that growing process including taking on a greater role of personal financial responsibility.
Advertisement
Without the safety net of college meal plans and living arrangements, financial consequences can come shockingly swift for those not prepared.
To help, financial experts from CityLink’s “SmartMoney” program and Financially U in Cincinnati offered their top tips for new college graduates and young adults looking step out on their own.
Resoundingly, the biggest piece of advice from both entities is to create a budget and stick to it. College graduates and young adults must be honest with themselves about setting up a budget that accurately reflect daily expenses: Food, rent, mortgage, utilities, internet, gas, travel, medical needs, transportation, clothes, entertainment and student loans to name a few categories where younger people tend to spend most of their money.
SmartMoney recommends people review their credit report to review any debt owed and figure out a plan to pay it as soon as possible. Once someone lands that first job outside of college, both SmartMoney and Financially U recommended signing up for the company’s retirement plans, participate in a matching options, including a 401K if available, and also consider opening a Roth IRA.
Financially U founder and CEO Shauntel Dobbins told sister station WLWT she also warns younger adults to be careful about app subscriptions that can add up quickly due to streaming services, gaming apps and even exercise programs.
“Because a lot of times when we create our budget, we do not include those different apps in there,” Dobbins said of subscriptions. “And that that could be what’s eating up our money. If you have three or four different movie apps and all these different things, and then we those add up it could be $100 a month. We should relook at those things so we can be aware maybe if we lower down some of those that can increase our savings.”
Dobbins also recommends people have a separate savings account and work to build up three to six months of expense savings to be ready at a moment’s notice to face an unforeseen emergency.
SmartMoney recommends people keep track of their daily spending by using apps like Mint, EveryDollar and TrueBill.
