Now the real fun starts: finding a job, renting an apartment, paying back student loans… and the list goes on. But don’t panic. We’ve been there and know how you’re feeling right now. So here’s our guide to handling the curveballs life is about to throw your way.
If you’re still looking for a job or waiting for offers, you may need to cut expenses and return home to your parents until you get back on your feet. Or, if you have savings set aside, sharing an apartment with friends may be a more preferable solution. It’s ok to wait for the right job offer – after all, you’ve just invested a lot of money to pursue the career you’ve been working towards. But don’t wait around forever.
Retirement may seem like a long way off, especially if you’re just starting out in your career, but you need to begin saving right away. You’ll thank your future self that’s for sure. Take advantage of your company’s 401k plan. A portion of your paycheck will be automatically set aside for retirement savings. If your company doesn’t offer a 401k plan then look to establishing an IRA. Whatever you do, don’t spend your first paycheck in a week. Start putting money aside. Life will only get more expensive as you set goals for yourself, a house, a family, the kids’ college funds, etc.
It’s something graduates tend to forget, but now that you’re out of college you may find yourself on the hook for regular insurance premiums. If you drive you will need your own insurance. Our advice is to search around for the best rates. If you have a driver's license, but don’t own a vehicle, there are alternatives, and cheaper options.
If you rent an apartment, you’ll need insurance for your possessions. Renters insurance covers the cost of replacing items lost in a fire or theft, for example.
When it comes to your student loans, there is light at the end of the tunnel. Prioritize by paying back your highest interest loans as soon as possible. If you have federal loans there are ways to relieve the burden.
If you have private loans you may want to look at consolidating these.
Before your first paycheck arrives, you will want to set up a new checking account and a savings account, at the very least. Don’t sign up for an account without first understanding whether there are any monthly fees or penalties for withdrawals.
If you have any questions about opening checking or savings accounts, visit one of our branches in New Berlin, Modesto, Palmyra or Springfield – we’re here to help.