After college, many grads take entry-level positions in their chosen fields and start working toward the future they’ve always dreamed of. For the first time, you might also find yourself handling your own personal banking, balancing a budget, and trying to put money away for retirement. The tips below will help you establish a budget and get your financial life started on the right foot.

Top Tips for Budgeting After College

1. Calculate Your Housing Costs

If you’ve just graduated, you’ll likely be renting for awhile, which means you don’t have to worry about home insurance or home repairs just yet. However, you will have to pay rent, along with your electric, gas, and other utilities. As a general rule, your total housing expenses shouldn’t be more than one-third of your monthly take-home income.

2. Track Your Spending

Getting a handle on your finances starts with figuring out where your money goes every month. Fortunately, a variety of apps can sync with your personal banking accounts to track your spending, letting you know where you can cut back and save money.

3. Pay Yourself First

Retirement may still be decades away, but the financial steps you take now will have an enormous impact on your quality of life later. Start by maxing out contributions to your 401(k), and talk to your personal banking staff about setting up an IRA or other investment account. Setting up a savings account will also give you the ability to handle emergencies without going into debt.

As a leading financial institution, Citizens Bank offers customized personal banking solutions and the kind of small-town service you won’t find at a large national chain. Since 1919, they’ve provided customers throughout Olive Branch, Barton, Victoria, and Byhalia, MS, with everything from deposit accounts to business loans. Visit their website to learn more about their personal banking products, follow their Facebook for updates and news, or call (662) 838-2146 to reach their main office in Byhalia.

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