Graduating from college is an exciting accomplishment, but not one free from responsibilities. Whether you’re pursuing a second degree, plan to travel the globe, or have landed your dream job, you need to consider everything from student loans to your savings account. Taking the right steps will help you establish good financial habits, which will serve you well in life.

How to Take Control of Your Finances Post-Graduation

1. Pay Down Student Loans

The minute you graduate, the clock starts ticking on your student loans (unless you’re pursuing a second degree). Instead of remitting the minimum payment each month, create a plan that lets you pay down your loans sooner. This will ultimately decrease the amount of interest you pay.

2. Boost Your Savings Account

At the same time, try to put a little money into savings each month. This will help you build up an emergency fund, which covers unexpected expenses like vehicle repairs or medial costs. It will also prepare you for retirement saving, which should start as early as possible to boost your comfort down the road.

3. Have Fun the Frugal Way

Nights out on the town can take a toll on your wallet and savings account. While you can still visit that trendy new bar or restaurant down the street, try to save those excursions for special occasions. A movie night with friends or a potluck dinner offers a great time and will let you stretch your budget farther. 

4. Use Credit Wisely

Healthy credit usage will improve your credit score. However, don’t rely solely on credit, or you could damage your financial outlook. Carefully evaluate the terms of a credit card before opening a new account, and review the required minimum payments, APR, and whether there are annual fees. Try to pay off your balance in full each month, as this will prevent you from paying interest. 

5. Pay All Bills on Time

While one late payment won’t have a drastic impact on your credit score, a pattern of lateness will. So will any missed payments, so make sure you’re paying all bills on time each month. If you have trouble remembering, set up automatic payments.

Spirit of America Federal Credit Union is proud to play a role in the lives of recent college grads in Lincoln, NE. Along with helping you establish a savings account, they can help you secure home and auto loans. As a credit union, they treat their members with the utmost respect, which is evident in the low processing fees and reasonable loan terms. Stop by or call (402) 467-1102 today to learn more about opening a personal account. For more information on their services, visit them online.