Advice for Grads Entering the Workforce

April 26, 2021

For soon-to-be graduates, transitioning from the classroom to the real world can be exciting and overwhelming. It's important to start planning now, and create a financial plan that incorporates your short- and long-term financial goals. The financial decisions made during these first wealth-building years can affect you years down the road and set you on the path to financial independence.

Take control of your finances and keep these strategies in mind:

  • Start a budget. Learn about our online services available to help you manage your finances and track spending remotely.
  • Pay off student loans. It may be tempting to make the minimum monthly payments, but a more aggressive repayment plan can save you thousands in the long run. Some companies will help you pay off your student debt; make sure to ask about this when negotiating benefits with prospective employers.
  • Plan for retirement. Automate your savings so that a portion of each paycheck goes directly into a savings account. Take advantage of your employers’ 401(k) plan and any matching contributions, if offered.
  • Spend responsibly. Shopping and weekend getaways are a great way to recharge from the work week but can eat away at your budget. Do your research and comparison shop before major purchases.
  • Establish an emergency fund to cover life’s unexpected events and give you greater peace of mind. You can start small with a 52-Week Money Challenge (in a year’s time you’ll have socked away $1,378) or be more aggressive and start out with a lump sum and build from there.  A good goal is three to six months of net pay.
This blog is intended to be an informational resource for readers. The views expressed on this blog are those of the bloggers, and not necessarily those of FSB. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. FSB does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog.