Personal Finance Advice

You’re approaching graduation and you’re probably elated and scared at the same time.  You’re really excited to accomplish your goal of graduating but at the same time you’re probably a little worried that you’re entering a new stage in your life.  What will it be like to not have to worry about final exams? What will it be like to have to impress a prospective employer enough to where they will want to hire you? It’s an exciting time in your life, but graduating from college can be a hectic and scary time for some people.

It doesn’t matter what degree you’re graduating with - whether it’s an undergraduate degree or an advanced degree - you have to be extremely careful with your personal finances during this pivotal time in your life.  This isn’t the time to celebrate your graduation with a brand new sports car or an exotic vacation, especially if you used credit with reckless abandon while still in school.  The financial decisions you make within the next few months are going to have a huge influence on the status of your personal finances for years to come.

If you are preparing to graduate from college within the next few months, keep these things in mind:

Understand your student loans.  If you received student loans while enrolled in college you may find that the deferred payments you had are going to quickly become monthly obligations.  This can be extremely daunting for people who had to borrow a large amount in order to make it through college, but try not to panic.  The important thing is to know the terms of your loans and understand what your monthly obligation will be so you don’t wind up delinquent.

Examine your credit situation.  Many students obtain credit cards while in college, and a few students fall very deeply into debt.  If you don’t have a firm grasp on how much you owe then now is the time to sit down and take a hard look at your debt situation.  You should also keep in mind that graduating is not justification for running out and obtaining a bunch of new debt.

Get ready to apply for jobs.  Unless you have enough financial support to be able to take some time off to explore the world, preparing to find a post-graduation job should be a top priority.  Start networking, create an impressive resume and start researching jobs in the area you want to work in.  Your finances will suffer if you can’t find a job upon graduating.

Have an alternative plan.  What if you can’t find an acceptable job within your field? You may have to be willing to get a job that isn’t necessarily in the field you studied in college.  After all, many employers simply want to see a degree and don’t really care about what the degree is in; after all, many employers just want to see that an applicant has the fortitude to obtain a degree.

Be realistic.  Most graduates don’t go straight from college to their dream jobs.  While this certainly does happen for some graduates, it’s not the norm.  Be prepared to deal with whatever comes your way, whether that’s accepting a job that pays less than you expected or suddenly realizing that you want to go back to school for an advanced degree.