Tips to Help College Graduates Plan For The Future

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Tips to Help College Graduates Plan For The Future

When it’s time to start thinking about the future, many of us are unsure where to begin. Having just graduated from school, you might be focused solely on getting your career started, or how to get a startup business off the ground. It’s important, however, to give thought to how you’ll get by while you’re working on building up your career, and what your future will be like. It’s never too early to start saving for retirement or to think about where you want to go post-college.

Whether you want to start a savings account or are planning on buying your first home, here are some of the best tips on how to go about it, brought to you by Lendzz.

Open up a savings account

If you already have a savings account, great! If not, it’s a good idea to open one up. Look at your budget to see what your income looks like every payday and take a portion of your checkout for savings. Even if it’s just thirty or forty dollars, every little bit helps. Once it starts adding up, you’ll have a nice little nest-egg to build upon for retirement, or a good start on buying a home.

Boost your education

If you want to give yourself more options, a great way to open doors is by pursuing a doctorate. That automatically elevates you above a lot of the competition – many of whom also have undergraduate degrees – and the flexibility of online programs has the added benefit of allowing you to work (or raise a family) while you pursue your advanced degree on your own time.

Watch your credit score

It may not seem important right now, but your credit score can mean the difference between getting approved for a new car and having to save up for months–or even years–to pay cash for one. Pay off your debts as soon as possible. Save those credit cards for emergencies or for big purchases, and pay off the balance as soon as you can. It’s also a good idea to pay your bills as soon as you get them to avoid having to pay late fees and seeing a huge drop in your credit score, as late payments can negatively affect it.

Make sure you’re covered

Lack of health insurance is a big problem for young people, so take the time to sign up for coverage if you haven’t already. Depending on what state you live in and how old you are, you may be able to get covered under your parents’ insurance for a while. Most employers offer coverage, and many of them will take the amount out of your paycheck, so find out what your options are and do some research. You definitely don’t want to be stuck with a huge medical bill and no way to pay it off.

Earn some extra cash

No matter where you are on the career spectrum, you might find a need for some extra cash now and then, so it’s a good idea to consider your options. If you have a service you can provide–such as babysitting, tutoring, or dog walking–share the news on social media and build a following. Have friends and family talk up your skills to others to gain customers. This is a great way to have a little backup income flow in case of an unforeseen event.

Study your spending habits

It’s important to learn the difference between what you want and what you need. Shopping habits can destroy a savings account, so be careful about your spending and create a budget for each month. Before you make a purchase, ask yourself if you really need it or if you can live without it.

Chances are, it’s not a necessity.

Saving and planning don’t have to come with stress. Talk to your parents, grandparents, or someone who has been through this stage of life before and find out how they got through it.

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