You’ve walked across the stage, you’ve thrown your hat in the air, and you are ready to finally enter the adult world! However, that transition can be murky, and a lot of new college grads make big mistakes when they first head out on their own. Today, Heartland Bank would like to offer some DOs and DONTs when managing your finances:
- DON’T charge everything to a credit card. This leads to a never-ending cycle of just making the monthly minimum instead of paying it off, leading to a lot of money wasted on interest. If college life just called for a credit card, get it paid off as soon as you can.
- DO save up an emergency fund. Even putting aside a little bit every month will help. Did you get money for graduation? Put it aside. This will allow you to not have to rely on credit cards when emergencies do come up.
- DON’T order food every night. The same meals can always be made cheaper at home. This can be a difficult transition for those who are used to using the dining center on campus every day. But, it can be a fun one, too! Who knows? Maybe you’ll find you love cooking!
- DO take advantage of your company’s 401K program. I know, I know, it can be a little strange to think about retirement when you JUST started working, but this will not only help your future, it’s also a way of getting free money. A number of employers will match up to a certain amount, so if you’re not taking part in the program, it’s like you’re turning away money.
Here at Heartland Bank, we can be there every step of the way as you embark on your new financial future. Ask about starting a savings account today!
Heartland Bank, Member FDIC and Equal Housing Lender