11 Money Tips for College Grads

11 Money Tips for College Grads

If you or someone you know could use a little help in the financial planning department, check out these tips from Forbes Magazine Contributor, Kerry Hannon.

Upon graduation from college, most students have worked a few part-time or summer jobs to earn some extra cash. But when they graduate, it becomes more of a responsibility to work full-time and budget all earnings.

For the whole article, click here.

These tips from Kerry Hannon, a Forbes Magazine Contributor, provide a basis for college graduates on what to do with their finances:

  • Hannelore Foerster, Getty Images
    Hannelore Foerster, Getty Images
    1

    Read a book on money basics.

    Hannon recommends books written specifically for young adult audiences.
  • JenWaller, Flickr
    JenWaller, Flickr
    2

    Make a tentative budget.

    Be cautious of your activities - eating out, shopping, overbuying products, etc.
  • Dave Goldman,Townsquare Media
    Dave Goldman,Townsquare Media
    3

    Look for free rent.

    Hannon says that living with one's parents can cut back enormously on costs. Plus, it allows one to save more money.
  • Joe Raedle, Getty Images
    Joe Raedle, Getty Images
    4

    Stay away from debt.

    Hannon advises that "Debt is a dream killer."
  • Kevin Winter, Getty Images
    Kevin Winter, Getty Images
    5

    Get rid of debt quickly.

    Hannon believes in thinking of debt as your worst enemy.
  • Chung Sung-Jun, Getty Images
    Chung Sung-Jun, Getty Images
    6

    Start an emergency fund.

    This is a TOP priority. Set aside a certain amount of income each month, and don't touch the stash until you've built it up to at least 6 months worth of living expenses.
  • John Moore, Getty Images
    John Moore, Getty Images
    7

    Invest.

    Buy stocks, and let your money grow. Don't move it around too soon.
  • 8

    Take advantage of retirement plans.

    Employers will offer such programs to you as an employee, it is important to understand and utilize them.
  • 9

    Don't use your 401k too soon.

    Let the money values build over time, you'll need it once you retire.
  • Adam Berry, Getty Images
    Adam Berry, Getty Images
    10

    Take health insurance when it's offered to you.

    Just because you're young does not mean you won't need health insurance. Take advantage of the offer when it's presented to you.
  • Brendon Thorne, Getty Images
    Brendon Thorne, Getty Images
    11

    Splurge on life experiences.

    Hannon says that trips or once-in-a-lifetime opportunities are worth the cost.
Filed Under: budgeting
Categories: East Texas News

More From 101.5 KNUE