As college graduates enter the workforce, Core Bank and the Independent Community Bankers of America (ICBA) are providing tips to help graduates start planning now for their financial future.
Transitioning to the workforce can be challenging for new graduates assuming more financial responsibilities while coping with current economic realities.
Core Bank and ICBA offer the following tips to help graduates take control of their finances during their wealth-building years to set them up for success through their major financial lifecycle events:
- Start a budget. Learn about our online services designed to help track and manage your finances.
- Pay off student loans. Creating a more aggressive repayment plan can save you thousands in the long run. Ask about programs to help pay off student debt 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 making major purchases.
- Establish an emergency fund to cover life’s unexpected events. You can start small or with a lump sum and build from there. A good goal is three to six months of net pay.
“It’s never too early to take stock of your financial situation, develop and maintain good financial habits, and create a framework to help meet your financial goals and weather unexpected life events,” said ICBA President and CEO Rebeca Romero Rainey. “ICBA and Core Bank congratulate this year’s graduating class and encourage them to reach out to their local community banker to create a plan that helps ensure a prosperous financial future.”
For graduates who may receive financial gifts, consider the best way to use your cash and check gifts with these ideas: Using Your Graduation and Financial Gifts Wisely – Core Bank
To learn more about how to take control of your financial future, contact us!