After you have graduated from college, it is time to get a “real” job and start building your life. From starting a family to purchasing your first home, there are numerous expenses that you will need to plan for. In this blog, we discuss things that you can do to make sure you are financially covered by the time you are 30.
#1: Credit Card & Student Debt
To address the student loans and credit card debt that you accumulated throughout college, you will need to figure out a monthly budget to help keep track of your income and expenses. If you have multiple credit cards open, you should try to pay off the card with the highest interest rate first. You can also consider transferring debt from a high interest account to one with a lower interest rate. If you have enough money to keep up with your payments before the limited introductory rate expires, you can end up saving on interest fees.
#2: Car Payments
Although it is tempting to purchase a brand new car when you get your first job after college, you should first do your research to make sure your credit doesn’t take too much of hit. When you apply for a car loan, the credit inquiry will be reflected on your credit score. Remember that taking out too many loans or having too many credit cards will lower your score. When buying a new car, think about purchasing one with a monthly payment that fits within your budget.
#3: Emergency Savings
You should have enough savings to cover your expenses for 3 months, in case you are fired or laid off from your job. There are countless situations that can arise that might require you to exceed your monthly budget, but having an emergency savings account will keep you from accumulating more debt. Once you have been able to consistently add to your emergency savings, work on increasing the amount you add each month to eventually cover your expenses for 6 months. Financial experts suggest that you should have enough emergency savings to cover an entire year by the time you reach the age of 30.
Talk to an Attorney Today
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