Over the last several weeks, some 1.7 million students graduated from college. While they have the skills to successfully obtain a diploma, do they have the knowledge necessary to make their first financial decisions in a smart way? Stacey Bradford at MoneyWatch.com encourages students and parents of those students to learn these three important financial facets: balancing student loan payments, building good credit (responsible credit card use) and creating a nest egg.
We’ve previously discussed the importance of building your nest egg while still paying down student debt. It’s likely to be the first financial decision a new grad makes and many finance gurus agree; making payments to both is best. As students obtain their first jobs it’s important to make saving a priority while they’re young, childless and mostly bill-free. This can help to build not only a safety net, but also a large retirement foundation allowing you to save more for things like home down payments, new cars or children later in your 20’s. While it might prove difficult to sock away money while watching your peers buy fancy cars or new wardrobes, in the end you’ll come out ahead. Best of all, SmartyPig makes it easy for you, giving you the tools to accomplish your goals painlessly and numerous redemption options for when it’s time to spend.
Celebrate the first day of your new job by starting a SmartyPig goal. You’ll thank us, we promise!
Wishing you successful saving.
Sarah Foss, SmartyPig’s Media Mad Woman