#TipTuesday: 7 Tips on Budgeting After College
Each Tuesday, BBB puts out a new set of tips every consumer can use to keep themselves safer and smarter when making financial decisions.
July 07, 2014


Venturing out into the "real world" after college graduation can be stressful enough without financial strain. To help the recent graduate, or anyone dealing with financial stress, BBB offers 7 Tips on Budgeting After College in this week's edition of #TipTuesday, 

Tip #1: Develop a budget. Track regular monthly expenses, like rent & utilities. Set up automatic payments for things like rent or car loans, as well as an automatic contribution to a savings account. The money that’s left should last until the next paycheck.

Tip #2: Share the burden. The first years after college can be tough. If making ends meet is difficult, consider sharing housing costs with a roommate. Splitting rent & utilities in half leaves more money for saving or discretionary spending.

Tip #3: Pay off your debt. Determine how much you owe, when payments are due, and what your finance charges are. Commit to making payments on time, and even pay more than the minimum amount each month if possible.

Tip #4: Avoid major purchases. Hold off on making major purchases until you spend a few months living on your income. Know how much you need for basics like rent, food & utilities before adding discretionary expenses like a new car or furniture. 

Tip #5: Save for a rainy day. Contribute monthly to an emergency savings account and make it a part of your budget plan. A fund like this will help avoid the use of a credit card  for emergency expenses and helps you save for long-term goals like buying a house or car.

Tip #6: Use your employee benefits. Take full advantage if your company offers a reasonable healthcare plan. If they sponsor a 401(k) retirement savings plan, consider participating, especially if they company matches employee contributions.

Tip #7: Consult professionals if needed. Start by visiting bbb.org to find a BBB Accredited financial professional in your area.  It’s never too early to start planning for your financial future.

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