College Grads: Be Smart, Budget & Save Now

CALABASAS, CALIFORNIA – Along with optimism and a new diploma, graduates should be sure to arm themselves with top notch money skills when leaving the classroom and heading into the “real world.”  Informa Research Services, a subsidiary of Informa plc (LSE: INF), suggests a few simple ways for new graduates to manage their money more efficiently and prepare for the exciting life ahead (//www.monitorbankrates.com/).

• Take advantage of promotional offers.  Many banks are offering cash for opening a new checking or savings account and fulfilling other requirements (such as debit card transactions or receiving online statements).  Don’t be afraid to take advantage of these offers.  However, be sure to fully understand the requirements to qualify for the promotional benefits.  Who said there’s no such thing as free money?

• Make saving a habit.  It may be tempting to spend those paychecks when they start rolling in, but resist the urge and start saving a portion of each check immediately.  The least painful way to achieve this is to schedule an automatic transfer from your paycheck to a savings account.  Furthermore, enroll in your employer’s retirement program if one is offered.

• Find a low-rate credit card.  If you’re going to use a credit card, might as well make sure it carries with it a low rate and minimal fees.  The easiest way to compare offers is to look online.

Learn how to control debt before it starts accumulating.  Manage debt early so that you already know how to borrow responsibly.  The skills you build now will benefit you when you need to figure out how to juggle your credit card, an auto loan, and a mortgage.  Just like your education, the skills acquired and mastered now will benefit you later in life.