Having just graduated college, many younger people are ready to take the world by storm with their degrees in hand.
However, although they may be prepared to deal with whatever task their new boss tosses them, some might not know what it takes to manage their own personal finances. In an effort to help new graduates, the Illinois CPA Society provided some tips for people who have just finished college.
"The class of 2010 has endured a tough economy, so hopefully, they’re wiser for it, knowing they need to be more money smart than ever and take personal responsibility for their finances," the ICPAS said.
The tips offered by the organization include:
-Putting something into savings, even if it’s only a small amount.
-Setting up a budget, which can help track personal finances and expenses.
-Avoiding unnecessary purchases and spending funds people don’t have.
-Learning about how credit card debt, leases and other issues can affect personal finances.
When saving money, younger people should consider trying to put away around three to six months of expenses in an emergency fund, which can come in handy if that new job doesn’t pan out.