The end of your academic life is a time of major transition. As you enter the real world of working and supporting yourself, it’s important you make the right financial decisions from the start to set yourself up for a more secure future.
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To help you do that, follow these six personal finance tips to take control of your money management:
- Set financial goals ASAP
- Make a budget and start saving
- Consider refinancing your student loans
- Build up your credit score
- Take advantage of tax breaks
- Become an investor
1. Set financial goals ASAP
If you don’t know what you hope to accomplish with your money, chances are you won’t accomplish much. To make sure you’re using your hard-earned dollars wisely, take the time after graduation to consider what’s most important to you.
Ideally, you should set both long-term financial goals (such as saving enough for retirement by age 65) as well as mid-range and short-term goals (such as saving for a vacation next year or a house in five years). Be specific in both the amount of money you’ll need to accomplish your goal as well as your desired timeline.