Graduation day is the end of a chapter, but it’s also the beginning of the rest of your life. And although soaking in more knowledge seems like the last thing you want to do, just remember – in life, the learning never stops. So crack open the books and study up on these 3 top tips to get your post-college financial health in great shape.
1. Pay off your student loans ASAP
The knowledge you gained at university will stay with you forever, but that doesn’t mean your student loan debt has to tag along. Get them paid off as soon as possible, so that you can focus your finances elsewhere – whether it’s traveling, starting a business, or buying your first home. Of course, paying off student loans is easier said than done. But there are ways to make it a little less painless. HUECU offers student loan refinancing options that could lower your payments, reduce your interest rates, or just consolidate various loans into one monthly bill so that you don’t have to make multiple payments every few weeks.
2. Make a savings plan
Building savings is a bit like ballet. No, seriously – just like a professional ballerina, a person who is really fantastic at savings makes the whole process look easy; so easy you might forget it took years and years of hard work to get there. If you want to be a savings guru, start now. Evaluate how much money is coming in and out each month, and what you can afford to set aside. Even if you’re paying off debt or just squeaking by on a starting salary, it’s still a good idea to save a bit of money each month, even if it’s only $5. By developing good savings habits now, you’ll be better equipped to manage your finances wisely in the future.
3. Build your credit
Having a good credit score can affect your ability to take out a loan, get good interest rates, or to someday buy a house. You can build your score by avoiding debt, and by paying off regular bills as quickly as possible. Another important way to build good credit is by using a credit card. Although some millennials are choosing to forgo credit cards, using a credit card – and always paying it off on time – can provide a major boost to your credit score. Just be sure to choose a card that offers good rates and benefits, from a trustworthy financial institution. HUECU offers the Platinum Rewards card, which has no annual fee and cash back rewards on gas (3%), groceries (2%) and everything else (1%).
Never stop learning
Your financial needs will change as you get older; whether you’re bridging the gap between school and a career, preparing to buy your first home or saving up to put your own kids through college. Keep on top of everything you need to know with community workshops and events about financial education. HUECU members can enjoy frequent workshops on a variety of financial topics; from personal finance, to applying for financial aid, to home buying tips and lots more. Stay informed, and your financial health will stay in better shape.