Graduating from high school or college is an honor. You will be off on a new journey in your life and nothing is holding you back. One problem with this scenario: have you considered how much money you have saved for life’s next adventure?
Today, Peoples Bank & Trust is bringing you financial advice for graduates so your transition to the next chapter can be a little easier.
Financial Advice for High School Graduates
Always pay your student loans on time. No matter what your circumstance, it is likely that your student loan payments will kick in six months after graduation. When you pay on time, you will save on paying interest down the road because you will be paying off your loans sooner. Some loan companies may provide incentives later on for consistently paying on time.
Bad habits can eat up your savings. Maybe you just moved to a bigger city or got your first job right here in Missouri. Regardless, be careful of eating out too much, going out on the town with your credit card or shopping too much. Your first job is exciting, but don’t let the pay increase get to your head.
Stick to a budget while in college. If you are off to college in the fall, don’t let the excitement of a new school overwhelm your budget. It may seem great to go out with friends every night, but it’s not what’s best for your budget. It may seem like a bad idea to be frugal in college, but your future self will thank you.
Learn to live within your means. Nice new shoes or the best apartment on campus seems like a good idea, but that doesn’t mean you can afford it. Learn to live within your means right out of high school so you don’t have a rude awakening later on in life.
Setting the right financial habits now can help you throughout the rest of your life. If you need any help, Peoples Bank & Trust is here for your personal banking needs. We hope to hear from you soon.
Peoples Bank & Trust Co.
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