91勛圖厙

Try your best! But don't beat yourself up if it doesn't happen. Life is expensive ���21

Separate your wants and needs. ���22

Set up your Roth IRA as soon as possible! Even now! today! Do it! Once you get a full-time job, don't forget to sign up for your 401k match. Read Ramit Sethi's book "I will teach you to be rich" on basic finances. ���21

You can always save more, and delayed gratification is good practice.���23

I use the EveryDollar budgeting tool. Easy to use and recommend so you can start practicing budgeting. Max out any retirement match you get offered, always. ���18

Start your 401(k) with your first paycheck (if possible) and make sure to get the whole of a company match! Budget using a tool like Mint and figure out how much you realistically spend each month so you can start building up a savings account. ���17

I have a huge spreadsheet broken down into categories (fixed costs/things that will always be there (rent, utilities, wifi, gym membership), food, transportation, apartment needs, activities, and savings) which is helpful because I track everything I spend and it forces me to see where I spend what and how much. Savings I shoot for 20% of every paycheck, some in a 401k, some in a HYSA ���25

I do not have a concrete budgeting plan since I am generally pretty frugal. I try not to eat out more than a couple times a week. I pack lunch every day, which is super helpful. My friends and I try to have inexpensive fun like hanging out at someone's house way more often than when we go out. I only make splurge purchases (Ex. plane tickets to go to 91勛圖厙's homecoming) no more than once a month, usually more like a couple times a semester. ���23

Keep taxes into account always. Some states have no state-income tax, some cities have 3 layers of taxes. Keep this in mind and budget post-tax while considering cost of rent, car (if you have that), costs of insurances (renter's, health, car, etc.), average groceries per month, and any consistent purchases or subscriptions. THEN, consider what you have left as disposable income for the month. ���21

I have none and I'm stressed about it all the time. I try to maintain a consistent level of spending and keep an emergency fund that will keep me afloat for 6 months. If I make more money, the extra just goes into retirement accounts, savings, or investment accounts at a consistent pace each month.���17

There���s a great PBS series on financial literacy on YouTube called Two Cents! It breaks financial advice into digestible videos of about eight minutes that are not too dry to watch. Two Cents teaches you everything you could realistically need to know as a recent university graduate, including budgeting, retirement and investing. ���19

25-30% on rent, 25% savings as a baseline. ���25

Graduate students on stipends are now able to contribute to an IRA. Set one up and contribute however much you can each month! ���18

Live within your means. You���ll have time later to ball out (and afford it!). ���17

I don���t go out as much as I would like, and I work FT and PT jobs. I use the library for books and movies. I buy store brands. When I was WFH I saved money by not commuting and not having work socials to apply to emergency funds. Currently, with the high cost of living as a single-income household, I do not make enough to save for retirement, however. ���18

Take every penny of free money your company offers (401K). Do it right away, so it's an established norm. That money will be worth a lot more later in life as it multiplies than the feeling of having more in your checking account right now. ���22

I have an excel spreadsheet that tracks how much money I've spent on food, transport, entertainment, etc. every week. Therefore, I am able to tell whether I'm overspending or straining myself financially. ���24

I look at my necessities and try not to overspend or splurge. It is also important to get some financial literacy. For example, knowing how your bank works, how you pay bills/ loans, what the numbers on each statement mean. Do your research. ���25

Invest. Try to invest at least 20% of your post tax income into long-term investments. VOO (S&P)/QQQM are my favorites. Roth IRA is a must. ���24

Use a proactive budgeting strategy where you allocate funds ahead of time. Apps or strategies that simply track how you spend your money are less helpful when trying to establish savings, capital, and investments. Proactive budgeting can be fun! You can set and meet goals for fun things like a big international trip or a new car. Talk with a financial advisor early (CFP) - it can only help! ���17

Create a budget and stick to it. It's more fun to make plans that you can afford than scraping by. Save early but spend enough to have experiences. ���22

Start investing as soon as you have your own income and after 3 months of emergency fund is saved. Take advantage of free money (employer match) and tax-advantage accounts. I recommend listening to financial literacy podcasts as often as possible. ���24

Definitely create a budget and stick to it. Know and track your recurring expenses and know where any spikes in spending come from. Try your best to save every month. ���23

I use EveryDollar for budgeting. It is great and really helps me stay organized and on top of my money. It also helps me save for what I want to do and for future needs. ���22

Make sure you know all the benefits your company offers! Some employers have a lot of perks like discounts on tickets, gyms, groceries, etc. 24

Create a budget and stick to it. I went 4 months just spending how I normally spend and was both fascinated and horrified how much I was eating out or shopping. Once you understand your habits, you can make changes. Create general categories such as rent, utilities, food, shopping, travel and stick to a monthly budget if you have goals you want to reach (ex. paying off loans, down payment for a house). ���24

Create a month-by-month budget and make sure you max out your company's 401k match. Getting $7500 on your Roth IRA by the end of the year should be your second priority. Roth contributions are beneficial when you're in a lower tax bracket and traditional contributions are better once you reach a higher tax bracket. ���24

Start a retirement account soon as you can. Ask your employer if they match contributions. ���21

When I started making money and could save, I kept enough to live off and pay rent for a few months in my bank account then continuously invested the rest in general funds that reflect the stock market. I won���t touch that money until I make a big purchase in the distant future. ���17

Max out a Roth IRA every year. Budget and spend less than what you could spend and do not change your lifestyle based upon an increase in income. ���18

Contribute to your employer match in your retirement account. It's the only guaranteed 100% return on your investment. ���22

Try to avoid lifestyle inflation as you get more income. Saving before you have bigger responsibilities (kids, mortgage, etc) is huge. Set aside 6 months of expenses in a high yield savings account and invest all other savings. Every week go through all of your spending, and every month go overspending and categorize to analyze your habits. ���24

Keep an emergency fund and never touch it. If you���re spending too much, leave your credit cards at home before you go out. Just bring a certain set amount of cash. Force yourself to save. It can be tough, but it���s great for you in the long run. ���18

I save, but I also treat myself, which I think is important. When I finish a quarter or hit a big milestone in my life, I try to be mindful and proud, so I honor that by splurging a little bit. ���20

I pay my rent and place 20% of my income into my savings account. Things are a bit cheaper since I live with a roommate so once my major expenses are taken care of, I see what I have left over for the wants in life. ���23

There is a lot of focus on saving money by cooking instead of eating out and canceling streaming services, but the biggest savings come from your biggest expenses, like your rent and transportation. Instead of living alone in a new build, consider having a roommate or living in a well-maintained older apartment. ���20

In addition to matching retirement/stock/etc. contributions, employers often offer benefits for transportation or fitness goals. Explore those options, and don���t leave any free money on the table. ���18

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Spend less than you make. Know how much you make, how much you have in your pocket after taxes, how much you pay for rent, utilities, groceries, loans, etc. Know how much you can spend each month. Put enough money into your 401k to get the employer match and put as much as you can in a high yield savings account if possible.���16

Don���t spend more than you make and use any signing bonus to build a little savings up. When you are married, have ���fun money��� set aside for each of you to use (judgment free money you can each use for whatever you want). Even $10/month will help avoid a lot of arguments. ���19

Be honest with yourself and how much you spend. Sit down with a pen and pencil (or spreadsheet) and calculate how much you can spend versus how much you need to spend. I followed the 50/20/30 rule: spend 50% on necessities, spend 20% on extra luxuries and save 30% of your paycheck. ���17

Know your spending habits for the month as well as know them for each pay period. Budget money for travel. ���20

Keep a budget tracker (there are applications for this it you can do it manually) to see how much you are spending. It is helpful to set aside a certain amount for necessities and some personal spending for fun. ���23

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Start saving early. ���22

Save 20% of your yearly salary. Save more than you spend. ���24

Pay day savings: do it intentionally and immediately. Invest in your future. ���23

It is very difficult for the first few career years to save; make sure you budget for enjoyable activities and vacations, keep yourself happy and motivated so you can perform well at work to move up the career ladder. ���20

I set a reasonable budget every time I go out to grab a meal with friends. I take public transit, so I don���t have car payments or have to pay for gas. ���20

You'll want to start a retirement account early. Max out your Roth IRA if you can (7000 per year) and don't touch it so that your money grows while you're working. If you can't start saving for retirement right away that's okay but start soon. ���25

Don���t waste money at fast food restaurants. Go to the grocery store and purchase products that will last a few days. ���21

Don't spend more than you have. Avoid using credit cards if at all possible. ���25

Make sure you set aside at least 10% of your income for savings. Try to amass enough so that in the event of an emergency you can get necessities and pay rent for at least six months. Get a logbook or make a spreadsheet and keep track of your expenditures so you have an idea as to how much you spend on average. This allows you to notice where you use most of your income and you can modify your spending habits accordingly. ���19

Don't take on credit card debt. Try to pay off your loans asap.���21

Ask in your job interview if the employer offers any loan repayments benefits. It���s an amazing job perk! ���16

Always make your credit card payments. Set a reminder in your calendar that is repeated monthly to get that done. Maybe even a day or two before it is due. ���23

Know your interest rates and pay off the highest interest loans first! The small differences in rates become magnified with compound interest. ���19

Live within your means and don���t let lifestyle creep get to you. ���23

Always look for the lowest interest rates, utilize credit card payment plans, etc.; you should never be paying interest > 20%. ���20

Don't let it control you but also don't forget you have to pay it off. Just keep track of your payments and loans so you are in good standing. ���25

Avoid all debt if possible. Live within your means. ���20

Get your loans on autopay with low monthly payments and use excess money at the end of the month to help pay more off. Avoid credit card debt at all costs, have auto pay on for the statement balance.���24

I pay my credit card bill in full every month. This helps me not accumulate debt. I also set up autopay for my mortgage so that I don't have to worry about it. I would recommend setting up autopay for bills so that you don't have to worry about paying them. It is still important to check and make sure the autopay is working. ���22

I use the ballooning effect. Interest rates are your worst enemy, pay them all down. ���23

When using your credit card, try not to buy what you cannot pay for with cash. Put a payment on the principal of your loans. ���20

Stay away from credit card debt. It will ruin your finances and life. Loans should only be taken out on appreciating assets. Buy now pay later is a scheme to keep you in debt for the rest of your life. ���24

For student loans, I thought about my tolerance level and how long I can stand to pay loans for. I didn't want to take 10 years to pay them all off, so I am aggressively paying double the monthly requirements. However, if you have time and know the career path you'll have, then you can pay them off based on how comfortable your monthly budget is. For credit card debt, everything you want to buy is a big purchase or go over your statement, think about what your future self might feel. ���24

Always pay off your credit card statement / do not carry a balance.���23

Make a plan and make sure you're spending w a surplus (extra money to pay off the debt). ���24

Call your loan servicer and make sure that you are on a payback plan that works for you. ���18

Pay off your newest loans first, if you can! This will increase the average age of your accounts and boost your credit. Also be extremely careful if you do decide to pay off all of your loans, as all of these accounts will disappear, and your credit score may drop. Unfortunately, it���s all a game, and the best we can do is manage it. Also avoid credit card debt at all costs! It���s by far the worst kind of debt, and you should explore other avenues before incurring it. ���20

Honor your budget and have a plan. Debt isn't going to pay for itself. Limit what you put on load/credit. A good rule of thumb is that if you can't afford it, don't get it. It may sound crazy to apply this to a new car or house, but it's true. Don't get what you think you will need in the future. Settle for what you need now, or else you won't get the most value of your purchase.���25

Change to an income-based repayment plan right away if you have a lot of student loans and are not in a high-paying job! It may take longer to pay off your loans, but it will make your life so much easier in the meantime. Don���t let high loan payments control your life if you do not have the extra money. ���18

Pay off your loans and debt in a methodical way. Do not miss a loan/debt payment. Forgo partying and expensive entertainment to financially secure yourself.���24

Credit cards can be good as long as you can pay them back, and you pay them back on time. This is a means to build your credit score, which will have incredible effects and benefits for you later on. ���21

Treat your credit card like a debit card for spending and always pay the full balance when your statement comes out. ���20

Set to auto pay to avoid missing payments. ���24

Avoid credit card debt if possible. If you need a credit card for an emergency, try to make sure you have the credit score you need to apply for one with a 0% APR intro offer so you have some time to pay it off before compound interest at a 20%+ APR comes home to roost. ���21

Prioritize your high-interest rate debts. This likely means paying off private student loans before federal loans. Don't be afraid to pay more than the monthly minimum, as you are saving yourself on future interest. Please, for the love of God, do not get into credit card debt. Only make purchases with the money you have available right now; while enjoying the newfound purchasing power you gain with full-time employment. ���22

Refinance when possible. Set a specific chunk of income every month to work on paying these down. Don���t beat yourself up over it; we all have periods where we owe money and it���s OK. If it���s a credit card, see if you can take on a lower interest loan to pay it off, and then don���t spend on it until you do (or keep track of spending on it every month so you can get rewards; just make sure you���re not spending more than what you can pay every month). ���17

If you do not yet have a credit card, open one. You will need the credit history to eventually get approved for a mortgage. If you can afford it, pay off your credit card balance in full each month. If you have a lot of up-front moving expenses a couple of weeks before you receive your first paycheck, get a credit card with an introductory 0% APR for a few months, and pay it off before the interest kicks back in. Again, if you can afford it, buy your first car in cash, even if it has to be an older car. Not having car payments is huge. ���20

Getting a good credit card is quite useful for building credit and earning rewards���but only if you pay it off on time. Debt is a slippery slope. ���17

With loans���take every opportunity to pay off the principal when you can. Credit cards are an important way to build credit, but if you have problems overspending, limit your credit card to only paying recurring bills (like utilities) and use cash or debit for other spending. You can then limit your credit spending to only necessities, and your physical cash will limit your spending elsewhere. ���21

Even if your taxes are relatively simple, utilize a service like TurboTax or HRBlock. They guarantee to assist you if you are audited, which can relieve a lot of stress if it happens to you (I speak from experience). ���16

Keep track of what you owe. ���23

Be mindful of every deduction you can possibly take. You write off your student loan interest and any tuition funds you spent that year as a full-time student. Don���t be afraid to do your
research and hire a tax person who knows better. ���17

Don't make your budget until you physically receive that first paycheck as it's likely going to be lower than you think with taxes. That being said, there are online calculators that are pretty accurate. ���25

Make sure you have a solid emergency fund. You don���t want to have sudden tax increases you���re unprepared for and have to scramble. Having an emergency fund is insurance on random life stresses that happen. ���18

Taxes hurt. Find every deduction possible. ���19

Learn how to do them yourself (even if you end up hiring someone). ���17

Find a tax professional who can help you make good choices up front. ���22

If your employer does not take them out of your check, make sure to set to the side about 20% of your income to pay later. ���23

Many graduate student stipends do not have taxes taken out of them up front, but they can still be considered taxable income. If you are in this situation, I would advise finding an estimate for what your income taxes should look like and be sure to save up for that. ���18

Be aware of any income that is not W2 income (1099, capital gains from RSUs, etc.) You will need to save to pay taxes, and maybe even quarterly estimated taxes for those. ���17

Be mindful of what state you are going to live in. It makes a huge difference in the amount of money you have in your bank account after tax deductions. ���24

Over-estimate how much your taxes will be and be happy with a big tax return in April.��� 24

Some states have no state-income tax, some cities have 3 layers of taxes. Be considerate of this and weigh this factor when deciding where you want to be as well. Ideally jobs in that area will account for these cost-of-living differences but be sure that the salary offered actually will account for this. ���21

EVERYTHING is taxable. Find a good CPA and check in with them periodically throughout the year, not just at tax time. ���24

Typically, your company will reserve a part of your paycheck to help you pay for taxes, but filing early is always helpful and reduces stress. TurboTax is great, but services like that do have a fee, so do your research and decide what is best for you. ���18

Understand how state taxes work on your paycheck and how in April you need to file taxes and may receive a refund from the IRS. ���24

If your job does a W2, you���ll find taxes to be a bit backwards���you get a substantial tax return instead of owing out of pocket. Taxes can be largely invisible if you want them to be. ���18

If you received a scholarship or did extensive work throughout your collegiate years, have you filed your taxes? Simply do your taxes. Seek advice from tax experts if you don't know where to get started.���25

Maximize your tax-deductible contributions, look for what your employer offers (example: I can use pre-tax money for the MTA in New York!) ���22

It's nice to have a tax person file your taxes because it can get complicated. I find that I'd rather pay someone to file my taxes than try to file them on my own. ���22

If you're healthy and don't need the doctor much, take the High-Deductible health plan with an HSA account. The HSA is the most tax-advantaged account you can get since you are not taxed on money entering the account, investment growth in the account, or when you withdraw. Some employers may contribute to this also. It's basically a super-savings account that you can use on medical expenses, or anything once you hit 65. ���16

Pay the best/highest withholding tax. The refunds will come in handy. ���23

Keep a ledger so that you can see your spending trends.���20

It's way more than you think. HSA accounts are great to maximize pretax dollars.���24

Learn about tax deductions and credits you might qualify for, like the student loan interest deduction. Keep all your receipts and track your expenses, especially health-related ones. Filing early helps avoid last-minute stress, and using FreetaxUSA or TurboTax can save you a lot of money. ���22

Ask your family or an accountant for support in doing your taxes. ���18

Double check your W2 and pay stubs to make sure all the information is correct. ���20

Use retirement contributions and things like HSAs to reduce your tax obligation. As you start getting a higher income and accumulating more investments, the options available to you regarding taxes become more numerous. Then it becomes a mini game that can save you a bunch of money! ���17

Consider state income tax when you���re deciding where to live. Tennessee, Texas, and a few other states do not have state income tax, which reduces the cost of living in those states. ���20

Your salary is not your salary. Don���t start budgeting before you know how much you���ll be paying in income tax. ���16

Most graduate students on stipends do NOT have taxes taken out of their stipends, which means that you will have to pay quarterly taxes. It���s easy to do online but make sure you know if this situation will apply to you. ���18

When choosing a job, keep in mind that many national companies pay the same base salary regardless of office location. Nashville is cheaper than New York! ���22

Allowing greater withholdings is better than getting hit with a big tax bill each year. ���20

Keep receipts so that you have physical documentation of expenditures, charitable donations, etc. Also find someone who actually knows what they���re doing unless you���re super confident in your ability to do them well/on time. ���19

If your company does a 401(k) match, make sure to max that out. Nobody ever wishes they had started saving for retirement later in life. Start now! ���15

Start a Roth IRA immediately. If you did math in high school, you should know that someone who invests as a 20-year-old will retire at 65 with almost twice what someone who started at 30 will retire with. Just take 10% off the top and invest it. You���ll be surprised at how little you miss it. ���14

Take advantage of your company���s 401(k) plan. Put as much as you can into it in your first few years. ���17

The general rule of thumb is to save 15% of your salary for retirement, including 401(k) matches from your company. Also look into keeping a Roth IRA account on the side. If you get an end- of-year bonus or money back from taxes, put that toward your retirement savings right away. It���s bonus money that you won���t miss. Have an emergency savings account that will last you at least six months with no income, and if your employer offers long-term and short-term disability programs, buy into those. You never know if you���ll get sick or have to leave work to take care of a relative. ���16