By Karla Sullivan
Someone once commented on graduation as being one of the few events where you observe extensive unrequited joy and happiness.
You can see it in everyone’s face, they walk taller, they step lively and this is all seasoned with a little tension as if to say “am I really going to get this – I am really finished?” Supporters reveal a vision of pride and accomplishment and a sense of happiness that only camaraderie in supporting another can produce. It is one of those very few events that 99.9% pass through once for each degree acquired and can often start a little flame within us as we look out from the top of one mountain toward another, beckoning us to move toward that next summit.
And what is your next summit? For many, it becomes a student loan nightmare, job and economic awareness gloom and they tell me to save too. It can be overwhelming but here are some tips to help you move forward without a break down after graduation.
Put together a student loan checklist. Figure out when payments will begin and look at the different options available. If you are employed after graduation, a lot will depend on the current income you are making. But get organized and don’t let this intimidate you. Make sure your lenders have your contact information and talk to them about economic hardship, deferment, forbearance or other repayment plans that will fit your situation. Defaulting on student loans will severely impact your credit as well as even causing issues with renting or buying a home in the future.
If you are working or beginning a new job, set up direct deposit for a portion of your paycheck to be deposited into a savings account. You won’t miss it but you need to start saving right away. Take advantage of 401 K plans, health insurance and group life insurance if your employer is offering.
Check into additional life insurance while you are young and healthy. You may be able to use cash back on the purchase of your first home and rates are currently at an all time low.
Pay off fines, parking tickets and debt that is manageable. Don’t miss payments on credit cards. Make phone calls and talk to health care providers on medical debt as well.
Learn to cook and bring your lunch to work which will help if your paycheck is tight. If you spend 10 dollars on lunch a day, that’s 200 in a month’s time that you can be saving.
Graduation is truly a celebration of human achievement. You can never have too many of those. And so can becoming financially secure for a future that can bring happiness and protection.
