Making it through college is tough — but the real journey begins once your new graduate makes it into the job market. Managing personal finances after college requires diligence and attention, and one of the best ways to make sure you spend and save wisely is to work with a budget.
In today’s episode of Your Money Minute, I share advice on making a budget for new college graduates (and those who know and love them.) The word “budget” may feel a little scary, but watching your inflow and making sure it matches your outflow is a surefire way to keep your money on track. The key is putting it on paper: Doing this in your head doesn’t count!
Start by working with a few categories like rent, utilities, transportation, groceries and student loans. No need to get fancy — basic categories will do. Track each and every expense so that you have the fullest picture of your money possible. There are plenty of apps that can help you do this — I recommend Mint or You Need a Budget.
Remember: I share practical tips on making the most of your money and life each and every weekday. Subscribe to my YouTube channel to catch the latest episodes of Your Money Minute. See you again soon!