Now that you’ve graduated college and you’re in a job that pays a living wage — it’s easy to let your lifestyle costs creep a bit as you can now afford the “finer things” in life. But I want you to tap the brakes just a moment and think about your long-term financial needs.
In today’s episode of Your Money Minute, I want to share some thoughts on avoiding “lifestyle creep with your first job as a college grad or new professional. Yes, you are making money now and it may feel like you can write a check for just about anything. The reality is, with big money comes big responsibilities — and it’s important to make sure you live within your means.
To avoid “lifestyle creep”, it’s important that you have a budget to work with. I also recommend you start considering retirement. I know it seems a million miles away, but it’s important you know your options and start saving early. And speaking of savings, do make sure you’re building an emergency savings fund (aka a Murphy’s Law account.) Making sure your fixed expenses stay as low as possible, you’ll avoid going into debt or running out of money when you really, really need it the most.
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