What Every New Grad Should Know About Money

One of the most common things I often hear from people after one of our financial wellness workshops is how much they wish they had learned about personal finance when they were younger. I particularly think about this with all the new college grads this year. There are a lot of things I’m glad I knew back then and a lot more I wish I knew. Here is my financial advice to new grads:

1) Upgrade your lifestyle…slowly. If you have a new full-time job with a full-time paycheck, it may be tempting to go out and buy a new car and get a nice, big apartment all to yourself, but you’ll probably be happier in the long run if you keep your living expenses low in your early years so you can save for things like emergencies, buying a home, and eventually becoming financially independent. That might mean driving an older car and living with your family or one or more roommates for a little longer. I did both and they were some of the best financial decisions I ever made. My life was a lot less stressful without high rent and car payments, and I was actually able to spend more on experiences like traveling and eating out with friends, which made me happier than a bigger apartment or a newer car.