Life After College Tips or suggestions
 

Hi Alumni

I was wondering if you have any life after college tips that you would like to share.

I do not graduate until december but I have received this tip from friends:

If you have any student loans consolidate them for easy payment.

OK my advice for all new college grads is this:

Just because you are a college grad does not mean you know everything. You will have to start at the bottom in entry level positions and work your way up.


The reason I say this is because looking back to when I was 21 and recently graduated, I thought I knew it all. You don't know how many people we interview in my agency who act the same way, and apply for positions they are not at all qualified for. While education and book knowledge counts for a lot, the majority of what you will really learn in the work force is through hands on experience, and in many cases, graduate education and internships.

Also I wish I focused more on getting experience in my field while I was in undergrad (even if unpaid) instead of doing waitressing jobs and working at the movies.

Good luck to all recent college grads!!!!

When you find a job, make sure you establish a realistic budget and stick to it. Your credit card IS NOT your friend!

Save loose change.

No, but that $138 Coach bag that I HAD to have that is on my credit card is!!:)

Then we should amend my initial quote to say "Your credit cards are not your friends unless you find a handbag you really, really want."

Definitely much better, dontcha think? ;)

Agreed. Credit cards are satan.

My parents paid EVERYTHING while I was in school - including whatever credit card debt I racked up. Bless their souls, they thought they were helping. But when I hit the real world, I didn't really have a concept of money. Now I am paying - hard core.

But you can splurge once in awhile (I do it on jeans... oh, and everything else, but I am working on it).

Also...

Don't think you have to be boring and old. Still go out and have fun with friends, stay up late sometimes even if it will make it hard the next day at work. And don't make any apologies or feel guilty. You are young and should be enjoying life! People shouldn't look down or respect you less for that!

Don't take things too seriously. Sure, a career is important, but you can always make changes. Go back to school if you want, or find a different job if you hate yours.

On another note, while you should be young and have fun, don't stay in your college town too long. It will get weird and you will begin to hate the kids who are still living off mommy and daddy and getting wasted every night.

Final, quick notes:
- Keep in touch with friends you want to keep
- Ditch those you don't want
- Spend time with your parents, you will appreciate them more than ever
- Join organizations - alumni, non-profit, political, whatever - it will keep you sane to still be involved in things
- Work out and eat right, because your metabolism is going to slow down

Such wise alums we have on here:D I also suggest joining an alum association for your GLO or starting one if it doesn't exist in your area. I did that and I am having so much fun, have made some terrific friends in a city where I didn't know too many people and it has kept ties to my past and is creating a fun future.

Another "suggestion" is don't feel pressure to "be" in a certain place in your career, life, etc. by a certain age. Take life as it comes. I know so many people like this (and I admit, I am guilty sometimes too) and life is just so much funner when you don't have a timeline. Goals are great, but don't be like "ohmigod, I am gonna be 30 in 2 years and I am not married". Besides most people who have what you want will be envious of YOU that they can't be in your shoes:D You know how many of my married friends say they wish they could still be single and carefree like me?

Oh, this is a "general" post and not aimed at the threader in particular, as I don't know where you are in your life right now anyways:D

I agree with the credit card suggestion. It took me a long time to pay off my debts from college credit cards and I should have listened to my mom when she said "You don't need a credit card right now".

So yeah, that leads to my next advice which has already been mentioned but is priceless: listen to your parents. They are very wise. Also seek out a mentor--someone you look up to and admire, especially if they are in your field. They are so valuable in helping you in your journey. Happy mid-week everyone:D :D :D

find out what you really enjoy doing and keep an eye on it as your career progresses. if you are passionate about something, it makes getting up each day a lot easier.
make a chore list and keep to it.
pay bills on time.

Include some savings in this budget. Not only for the future (house, car, etc.), but also for when little emergencies pop up.

Man Im with you. My parents never let me work or anything. They paid for everything while I was in college, even the credit card I had was in their name.

Once I got out and graduated then got married man I had to do a relaity check. At first I spent then the bills came and I was like wtf why is everything so damn expensive. Then I realized how great it was when they paid lol. I too have a nice credit card that I racked up that I pay out the butt in interest, but thank goodness for the hubby cause I wouldnt have learned to budget and save. I didnt know anything about saving before we got married, but once we compbine our stuff I had to learn and fast lol. He isnt a spender like me. I still get to get stuff when were out, I turn on my charm lol or beg, but def nowhere near as much as I did when we first graduated.

Be prepared if you didnt live on your own before or if your parents paid for things, that bills can add up and FAST. Electric, Gas, Phone, Satallite, Water, Groceries, Insurance, hubbys school loan payments, rent or morgage, man it all adds up fast every month. I know I wish I won some thing that paid all my bills for a year, I could really save if I didnt have to pay bills lol...

I agree dont lose touch with friends. It gets sooo hard. My maid of honor and hubby best man are our 2 best friends, but we have only seen them like 4 times this year so far. We used to live with the best man and my maid of honor lived down the street so I miss seeing them everyday and talking to them. Sometimes we go a month without talking. Even if they dont email or call, call or email them just to say hi. It gets crazy when you are out there working full time.

Save.......
Youll regret it later if you dont. We all know we wanted nice things when we got out, new car, new furniture, new stuff, but dont go splurge too much. You know youll want to save to buy a house or save for something big later, dont spend all you have right away or youll regret it and wish you had that money back later.

Don't get rid of your credit cards all together. You'll need them to build up credit. Do not put anymore on your credit than you can afford to pay off at the end of the month. Those finance charges will come back to bite you. I know of people who are paying over $300 a year in finance charges. You could use that money to buy yourself a new Burberry bag. ;)

Make sure to BALANCE YOUR CHECKBOOK after every deposit/withdrawal. You will always know exactly how much you have and it will decrease the chances of bouncing a check.

If your company has a 401K, put a little bit of money aside from every paycheck to put in it. You'll thank yourself when you're 65.

Talk to your parents. They're smart people and have good advice. :)

Don't put away the party hat. While you may not be able to get wasted on a Wednesday night and come stumbling home at 3am, the weekends are your chance to have fun.

Never discuss taboo topics at work such as religion or politics. You will most likely engage in conversation with someone who is on the opposite end of the spectrum from you. These conversations tend to get heated and can make for awkward situations.

Before you go out on a Friday night after a long day at work (and waking up at 7am), make sure to take a 2 hour nap. It will refresh you so that you can make it until 2am since you're use to going to bed early. That way, you won't fall asleep on a bar stool....not that I've ever done something like that. :o

Oh yeah, please keep your personal life out of your professional life. Too many people at my agency bring all their problems to work and don't do what they are there to do: work. Many people get passed over for promotions because of this kind of thing.

I've also learned a trick to keep me out later on the weekends since I am used to getting up by 6 every day~~drink lotsa Red Bull when you are out, it will give you a boost :D

The best decision I ever made regarding credit cards was getting an American Express card. That way, I HAD to pay it off each month.

Another random thought: Don't tell people how much money you make. I never shared my salary with friends or co-workers.

In America you only NEED two charge cards.

The first a REAL, no debit/check, Visa/Mastercard. And pay it off each month.

A Sears Charge Card. You can buy everything from tires to undergarments. And pay if off each month.

You don't NEED anything more than that. Cut up all those other lil charge cards from Express. Carrying all of those extra balances is STUPID.

Just a side note on the Sears card, if you get one, pay it off EVERY month or youre doomed.

Ive read several places it is the hardest to pay off if you have a lot on it and I know first hand it is too. We had one about 2 years ago and we got a freezer on it and a washer and dryer and some other household things and the interest was horrible and it was forever to pay off. Finally I just saved for 2 months all the extra money and paid it off so I didnt have to see the bill anymore. It took my uncle a long time of paying the minimum from his Sears card and realizing it wasnt paying crap so he paid it off fast. Its nice to have if you need stuff for you or home, but pay it off.

Another random thought: Don't tell people how much money you make. I never shared my salary with friends or co-workers. [/B][/QUOTE]

Wow that is so true. You know what's interesting too? Most people who make way more then me spend way beyond their means and are always broke.

I have one:

Start an IRA/Retirement fund NOW. I am only 22 and people are surprised that I am already putting money away. However, when I am 65, that money is MINE. You can get a traditional IRA or a Roth IRA; both give you money in the end, but young people are usually swayed toward Roth IRAs because you get more money over a long period of time. I don't have 401K at my job, so I just have $50 put away each month and it comes straight out of my account. When I get a better job, I will probably up the withdrawl, but I will need all the money I can when I am older to pay for medical insurance. So start now.

I also have a savings account. I am allowed to withdraw from it, but I try not to unless it's a big emergency. You can opt to have some of your paycheck be deposited into your savings account. It limits some of your spending.

I think something that has kept me level headed is that I don't have a major credit card (Macy's doesn't count...). It might hinder me if I decide to ever buy a home, but for now, I'd rather not have one.

Soooooo true!!!! I can't believe that I have a fancy degree and know so little about business and officework. But, that's what entry level postions are for. I have lots to learn!!!

I reccommend NOT moving home with your parents. Really think about what makes you motivated, and go for that. Take risks. This is the one time in your life when you can!

Direct Deposit IS your best friend.

Open up three accounts.

One Checking, One Savings at one bank. Bank A. Get bankcard checks the whole nine.

One Savings at another. Get nothing but the account. Bank B

Split your check between the two savings account figure out monthly expense and direct that amount divided by three into Savings A.

Rest into Savings B

Use the Savings at Bank A to pay bills.

Transfer funds from Savings at Bank A to Checking at Bank A for for day to day stuff and shopping.

Use Savings B for emergencies ONLY.

If you did not do it in College, Do It Now!

White envelopes. Sound silly, okay.!

Write Rent, elctrical, gas, phone or what ever you have to pay.

Put money in each one for bills and pay those first.

Pay First, Play Later!

OOps, if not Crappola City!

Is it infantile or frugal until you get your feet on the ground and running!

Oh, forgot Plastic, have 1 or 2. Pay off each month and use spareingly, intrest will eat you up. Pay when you get it. They have now shortened the pay period down to 24 days, not 30! Ask what their % of interest rate is!!!!!!!!!!!!! It is important!

Scissors work wonders, if dont have Cash, dont buy unless absolutely needed.

I just graduated six months ago. In February, I opened up a savings account in a seperate bank from where my checking account is. I split my check evenly each week: half in savings, half in checking. I am living with my parents temporarily so I can afford to do this b/c I don't have bills except for car insurance so it works. I have over $2200 in my savings and $1000 in checking. No, I am not rich but heck it's a start in the right direction.

I also have a Visa CC and an American Express CC. Love them both but I don't rack anything up on them. Just put the stuff on there that my mom wants me to buy for her.

These are great tips for everyone. Thank You

Credit cards are evil. My husband and I have spent the past 4 years paying every extra penny to our old debt from college. It is really easy to spend it but a million times harder to get rid of it. Finally after 4 years we have all of it gone. The only time we use the 2 credit cards we have are if some one buys something off the internet (I don't want my debit card used for that) or if Home Depot is running a special on their interest. It is amazing to see that we really can survive with out racking up a ton of debt. We don't buy it unless we have the money in hand.

Another tip. Have enough money saved to pay at least one month of all your bills incase you loose your job or choose to leave it.

I agree with a lot of the advice here.

Credit cards can be a good thing IF you control your spending and pay in full every month. If you've already fallen into the land of revolving debt, make the minimum payment on all your cards (as well as paying all your other bills), then throw some money at whichever card has the highest interest rate.

Be careful about consolidating student loans, because usually when you consolidate, the interest rate becomes fixed. You can get burned if your original loans had variable rates. Although, now might be a good time to lock in a low rate.

Try to have a cushion of savings that will cover you for about six months (one month might be cutting it a little thin, even as the economy starts to improve and companies start to hire again). Mortgage/rent, utilities, food, etc.

Save for retirement. Start an IRA, and participate in your company's 401k if they offer one. If you are self-employed you can set up a SEP-IRA.

Enjoy life! Just because you have a job and a stack of bills doesn't mean you can't go out and have fun once in a while. :)

One more to add:

If you are financially sound enough to do this, I suggest taking a long vacation the summer after your senior year instead of starting work right away. Go backpacking through Europe, go surfing in Hawaii, etc. I really regret not doing this and going immediately into the working world. There will never be a time in your life where you can have a month or more to vacation. When you finally do have that much time off, you'll be retired and old and probably won't have the energy/desire to do all the stuff you could've done when you were younger.

Sears? Strange choice...

If I could only keep one, it would be Nordstrom. But then, my priorities may be slightly different than an average, red-blooded male... me being a chick and all.

No, not really. Sears, 'cause it's such a big store, has a lot of things you'd need in case of an emergency. Flat tire? Go to Sears. Washer died? Go to Sears. Starting over in new city and need to outfit your apartment? Sears. I wouldn't buy clothes there, but that's just me. The interest may be high, but I'd rather deal with Sears than Nordstrom or J. Crew as far as store cards.

I'd suggest an AMEX. Those things have saved me as far as travel and foreigh purchases.

Good advice ZTA. I also suggest checking out the benefits packages closely when you find a new job. Sometimes it is worth it to take a pay cut for extra vacation time. I know many people who make awesome salaries but only get like 2 weeks per year of vacation time and it is really hard for them to even take a sick day. I make a smaller salary but get 4 weeks vacation, comp time, 12 personal days, holidays, etc. Also be sure to weigh in thinks like commuting time. I was offered a good job making about $6,000 more per year then what my salary is now however if you factor in the commute, gas and tolls it wouldn't be worth it. Flexibility is a good thing too. Are you an "office person"? Or do you prefer to be "out and about" most of the day?

I think Munchkin03 summed it up. A Sears card is not for shopping on a regular basis. That's what a REAL credit card is for.

The Sears card is for those big ticket appliances and other last minute items. I certainly wouldn't buy clothes from Sears...well yes I would. They sell Docker's and Dress Shirts.

Again I don't suggest that any new graduate have anymore that one piece of plastic that buys things in their wallet.

The first should be a REAL credit card. For purchases.

The Sears card cuz they are all over, they deliver and they have everything you may NEED not always WANT.

Any card you have should be paid off in 20 days or less.

Now if after college you have the bomb job paying oodles of dollars or if your family is indeed wealthy you may follow some different guidelines. These are just what I follow, and now I am on a serious budget.

Couldn't you get a lower-interest credit card and use that to buy things from Sears? I mean, there's the temptation to use it other places (since Sears isn't a tempting place to shop), but it would save you money just to use a lower interest rate card if you are carrying a balance.

Not that you need to change your system. But I would do that instead to save myself a few bucks.

DEFINITELY have health insurance. If your "dream" job doesn't offer it, then it is not your dream job.

I wish someone had told me I was severly underpaid. I had no idea and it took me YEARS to finally get a job that paid me close to what I am worth.

Start putting money in your retirement, 401(k) now, savings, etc.

Good advice about credit cards. They can be evil.

Don't sell yourself short.

Continue to practice safe sex -- your 20s are your most fertile time.

And have fun. You'll be working for at least 50 more years most likely so keep that in mind.