ROCHESTER, N.Y. (WROC) — As college graduates get ready to enter the workforce now is the time to build a solid financial foundation.
CPA Matt Bryant from the New York State Society of CPAs offered up a financial road map Thursday during News 8 at Sunrise.
What are some financial tips for recent college graduates?
· You should have a budget
· Write down all of your income and all of the bills that need to be paid each month
· Track your purchases to see where your money is spent
Are there any ways to save on expenses?
· Now that one is done taking new student loans, consider a consolidating student loan
· A consolidating student loan will allow you to combine all student loans into one loan that may have longer repayment options to lower the monthly payment amount
How about saving for a large purchase, like a house or a car?
· It’s a great idea to start saving as early as you can
· Have some of your paycheck direct deposited to a savings account to keep the funds separate
· You should also save for an emergency fund so a large bill in the future can be covered
Is it too early to start saving for retirement?
· No, the start of your career is a great time to save for retirement
· Money invested in your early 20s will have 40 years to grow before retirement
· The longer your money is invested, the more opportunity that it has to grow
Any ideas on how to bring in more money?
· You can make extra money with a side job
· You can take something that you enjoy doing, such as baking or website design, and generate income from those activities
What if a recent college graduate has questions about planning their financial path?
· A trusted certified public accountant can be a great resource for a personal financial plan