How new graduates can conquer entry-level income challenges
This spring, millions of high school and college students are preparing for graduation and the next phase of their lives.
But are new grads ready for the financial challenges that lay ahead? According to a report by the Institute for College Access and Success's Project on Student Debt, the average student loan debt for borrowers in the college class of 2011 was about $26,500.1 Soon enough, budgeting money from that part-time job at the mall for movie tickets and other entertainment expenses is quickly replaced by rent, utilities, food and transportation costs as well as student loan payments.
Get some tips.
Prep for the new expenses.
But don't forget the fun.
Joining the professional workforce is an exciting and challenging time for young adults, and all the new expenses can seem overwhelming at first. Take it one step at a time and don't forget to budget for entertainment - just because you're out of school, it doesn't mean you can't have any fun!
1Project on Student Debt. http://www.projectonstudentdebt.org/ n.p. unknown. N.d. March 2013.
2Perez, Maria. "10 Tips to Stop Spending and Start Saving." America Saves Week. N.p. unknown, n.d. January 2013. http://www.americasavesweek.org/
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This article is based on information available in March 2013. It is for general informational purposes only. It is not intended to provide specific financial, investment, tax, legal, accounting, or other advice and should not be acted or relied upon without the advice of a professional advisor. A professional advisor will recommend action based on your personal circumstances and the most recent information available.