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Budgeting Advice for Graduating Seniors

You’ve spent the last 12 years of your life going to school. Your priorities probably haven’t been paying for bills, rent, car payments, or groceries. Believe us when we say we wish we could go back to those days. But as a recent graduate, you’re entering the “real world.” In the “real world” you’ll need to join the workforce, and if you thought school was tough, it has nothing on real life. Trust us.
So while you celebrate the fact that you’re done taking tests and done studying for those mid-terms and finals (yay!), prepare yourself for taxes, bills, and having to cook for yourself (If you need recipe tips, let us know, we can help with that too). This transition you are making means you’re taking on all new responsibilities, but our team here at Sun Loan are happy to share a few tips for high school graduates along with some insights.

 

1. Gain Financial Independence

Going to work should make you proud. You’re earning money and making your own way in the world. It’s important to make good decisions on where you spend your money. Before you buy that new PlayStation 4 or those new Jordans, be sure you’ve taking care of all your needs. Being broke is no joke. Financial independence means budgeting for life after high school and establishing good financial habits.

 

2. Pay Bills on Time

Like eating in the dark? Nobody does, so be sure you know all the dates your bills are due. Bills may not sound exciting, but it’s important to pay them on time. Your electricity, water, cable, and car payments are all bills that you will need to manage. Maintain a good habit of paying your bills on time. It also helps you build good credit, which paves the way for a healthy financial future.

 

3. Plan for the Unexpected

Budgeting for life after high school is much easier than you think. Your best game plan should include all the above but, our best advice for graduating seniors is to start an emergency fund, as soon as you can – even if you’re still living at home. It can come in handy when you have a higher than usual utility bill, or need help covering the cost of a medical checkup, car repair, dental exam, grocery bill or for a number of deposits that may be required for things like rent or establishing utility services. Saving enough for minor emergencies is a great start then, keep going. Plan ahead for major emergencies.

 

4. Be the Person You Want to Be

You are now on your own, self sufficient and independent, and now is the perfect time to define who you want to be. Learning good habits now is easier than it will be when you get older. Opportunities like this only come once in a lifetime, so take advantage of it. Right now you feel like you’re on top of the world, so let’s be sure you’re on top of your finances.
Learning and making your way through life is not easy, but it can be a lot of fun. Should something unexpected come along, then know our Sun Loan team is here to help you when you need it most.
Congratulations, Graduate! The future is wide open — just remember to be wise with your finances. And, if you ever need a little extra help to cover unexpected expenses, or would like to learn more about establishing credit, visit your nearest Sun Loan office or www.sunloan.com.