Student Support Services Tri-County Technical College Budgeting Skills Developed by Camilla Bravo Designed by Alex Wilson

Survival Skills for New Grads  Hoping for economic rebound  Flexibility is the key  Getting your foot in the door  First job, First Budget  Good Debt, Bad Debt  5 Tips for Living Frugally -Sock away some cash -Be thrifty -Watch those cell-phone bills -Learn to cook -Join your company’s 401(K) plan

Hoping for Economic Rebound  Student comments: - “A lot of employers we’ve talked to hope the economy is much stronger by the spring and they can start hiring again. The uncertainty levels are quite high.” - “Some one like me, I have a really good resume, and I have a lot of experience. I think I would do well, but it’s going to such a struggle to find a job.” - “I think about it everyday. I don’t want to be one of those seniors who moves home and then starts searching searching for a job.”

Flexibility is the key  Begin your job search early.  First stop in the career center on campus.  A career advisor can help you with your resume and polish up your interview skills.  Landing a job is going to take a lot of research. So dig in: -Join professional organizations -Attend conferences and meeting in your area -Subscribe to publications in your field -Network until your drop. Let others know you are job hunting: Neighbor’s, a co-worker of a parent, past members of a frat or sorority. Tap into every contact you can.

Getting your foot in the door  When you go in for an interview, know everything there is to know about the company before you step in the door.  Consider taking an internship, part- time work, or volunteer work in your field.  These types of positions lead to full- time position with the company, organization at a later date.  At the very least, the experience you gain and contacts you make will help with your job search.  Make the most of your first job out of college- even if it’s not your dream job. Learn as much as you can, but don’t get comfortable. Stay on the lookout for bigger and better opportunities.

First Job, First Budget  Make a plan for handling your money  Map out a budget (don’t worry, it’s not as bad as it may seem)  Set expenses: rent, utilities, car payments, minimum student loads, and credit card payments.  *How much of you monthly take- home pay will these expenses eat up?*  “At least for a couple of weeks, write down your spending, and decide what you an do without.”  Do yourself a huge favor: avoid running up credit-card dept. And try to pay more than the minimum every month.

Good Debt, Bad Debt  Always pay your bills on time.  Establishing a good payment record will help you qualify for a credit card with a lower interest rate. Transferring a balance to a card with a low interest rate will save you a bundle.  You want credit card dept out of your life as soon a possible.  Student loan is less of a worry: As long as you can make your monthly student loan payments, you’re in good shape.  Consolidate? If you are struggling to make your loan payments, you may want to consider signing for consolidation loan.

Good Debt, Bad Debt Continued - A consolidation loan can lower a borrower’s monthly payments by as much as 40%, and can also stretch out the repayment period  Information, applications, and calculators for consolidation loans are available on the USA Group and Sallie Mae web sites.  Grads facing serious financial problems may be able to get their loan payments postponed or deferred.  Once you map out a realistic but not suffocating budget and get a handle on your credit card and student loan debt, you’re ready to take on the real world- recession and all

5 Tips for Living Frugally  1. Sock away some cash: -Having a small emergency fund can take a lot of stress out of your financial life. That way, if your job search takes longer than expected, or your car needs a major repair, you know you’ll be covered. Having 3-6 month’s living expenses in a saving account or money market would be ideal.  2. Be thrifty: Dressing for a first job can be pricey. Be sure to check out the career-wear bargains available at thrift stores.  3. Watch those cell-phone bills: Talking the talk on the cell phone can get awfully expensive.

5 Tips for Living Frugally Continued  4. Learn to cook: Eating in can save you a bundle. Be sure to be sure to pack a lunch a couple of time a week, and cut back on some evening meals at restaurants. Why not have a casual dinner party at home and then head out for the evening?  5. Join your company’s 401(k) plan: Be sure to take advantage of an employer’s 401(k) plan. Many companies fully match or partially match their employee’s contributions. You can request that as much as 15% be deducted from each paycheck toward retirement. If 15% is to high start at 5% and gradually move up.