College Graduates:

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Build Wealth by Avoiding 11 Common Money Mistakes 

Congratulations! You graduated from college and landed your first job! It’s an exciting and scary new chapter all rolled into one.

You’ll make some serious money for the first time but also be responsible for severe adult bills.

Before signing a lease for an apartment or purchasing a new car, avoid the most common money mistakes college graduates make. We have assembled a list of blunders to steer you towards a financially fit future.

When you least expect it, your car may need a repair, expensive dental work, or you may get laid off from your job. These unexpected events happen to all of us, so planning for them is essential.

No Emergency Fund

Commit to building up an emergency fund that can cover your basic living expenses for six months. You can open an interest-bearing savings account like an FDIC-insured money market deposit account (MMDA) just for this purpose.

No Monthly Budget

Now that you’re living a more independent life, you need to have a budget and keep your spending in control. Don't eliminate all your ramen noodles until you have a fully-funded emergency fund!

Don't rush to sign that apartment lease with a breathtaking view without creating a budget first. Determine your necessary expenses like rent, utilities, food, and commuting expenses. These needs come first before you dive head-on into your wants, like a brand-new car.

Living Beyond Your Means

Put the brakes on large or repeated impulsive spending. Living beyond your income is a recipe for financial disaster. Your goal is to spend less than you earn so you can save money and invest some of your earnings.

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