We’ve reached graduation season! A time already uncertain enough for our graduating high school and college seniors who may be asking themselves many questions such as what is next, what should I major in, or who do I want to be when I grow up? This year, that world is more uncertain than ever. But after seeing how everyone has been pulling together and the grace with which our 2020 grads have been handling everything thus far, we believe there is a bright future to look forward to.
We’d like to give a special shout-out to each of our graduates and their families, both right here in the Cedar Valley and beyond. We are grateful to have each and every one of you in our lives and we are excited to see what each of your futures hold. Congratulations, graduates!
Five Easy Budgeting Tips for Graduates, or Anyone:
1. Budgeting doesn’t have to be complicated. Try to put 50% to needs, 30% to wants, and 20% to savings/debt payments.
2. Build your credit. Using less than 30% of your credit line is one way to help build up your credit score. Paying off your full balance (not just the minimum due) is another important strategy.
3. The earlier you start saving, the better. The more you invest and the earlier you start, the longer your money has to grow. For example, $50 per month could generate $75,000 in the span of 30 years.
4. Keep it all in one place. Utilize software to pull in all your account information into one place, to save both time and headaches. Mint and Yodlee are a couple good options. Also, have you heard about I-Banking? Our affiliate company Farmers State Bank has an excellent online banking program which is as simple as it is useful. If you want to learn more, call one of their friendly personal banking experts at 877-372-1879.
5. It’s never too late to start over. Have recent events busted your budget? Remember, life is a roller-coaster. When you get knocked down by a decision or circumstance, that doesn’t mean you have to stay there. As Socrates once said, “The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” Getting back up is the first and most important step. We believe in you.
Therefore, while the times certainly feel out of control, you don’t have to. Reach out to any of our wealth advisers here in FSB Premier at 319-235-6561, or simply fill out the contact form on our website. We are all in this together and we can help you get back up and on the right track. Take care and stay healthy.
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