CHARLOTTE, N.C. — This time of year, new graduates across the country are celebrating ending a big chapter and starting a new one. As young adults walk the stage and get their diplomas, WCNC Charlotte is helping graduates get ahead with some money tips for after school is out.
Charlotte-based money coach Bernadette Joy said one key place to start is with a zero-based budget.
To let us know how WCNC Charlotte can help you get ahead in 2024, email us at newstips@wcnc.com.
"So specifically what that means is learning to allocate all of the income you have coming in and having it have a purpose," Joy said. "As you grow your income, you're only going to get better at managing your money."
CNBC shared several more tips as well to help recent graduates take on the working world.
Start building your credit score now
Many students may not be thinking about credit, or may even be avoiding the plastic card all together.
Try measures for responsibility instead.
A budget following the 50-20-30 rule can help. That's 50% of your after tax income going to necessities, 20% going toward investments, and 30% being saved for your fun money. That said, some may want to flip the 30% and 20% allocations depending on preference.
Start looking at retirement benefits
Next, as soon as recent graduates land that first job, they'll want to start planning ahead by looking at retirement benefits.
In particular, look for what match employers offer, and if there are any perks for contributing to a retirement fund.
Make a plan for paying off student loan debt
And while the future is bright, recent graduates can't forget about any lingering student loan debt. The average student loan debt is $36,900, and the average monthly student loan payment is $433, according to CNBC.
So don't wait until your grace period ends to factor payments into your budget, get ahead by making a plan you can actually stick to.
Contact Kia Murray at kmurray@wcnc.com and follow her on Facebook, X and Instagram.