She Strengthens

Laying the Foundation for a Fabulous Life

As a recent college graduate, you’re likely feeling a mix of emotions – excitement, uncertainty, and maybe a hint of financial anxiety. You’re not alone. Many of us have been there, done that, and learned from our mistakes. To help you avoid some common pitfalls and set yourself up for long-term success, I’m sharing the top 10 tasks every college graduate should tackle to live a financially fabulous life.

Set Goals and Prioritize

Coming out of school, it’s easy to get caught up in the excitement of newfound freedom and independence. But before you start splurging on luxuries, take a step back and assess what’s truly important to you. What are your short-term and long-term goals? Do you want to travel, buy a home, or start saving for retirement? Make sure your goals align with your values and priorities.

Create a Budget That Works

You’ve heard it before, but it bears repeating: budgeting is crucial. As you start earning more, it’s easy to lose track of your spending. Take control of your finances by creating a budget that accounts for every dollar. This will help you make conscious decisions about how you allocate your money and avoid debt.

Save for the Unexpected

Life is full of surprises, and not all of them are pleasant. Having an emergency fund in place can be a lifesaver when unexpected expenses arise. Aim to save at least $1,000 to start, and work your way up to 3-6 months’ worth of living expenses.

Automate Your Savings

Make saving easier by automating your savings and investments. Set up automatic transfers from your checking account to your savings or investment accounts. This way, you’ll ensure that you’re consistently working towards your goals without having to think about it.

Ditch the New Car Fantasy

Buying a new car might seem like a great way to celebrate your newfound independence, but it’s often a costly mistake. Cars depreciate quickly, and financing a new vehicle can lead to a significant net worth impact. Consider buying a used car or exploring alternative transportation options.

Find Your Side Hustle

You’ve got the time, energy, and motivation – why not use it to build wealth? Identify your passions and find ways to monetize them. Whether it’s freelancing, selling products online, or offering services, having a side hustle can help you accelerate your savings and investments.

Pay Off Debt Aggressively

Student loan debt can be overwhelming, but it’s essential to tackle it head-on. Use your side hustle to attack your debt aggressively, and consider implementing strategies like the snowball or avalanche method.

Develop Healthy Habits

Taking care of your physical and mental health is crucial for your overall well-being and financial stability. Develop a workout routine, eat nutritious food, and prioritize self-care. This will help you avoid costly healthcare expenses and stay energized and focused.

Find a Mentor or Accountability Partner

Having someone to hold you accountable and provide guidance can be incredibly valuable. Find a mentor or accountability partner who can offer advice, support, and encouragement as you work towards your goals.

Stay Curious and Keep Learning

Your education doesn’t stop at graduation. Continuously seek out new knowledge and skills to improve yourself and your career. Listen to podcasts, read books, or attend workshops to stay ahead of the curve.

By tackling these 10 tasks, you’ll set yourself up for long-term financial success and create a foundation for a fabulous life. Remember to stay balanced, stay focused, and keep pushing forward.