As college graduation parties wind down and reality starts to set in that college is over, former students will face major changes as they transition into the work world.
While recent grads may not completely feel like an adult just yet, there are modifications every student must make after receiving that diploma.
A recent study from FinAid.org and Fastweb.com shows that 1.7 million students graduated this spring with an average of about $23,000 in student loan debt. Add to that a whirlwind of new jobs, paying rent, and budgeting for things like food (no more dining halls) and it's hard for recent grads to keep track of their finances, start a savings plan and maintain a credit card.
However, more than 50% of respondents of a recent Capital One Financial Corporation survey of college seniors planning to graduate this spring and recent college graduates believe they are "highly" or "very" knowledgeable about personal finance and money management. With that said, many admitted to impulse buying and overlooking opportunities to improve their finances with 36% not setting aside money for savings on a regular basis.
While entering the real world is overwhelming, it’s not impossible. We checked in with personal finance experts to see the common mistakes that recent graduates make and how to avoid them in the first place.
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