It is normal to have troubles with cash during your graduation period. But the moment you get a job after getting out of college, it can be overwhelming when you get your first paycheck. In fact, some forget to save or keep the spending low. And this, in turn, gets them back at square one just like it was in college where they had a tight budget.


To help you graduates make the best out of your earnings, here are some tips on how you can easily invest, save and spend your income as you pay down any Student debt that you have.


Prepare a simple budget


The very first thing that you should do is create a simple budget. As soon as you give a purpose to every dollar and make sure that you are meeting all the needs that you have, you will easily be able to spend the little money left for things that you value a lot. Here is a simple approach that you can use:


  • Spend 20% of your salary on savings or invest it.
  • Spend 30% of your salary on the splurges like concert tickets, takeout, and trips.
  • Spend 50% of your salary on the basic needs like groceries, rent and the minimum loan payments.



Use Credit Cards


Yes, owning a credit card is a huge responsibility because you cannot stay under the debt. That is, of course, if you want to be on the safe side of handling your money. But if you have not yet used your credit card, try to use it to pay off things. And while you use it, ensure that you keep a balance limit so that you do not exceed in spending. By using a credit card, you will be able to improve your credit score, and this will help you get discounts and offers. And the offers can help you save money.


Work on your Credit Score


With the above point, you know you can help your credit score a bit. But that is not all. Paying your debts in time and keeping a track of your credit score is also important. At the end of the day, a good credit score will help you in taking up loans or getting a house on mortgage.


Pay all your Student Debt

Almost all the students have some kind of loan lingering around them which was used for college. And ignoring the payment of these loans can cause you to increase the amount further. So, it is very important to track this and pay as much as possible for your Student debt to get out of it sooner. 



Learn all about Investment


As mentioned initially, investment is a great idea. If you begin sooner, you will be able to create a secure future for you. In fact, do not just resort to purchasing shares as an investment option. There are a lot of things that you can do. It is best to first learn all about the investment basics before you invest in the wrong places.



Create a Priority List


It is not possible to do everything you want to do when you have debts to pay. Hence, it is important to prioritize things. Here is a list and order in which you can prioritize your spending:


  • Have an emergency account where you have at least $500 for any immediate emergency you might need to attend to.
  • Payout all the debts that you need to pay.
  • Save enough, which should be about 15% of your salary for your retirement.



Obviously, these points are things that even our parents tell us when we move into our first jobs. But how many of us follow them? A few? Well, without keeping a strict budget for all the earnings you are making, you will end up in a pit at the end of the day. So, it is always better to take the money matters seriously. In fact, if you begin saving at a young age, you will surely reap the benefits in the future and not regret the decision. What are you waiting for? Start budgeting today!