Post-Grad Money Moves: What to Start Doing As A Senior Before You Graduate

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Although you are a senior and are looking forward to embracing your last year of college, it is important to start thinking about your future beyond school. A huge part of this future is making sure your finances are in order so you can get a good start to your future beyond school. It may seem impossible, especially as a student on a tight budget, but there are things you can do now to get your finances ready for post-grad life.

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Know about your student loans

As you have gone through school, you may not have thought about your student loans, especially since you didn’t have to pay anything while you were in school. However, once you graduate, you need to start paying off your student loans. Before you graduate, be sure you know who serviced your loans so you know where to make payments. It is also important to know if your loans have a grace period after you graduate before you have to start making payments. There are a lot of things to know and keep in mind when it comes to your student loans, and it is important to figure it out before you graduate.

Prepare for grad school

If you are going to grad school after you graduate with your undergraduate degree, you have to start thinking about a lot of things financially. You will have to decide how you are going to pay for grad school, between scholarships and fellowships, or having a job. Taking out loans will add to the loans you have to repay from your undergraduate degree. It is important to make sure you are going to benefit from a graduate school degree. Some fields do not require an advanced degree, so consider getting financially stable before committing to grad school.

Start saving

Student loans may be your biggest source of debt while in college, but you may have accumulated credit card debt as well, especially if you were not working as much during school. Even if you are not in debt, you might not have as much money saved up. It is important to take steps now to start putting money aside for your future self. Try your best to cut back on unnecessary spending. Create a budget and actually stick to it. Use coupons and student discounts, and sell things you do not need anymore. Put this money into a bank account you will not touch so that you can start saving money for your life after graduation.

Learn about money

You likely know a lot about money, but there may be a lot of things you still do not know. What is the difference between a checking account and a savings account? What are taxes, and how do they work? How can I start saving for retirement? These are important steps to know and to start thinking about as you approach post-graduate life. Your college may have resources that can help you learn important financial information to apply to your future. Start learning as much as you can now so you can be prepared for post-grad life.

Start applying for jobs

Even though you want to enjoy the last little bit of school before entering the real world, it is a good idea to start applying for jobs now. When you graduate, you will be competing with everyone else who started applying for jobs after they graduated. If you start before graduation, you can get a head start. Even if you get interviews but do not land a job, just the interview process alone is a valuable thing to learn about, especially if you are interviewing in your field. By the time you graduate, you will be confident in your interviewing ability. Work with your college’s career center to help you look for jobs and become job-ready.

Living situation

Right now, you may live on your own or with roommates in a dorm or off-campus apartment, but after you graduate, your living situation may change. Your current roommates may move back to the towns they are from, and you may do the same. A huge part of having your finances ready is knowing what your living situation will be like after graduation. Moving back in with your parents and family may be the last thing you want to do, but doing so may help you get on your feet financially and allow you to put some money aside while you are not paying for rent, utilities, or other housing expenses. If you do plan on moving out on your own, get an idea of where you will be living and how much money it will cost. This way, you can have an idea of how much money you need to have saved up before you graduate so you can afford your living expenses.

It may be tempting to just focus on celebrating your senior year, but it is important to start taking steps now to think about your future post-graduation.

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