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Budgeting for Life After Graduation: A Reality Check

Learn how to budget effectively after graduation to establish a savings habit. This workshop covers average monthly expenses, student loan repayment, debt management, savings strategies, and practical tips for maximizing your income. Prepare for life after college by creating a budget and planning for your financial future.

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Budgeting for Life After Graduation: A Reality Check

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  1. Budgeting for Life After Graduation: A Reality Check Part 3 of “Preparing for Civically Engaged Lives” Bonner 8 Themes Curriculum

  2. You will be able to: Understand an average monthly budget breakdown Practice tips for managing your money AFTER college Establish a savings habit After This Workshop

  3. Average Monthly Living Expenses: Budget Breakdown Source: Department of Labor, Bureau of Statistics

  4. Total Monthly Take-Home Pay: $4,000 Maria’s Budget Breakdown Here is a good source to calculate expenses: https://www.taxformcalculator.com/

  5. Total Monthly Take-Home Pay: $2,500 Dan’s Budget Breakdown

  6. Repaying student loans Plugging spending leaks Managing debt Stretching a dollar Managing Money After College

  7. The less you borrow, the less you have to repay Calculate repayment amounts BEFORE you borrow Total student loan debt should be less than starting annual salary after graduation Use loans only for educational expenses, not food, clothes, gas Financial Aid: Borrowing Tips

  8. Leave your your debit/credit card at home Attend free campus concerts and plays Use your bike or public transportation Carry a refillable water bottle instead of purchasing soft drinks or coffee drinks Limit the number of songs, ringtones, etc., you download  USE A SPENDING DIARY Plugging Spending Leaks

  9. Date Item Amount Look back to see what the most common categories were in your spending and how much you spent in each category. Your Spending Diary

  10. Limit use to one card Define “emergency use” Understand credit terms Pay more than the minimum Credit Card Strategies

  11. Debt Repayment

  12. Debt Recovery Worksheet Amount owed Monthly Payment Due Date Amount Paid Date Paid One Debt at a Time

  13. Avoid buying sodas and snack out of vending machines Kick a costly habit (cigarettes, lattes) Use the library Use the internet for comparison shopping Making Your Money Go Further

  14. Practice self-discipline Make savings a fixed expense Set realistic goals Delay gratification Increase your investment knowledge Savings & Investing Strategies

  15. Automatic Transfer Payroll Deduction Loose Change Jar Goal Envelope Write Yourself a Check Tips for Paying Your First

  16. Reality Check The earlier you begin to plan for and save for retirement, the better prepared financially you will be. Economic Principle: Time Value of Money Retirement: Who Cares?

  17. What a Difference a Few Years Make?

  18. Expenses & Monthly Amount Pay yourself First Housing Insurances Credit Cards Loans (Student & Other) Etc. Budgeting for Life After College

  19. Understand an average monthly budget breakdown Practice tips for managing your money AFTER college Establish a savings habit Recap

  20. Research careers that match your interest and your desired income Borrow wisely for your education Use credit only if you can afford to pay it back quickly Start saving and investing Create a budget for life after college Now What?

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