Congratulations! You finally made it and graduated, and now it’s time to face a different world. And that includes planning to spend your money. Keep the following spending plan tips for graduates in mind as you get out in the world and start working your first real job.

Use a Spending Plan and Plan your Spending

You are possibly going to have more money than you ever have. It’s going to be a smart move, on your part to plan to spend it. Money is good for three things, and spending is one of the three things, so it’s okay to spend just spend with a plan. 

Sit down with a piece of paper and a pencil and just write out where you are going to spend your money; how much, where, and what for. 

By doing this, you are creating a spending plan. Later you may want to move to a spreadsheet or app, but to start, use paper and pencil, keep it simple.       

Tracking Your Expenses helps You to Be More Aware

Track your spending if you want to manage your money better. There are lots, and lots of ways to track your spending…you pick one. You can track by app, spreadsheet, or on your phone, and it does not matter which as long as you track.

Record every expense every time.

Some expenses are just easy to forget. Here I am mainly talking about things automatically drafted, like the streaming subscription or maybe a credit payment. Car insurance payments every six months or once a year is another. Keep these expenses written down in your log so you do not forget them. And get a receipt from every place you shop or eat; this will help when it comes time to remember and record.

Also, contingencies and emergencies are going to happen. Do not forget to save for these. A good emergency fund will cover expenses for a couple of months and give you peace of mind.   

Again, congratulations! You have worked hard, sacrificed, and now it’s time to celebrate. After your celebration is over, start planning your spending and use these spending plan tips for graduates to creating a spending plan that works for you. It will benefit you as you grow in your career and life. Take care.