Money Success 101

Document created by amberc_1 on May 19, 2016Last modified by on Dec 5, 2016
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First, I would suggest paying a small amount toward your loans while still in school. (Example: I paid $25 every month just to start) This keeps you in the habit of putting aside money. I worked while in school so I used autopay - this saves money in the long run because lenders tend to discount your loan total, thus paying less over the course of your loan. Once out of school, I requested an income based repayment plan. This is smart because recent graduates generally make very little. Then I can pay as much as I want or can afford. (Hint: Always pay more than the minimum) This loan repayment plan is also nice because it leaves room for financial hardship, such as a car repair or medical emergency. Having payments taken directly out of my account is convenient and fool-proof. I do not have to remember to make a payment in time and I get a discount for doing so. I've already cut down my loans by a few thousand. In addition, recent graduates should begin using credit cards. This helps establish credit aside from the inevitable student loans. As long as payments are made on time and at least the minimum is met, your credit should be fabulous! I recommend using Credit Karma to monitor your score. My score began at the lower range (about 600) and has jumped 150 points! That's in just two years! Now, I have a few cards and leave a balance month-to-month on one or two of them. Don't be afraid to help yourself in the long run. Buying a house or a new car will be a breeze once your credit is well-established. Still looking for a great career job though...