‘Tis the season to graduate. But as college grads enter the workforce, there’s one thing they may not have been educated on: how to manage their finances. CBS 6 spoke with a home finances expert with some helpful advice for young people who are about to embark on their first real jobs.
Graduating from college and starting your first job is one of the most exciting times in your life, especially when you get that first real paycheck. But not so fast. “Once you know what your salary is going to be and you identify what your take-home pay is, that’s the time to really establish a budget, said Family Financial founder and CEO Tammy Trenta.
Trenta says even recent graduates need to prioritize saving for later in life. She recommends the 50-30-20 Rule. “Fifty-percent, you should be spending on your needs, which is housing, transportation, food, 30% on your wants and 20% towards savings,” said Trenta.
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