5 Tips to Help Pay Back Student Loans

It’s graduation season, and the average student loan debt now exceeds $30,000. No wonder an estimated 11% of student loans are in default!

The Department of Education already expanded repayment options like pay-as-you-earn plans (PAYE) and income-based repayment plans (IBR) over the last few years, but many students are still struggling with this financial burden well into their post-college years.

In 2017, lawmakers introduced a new bill that could make a big difference for graduates – and their employers. This bill would extend tax benefits to employers who choose to help their workers with student debt.

Tips for Tackling Student Debt Responsibly

Money to pay back student loans would be great, right? Although the above program could be helpful if passed in the future, paying back the bulk of a student loan is ultimately the borrower’s responsibility. Paying off debt can be challenging, so here are a few tips for tackling student loans responsibly.

1. Pay more than the minimum and/or double up on payments.

Like most other bills, student loans are usually due once a month. Paying a little more than the minimum required amount can help you knock out the debt sooner (use a debt repayment calculator to find out exactly how much), and avoid paying extra interest. If you receive bi-weekly paychecks, you could also set up an additional automatic payment on paydays (even if it’s only a small amount).

2. Find your payoff date and use it as an incentive.

Knowing it will take you 10 years to pay off your student loans is discouraging, but every little bit of extra you pay into the loan will make freedom day a little bit closer. Create a visual update every time you achieve a new payoff date, and you’ll find more incentive to keep taking months and years off the end of it.

3. Use your tax refunds or education credits.

Did you get a tax refund or education credit this year? Instead of spending it, why not use the money to make a large payment on your student loans? The faster you can eliminate a monthly payment, the faster you’ll free up more of your budget year-round, rather than having to wait for your next refund check to have some “fun” money.

4. Take on a side job or apply your annual raise.

If you’re already working full-time, more work might not seem like the ideal situation. That’s why if you take on a side job to repay your student loans faster, choose something fun – and only do it a few hours or days a week. When this money is set aside exclusively for paying your student loans, it can quickly make a dent. Secondly, when you get your annual raise, apply the difference to your loans rather than inflating your lifestyle.

5. Consolidate and refinance – with caution.

Consolidating debt sometimes makes sense, especially if interest rates have dropped significantly. On the other hand, refinancing just to get lower payments while lengthening the duration of your loan – may only mean paying more interest in the long run.

Your personal finance habits will truly make the difference in getting out from under the burden of student loans, once and for all.

Read more about student loan repayment options in this article from bankrate.com.

Article Source: Jessica Sommerfield for moneyning.com

Going Back to College? What’s Truly Essential for Your Dorm

Back-to-college shopping can get expensive. Besides tuition and books, there’s clothing, class supplies, and dorm essentials. The National Retail Federation’s Back to College survey reports that this year students (or their parents) will spend an average of $969.88 for dorm furnishings and college supplies. Of this spending, the top four categories are projected to be electronics, clothing, food items, and furnishings.

While this might seem like a small dent compared to the cost of tuition and housing, it can take a significant chunk out of a student’s savings or, worse, end up on a credit card. The question then, is how many of these ‘essentials’ are necessary? Regardless of how convincingly retailers market their back to college lists and attractively arrange their mock dorm showrooms, it’s doubtful students really need all of that.

Based on feedback from students and parents who have learned the hard way, here are a few things you do and don’t need as you start getting ready to go back to college.

1. Furniture and Appliances: Be Picky

It sounds plausible that students without full access to a kitchen would want their own microwave, toaster, or mini-fridge, but students often find that these are either redundant (many dorms have a common area that includes these appliances), take up too much space, or don’t get utilized much. Go light on the kitchen appliances, especially if you or your student is on a meal plan. On the other hand, appliances like small fans might be useful (and don’t cost much).

Colleges usually supply basic furniture, but if you need to fill in a few gaps, bring items from home or shop second-hand. After all, you’re shopping for items that will probably only get used a maximum of four years. The one furniture item many students recommend spending a little more on is their bed. Between sleeping and studying, a mattress pad and comfortable blankets and pillows will pay for themselves.

2. Personalize, But Don’t Deck It Out

Another category that eats over $100 of that survey average is dorm décor. It can be easy to get carried away with making a new space into a personal statement, especially if you enjoy decorating. Remember: it’s only temporary. Spending money on how your room looks isn’t something you’ll look back on as a good investment in your education.

On the other hand, saving money doesn’t mean you need to settle for an outdated dorm room. Put up a picture board, bring some personal items from home, hit the thrift shops, and choose décor items that are also functional (like a cushioned footstool that doubles as storage).

3. Don’t Forget Practical Things

If you’re too focused on dorm room aesthetics, you might forget to save some cash for practical items – the things that come in handy when your home consists of a tiny room shared with another person. For instance, things like adhesive hooks and non-mounted shelves for storage, power strips with USB plug-ins for those scarce outlets, and a sewing kit for missing buttons or small tears – are all practical things nearly everyone will find useful. They also happen to be inexpensive.

4. Start Simple and Buy for Your Needs

Despite the lure of sales and beating the long lines at the local department stores on move-in weekend (remember, there’s always online shopping with direct delivery), the best overall strategy for shopping for college dorm supplies is to wait until you’re settled in. It’s better to start with less than you need and shop for specific items than to over-anticipate your needs and be wasteful.

Want to earn cash back on all your back to school purchases this year? Apply for a Visa Signature Credit Card from First Financial! You’ll earn 1% cash back, no restrictions.*

*A First Financial membership is required to obtain a Visa® Signature Credit Card. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. APR varies up to 18% for the Visa Signature Card when you open your account based on your credit worthiness. This APR is for purchases, balance transfers, and cash advances and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Cash advance fee of 1% of advance ($5 minimum and $25 maximum), Late Payment Fee of up to $25, Foreign Transaction Fee of 1% plus foreign exchange rate of transaction amount, $5 Card Replacement Fee, and Returned Payment Fee of up to $25. No late fee will be charged if payment is received within 10 days from the payment due date. Visa Signature Card Cash Back: Your First Financial Visa® Signature Credit Card will earn cash back based on your eligible purchase transactions. The cash back will be applied to your current credit card balance on a quarterly basis and be shown cumulatively on your billing statement. Unless you are participating in a limited time promotional offer, you will earn 1% cash back based upon eligible purchases each quarter.

Article Source: Jessica Sommerfield for Moneyning.com

How to Pay Off Your Student Loans Faster

Stack of books isolated on white background.

No matter the circumstances, student loans really are not a fun part of adult life. Here are some pointers for getting rid of them faster:

Get motivated to pay them off sooner.

In reality, paying off student loans ahead of schedule will really just put you in a better financial state in the future. You’ll pay less interest over time and you won’t actually be stuck with the same student loan for 20 years like your term says you will. Find a really good reason that’s personal to you that drives you to pay them off faster. Imagine your life without student loans. Think of anything that will keep you strong in the student loan pay off game.

Pay more than the monthly minimum payment.

Whether it’s $20, $200 or any random amount in between, making a higher payment than required is the best way to pay off your student loans faster. If you have more than one loan payment, and can only afford to pay more on one loan, choose the one that has the highest interest rate.

Your student loan should already be included in your budget. You can budget for higher than your minimum payment, or you could use any money you have leftover at the end of the month as an extra loan payment. You can even implement both methods. Either way, paying more than required is a great way to pay student loans off faster.

Tip: Be aware of how extra payments are applied to your account. You want to make sure that the additional amount you are paying is applied to the principal amount rather than to interest.

Decrease your expenses.

Any extra money that can be put toward student loans will help you pay them off faster. “But, what if I don’t have extra money?” you ask. Take a look at your expenses and see if there is anything you can do to slash some. Ask your cable company about a cheaper package, cancel your monthly subscriptions to Netflix, Spotify, Amazon Prime, etc. Get a quote from other insurance companies or change your habits and eat out less often and make coffee at home.

Put birthday money, tax return funds, raises and any other extra cash toward your student loans.

If you receive money in addition to your normal paycheck, avoid spending it – no matter how much you want that new computer, those new shoes, or to go to that concert. It will be worth it as you get closer to paying off your student loans. Your future self will thank you!

Enroll in auto-pay.

When you enroll in auto-pay, your student loan payment is automatically taken from your account on the due date. Most lenders offer an interest rate decrease for people enrolled in this service. Not only does this eliminate the hassle of having to remember to manually make your payment, but it decreases the amount of interest you pay over time, allowing you to pay off your loans faster. Visit your lender’s website for information or contact them directly.

Avoid repayment programs and other repayment plans.

Although these programs come with a lower monthly payment, which always sounds amazing, they also come with longer terms, which means more interest paid over time. If you are really, really struggling to make those monthly payments on time and in full, these options might work for you. But, if you can make the payments, still pay your other bills and have money left over to enjoy yourself, don’t be fooled by the thought of a low payment.

Refinance or consolidate your loans.

Putting extra money toward your student loans is a sure way to pay them off early, but if you want to make an even more drastic change, look into your refinancing and consolidation options. You can possibly refinance your loans to get a lower interest rate and term length. If you have multiple student loans, you can consolidate them so they combine together, giving you only one loan payment.

Get a side job.

If your schedule allows it, a second job can help you reach your goals in paying off your student loans early. All money made with your second job can be put toward your student loans. While this may be easier said than done, it’s definitely helpful.

The sooner you get rid of that student loan payment, you’ll have more room in your monthly budget and more freedom with your finances – so get started as quickly as possible!

Article Source: Amanda Bridge for The Money Mill

 

Kids Off To College? Here’s How To Get Them Started With Credit

ahmxmt-woman-displaying-credit-cards-in-park-college-student-2How can you build good credit if no one will give you a credit card? This is the predicament many college students face. Generally, banks and credit card companies don’t want to take a risk on someone with no credit history. But, with no credit history, adults face extreme financial limitations that can affect all kinds of situations, including renting an apartment.

Getting one’s first credit card has become an even trickier process in recent years, but fortunately if parents are willing to help get their kids set up, it can be pretty simple.

“Due to the CARD act, it’s now prohibited for credit card companies to give credit cards to anyone under 21 unless they have their own income, or have a co-signer,” said Liran Amrany, the founder and CEO of Debitize. “For parents sending their kids off to college, it’s usually a good idea to offer yourself as a co-signer so your child can start building credit.”

In fact, it’s probably a good idea to take this step before your child is off to college. Vinay Bhaskara, co-founder of CollegeVine, strongly recommends adding kids to your credit card while they’re still at home. Essentially, the earlier one forms credit with a parent’s help, the sooner they can branch out on their own.

“In practice, establishing credit is a process that should actually start in high school, where the parent makes their child an authorized user on one or more of the parent’s cards,” said Bhaskara. “The student should spend a little bit each month to start building some credit history. After a few months, they can set up a student credit card with a small ($500-800) limit. From there, the student is off and running.”

If your child is already starting college in the fall and hasn’t yet forged a line of credit, you can still add them as an authorized user. Also, Bhaskara notes, your child will probably discover a bank on campus that can set them up with student credit accounts.This may also require your co-signature.

The earlier that young adults can form credit with a parent’s help, the sooner they can branch out on their own.

If your credit is decent, you shouldn’t have any issue adding your child to your credit card. The real challenge comes with making sure they understand the responsibility of having a credit card.

“Because the easiest way parents can help their children establish and build credit is to initially co-sign and/or open joint accounts, they must be willing to talk with their children honestly and openly about what they’re comfortable with in terms of spending by the student,” said Bhaskara. “Parents are also probably the most important source of personal finance knowledge for their children, so they must be comfortable with this concept.”

You’ll want to explain that if they’re attached to your credit card, any irresponsible actions can reflect poorly on you and the good credit history you’ve worked years to build. Also, you’ll want to set spending limits, if not through the credit card company, then through a verbal or written contract with your child.

Ideally, your child will be on your card for awhile, and then branch off to get his or her own credit card(s). It’s important to continue educating your kids at this point of independence. If they’ve built up good credit with your help, credit card offers are going to start pouring in, and young adults may be all too tempted by the deceptive promise of money at their fingertips.

“Money is already tight enough for college students, so while the thought of quick and easy money is appealing, the reality of 20 percent interest rates can be crippling, especially if you won’t be able to really start paying down balances until after graduation,” said Kristina Ellis, financial expert and author of How to Graduate Debt Free: The Best Strategies to Pay for College. “Teach them to be wise and very leery of the dangers of credit card debt.”

Ellis also stresses that under no conditions should students turn to credit cards to pay for college, as “in most cases, the benefits of spending on student credit cards don’t come close to the eventual costs.”

First Financial can help your college students build and establish credit!* There are no balance transfer fees, no annual fees, and our cards are also equipped with an EMV chip for maximum security. To apply or for more information, please call 732.312.1500 Option 4, visit our website, or email info@firstffcu.com.

*APR varies up to 18% when you open your account based on your credit worthiness. This APR is for purchases, balance transfers, and cash advances and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fee. Other fees that apply: Cash advance fee of 1% of advance ($5 minimum and $25 maximum), Late Payment Fee of up to $25, Foreign Transaction Fee of 1% plus foreign exchange rate of transaction amount, $5 Card Replacement Fee, and Returned Payment Fee of up to $25. A First Financial membership is required to obtain a VISA Platinum Card and is available to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties. Federally insured by NCUA.

Original article source courtesy of Nicole Audrey of NBC News.

11 Things To Do With Your Money In The First Five Years After College Graduation

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A lot changes during the years that separate college graduation from five-year reunion. After caps and gowns come first jobs and apartments, then–far too often–bad bosses and roommates, leading to second jobs and apartments. A few years later your Facebook news feed will become a sea of engagement photos, foretelling weekends inundated with weddings. In the meantime, former classmates will become lawyers, doctors, MBAs–and occasionally parents.

Throughout all this you’ll wonder how you became old enough for a lease, for taxes, for a bridesmaid’s dress. You may also ask yourself: How am I going to afford all this? As your life evolves in the early years of adulthood so do your finances, the relationship you have with your money and what you need it to do for you.

If you are at the start of this journey, congratulations. Now is the best opportunity you will have to keep out of financial trouble and develop a solid foundation. But if there is no need to panic if you’ve already got a few working years under your belt, you’re not old yet. Small changes can still go a long way.

1. Build a cash cushion. Cars break down, jobs get lost and family members get sick. Emergencies will be emotionally trying, but they don’t need to be a financial drain. With each paycheck move some money into a savings account, preferably through automation. Long term your goal should be to have enough cash to cover three to six months of expenses, but it’s okay to start small. Consider a 52 week money challenge, in the first week save $1, second week $2 and so on, after a year you’ll have $1,378. Ready to commit to more? To determine where on the three to six month spectrum you should aim, evaluate your job security, the availability of jobs in your field and if you can expect family help.

2. Get health insurance. You can typically stay on a parent’s health insurance plan until you turn 26. For plans bought via government marketplace you have until the end of the year. Employer coverage usually ends in your birthday month, but you get a 60 day Special Enrollment Period leading up to your 26th. Use this window. This way coverage can start as soon as your old insurance lapses and you’ll avoid paying a penalty for every month you aren’t covered. The fine is the higher of 2.5% of household income (to a maximum) or $695 per adult per month (up to $2,085).

3. Do your 65 year-old self a favor. If your employer offers a 401(k) plan open an account and invest at least enough to take full advantage of company matching contribution (free money!). If not, open an individual retirement account and contribute as much as you can. In either case, create a road map to be making contributions of 10-15% of your income before your five-year reunion. Why? The power of compounding means saving a little bit of money now will go farther than saving a lot later on.

How will you begin preparing for your retirement today? To set up a complimentary consultation with the Investment & Retirement Center located at First Financial Federal Credit Union to discuss your savings goals, contact us at 732.312.1500, email Mary.Laferriere@cunamutual.com or stop in to see us!*

4. Give yourself a student debt-free deadline. Student loan repayment plans are typically structured to take 10 years. If remaining student-indebted well into your 30s doesn’t sit well, consider giving yourself a cutoff. “A deadline can be a great strategy if it based in reality,” says Karen Carr, a financial planner at the Society of Grownups. Use a loan repayment calculator to determine how much time you can shave off by paying more than the minimum. For example, a borrower with $30,000 in debt, a 10 year loan term and a 6% interest rate could conclude payments more than a year early by paying $400 a month rather than $330 – check out First Financials Student Loan calculator. Repeat this exercise every time you get a raise, tax refund or other windfall.

5. Crack down on your credit. Got credit card debt? Build a plan to pay it down, taking the same basic steps as you would to cut down your student debt timeline. Another one of our calculators – Credit Card Payoff – can be used to determine the amount of money you would need to put toward your debt each month to reach a desired pay off date.

Don’t even have a credit card? Experts suggest asking yourself if you have self-control and, crucially, whether you’ll be able to commit to paying your balance in full every month. If not, either steer clear of credit cards or open a card with a very low credit limit. If you can control your spending urges, a card paid on time can be a good way to boost your credit score. A solid score will come in handy if you ever want to get a mortgage or refinance your student debt. Used responsibly, rewards points and cash back are also nice tools for subsidizing things you may not otherwise be able to afford.

6. Plan to be flexible. An average college graduate will hold 5.8 jobs between ages 22 and 28, according to recent data from the Bureau of Labor Statistics. In a related trend, the Census Bureau has shown that people in their 20s move homes almost twice as often as the general population. This flux is why it is best avoid decisions the will lock up your money at this point in your life. The unexpected will occur.

A friend who responded to an informal poll for this story wrote about signing a two-year lease on her first post-college apartment. She liked the idea of avoiding a rent increase (multi-year leases lock in a rate). She also saw it as a way to feel grounded in a new city. A year later she ended up paying for that decision when she got the opportunity to move closer to family and friends, but couldn’t get out of her lease or find a sub-letter who would cover the full rent.

Life’s unpredictable nature is also why, if you can’t do both, you should put away a small cash pile before saving in a traditional retirement account. IRA and 401(k) contributions are made pre-tax, so if you withdraw funds before age 59 1/2 you’ll in most cases need to pay a 10% early withdrawal penalty in addition to regular income taxes. Another option is funding a Roth IRA or Roth 401(k). With these accounts you’ll make contributions post-tax, which is more costly short term, but means in an emergency you can withdraw your original contributions (although not earnings) without tax or penalty.

7. Learn five practical skills. We pay for convenience, which is fine, but expensive. Determine which services actually improve your life. (Maybe you’ll decide a wash-and-fold service is worth an extra $25 a month, but $3 on coffee each morning is not.) Don’t allow not knowing how to do something force you to pay for services. Commit to attaining a few practical skills that can save you money in the long run. For example, learn to: cook a few basic meals, change a tire, fill out a tax return, paint your nails, sew. For more inspiration read about roommates who saved $55,000 with a buy nothing year.

8. Ask your significant other how much she/he earns. A 2015 survey of couples found that 43% of people did not know their partner’s salary. Of those 10% were off by $25,000 or more. Find out. Knowing how much your partner earns will help you set realistic expectations of what your life together should look like now and in the future. If gaps exist around basic questions like salary, couples might have other opportunities for improvement on the financial front, such as sorting through and tackling important issues together around the next big milestones in their lives. By taking time to engage in conversation and plan, your chances of creating a strong foundation and achieving your goals are greatly enhanced.

9. Negotiate.  In a recent survey, job search and review site Glassdoor found that just 41% of U.S. employees negotiated their most recent salary offer, the rest accepted the salary they were first quoted either for a raise or new jobs. Jessica Jaffe, Glassdoor spokesperson notes, “Of the small portion who did [negotiate], 59% were able to get more money. This shows negotiating can pay off.” Sites including Glassdoor compile information on average salaries by company and job title.

10. Decide if you’ll need a graduate degree. Step 1: Determine if going to graduate school will get you where you want to go by talking to recent grads, consulting people five to ten years ahead of you in their careers and researching average post-grad salaries for your field, location and school of choice.  Step 2: Figure out how you are going to pay for school. How much will you need to fund with loans? Will your employer pay your tuition if you return after graduation? What if you go to school part-time, will your company cover any credits? Do you qualify for any scholarships? How much can you save toward future costs?

If you have undergraduate debt, you can usually defer payment for the years you are in grad school, but your loans will continue to accrue interest. This means you will leave graduate school more indebted than you go in, regardless of whether you need loans to fund this next step in your education. In this case, a key calculation in the years before grad school is whether you should use extra money to pay down undergraduate loans at a faster clip or to hide it away to eventually put toward tuition. Phil DeGisi, chief marketing officer of student debt refinance startup CommonBond, says that decision should depend on interest rates. If the average rate on loans for the type of grad school you’d like to go to is higher than the rate on your student loans you should focusing on saving. If the the rate on your student loans is higher focus on paying down debt. If both rates are high, figure out if you can refinance your undergraduate debt to a lower rate.

11. Save and pay for something you really want. In the first few post-college years, most people are afraid of non-essential spending. How can you justify a new dress or a vacation if you haven’t reached your emergency fund or retirement savings goals? Start by saving every $5 bill you receive – you’ll be amazed how quickly it adds up. $100 for a great new pair of sunglasses and then with a little more effort, you can save $1,000 to go on that vacation you’ve worked so hard for. It feels great when you know you didn’t take away from your other goals, since you were using money that would have otherwise been spent, not money you were saving. Most importantly, paying for things that you truly wanted, with money you had saved for that purpose shows that you have control over your finances. As Bonneau points out, it’s “hard to regress in lifestyle,” but relatively easy to build sustainable habits now.

Be honest with yourself about the way you spend. Use a digital spending tracker or notebook to hold yourself accountable and to find places where you can cut back to focus on your priorities. Maybe that’s a vacation fund, a shoe fund, a charity fund, an education fund or an other-peoples’-weddings fund. You decide.

*Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 800-369-2862. Non-deposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.

Original article courtesy of Samantha Sharf of Forbes.

The Smartest Post-College Money Plan: Start Budgeting Now

budget deficit - recession 3d conceptIf you’ve recently graduated from college, and especially if you don’t have a job, it might seem ridiculous to turn your attention to budgeting. You’re exhausted from exams, and you have no money to budget. Why worry now, right?

It’s a fair question, but as anyone who has been there knows, this is precisely the time to avoid money mistakes. Unless you’re lucky and your parents are willing to pay your way for the time being, from free rent to food, to going out with your friends, you’re going to be spending in the near future – and spending too much can naturally lead to trouble.

For instance, many recent college graduates rely heavily on credit cards. When you don’t have a job, it’s not the best idea to pile all of your expenses on your credit card and figure you’ll pay it off once you get a job.

So if you’re an unemployed recent college graduate, here are some strategies to consider implementing to set yourself up for a bright financial future – debt free.

Get a job. It may not necessarily be your dream job, but find a job. It’s recommended that you visit temp agencies and recruiters to find an emergency job. It’s important to have some money coming in, even if the position isn’t closely related to your major or what you want to do in life.

New grads should not be so picky. It isn’t necessary that you get your dream job right out of college, you have to work your way up to get that job. Don’t worry, it’s okay to take a week or two off after graduation to recoup and relax – but generally, try not to waste too much time and start looking for a steady source of income.

Don’t stay in that hastily found job for long. Start looking for a better career move as soon as possible – you want the money coming in, not satisfaction settling in. If you’ve been at the job for more than six months, it’s time to roll up your sleeves and ask everyone you know for recommendations, or put yourself out on LinkedIn – because when it comes to job hunting, it always helps to know someone.

Live cheaply. You know what it’s like to live on a college budget, so don’t go crazy with spending your money on entertainment, clothes, travel, or going out. It’s not the best idea to spend money carelessly if you don’t land a job soon because the more you spend, the deeper you will dig yourself into debt.

It may be tough to go the frugal route and watch TV with your parents instead of going to the movies with your friends, but you should think about your new spending habits as “financial yoga – hurts now, helps later.” Even if you have a new, promising job, it’s smart to keep your expenses as low as possible – think about getting roommates.

That might be the last thing you want to hear if you had a bunch of roommates in college and you’re itching to finally live solo, but roommates will allow you to cut back on your rent and utilities in a big way. Whatever you do, keep expenses low so you can see what your budget can handle. You don’t want to get an apartment, update your wardrobe and buy a car, then realize your entry-level paycheck can’t handle the financial stress.

*Click here to view the article source by Geoff Williams of US News.