The "real world" can be a rude awakening for new college graduates who aren't accustomed to managing their personal finances and making financial decisions for themselves.
That's why it's important for parents and young people alike to pay a little extra attention to bank accounts, credit cards, budgets and so on during this transitional period.
With that in mind, here are 12 tips from Terry Jorde, a senior executive at the Independent Community Bankers of America, a trade group in Washington, D.C.
1. Outline your short-term and long-term financial goals.
2. Prepare a monthly budget that will work for you.
3. Open your own individual bank account that's not cosigned by a parent or guardian.
4. Set up online banking so you can manage your finances if you're away from home.
5. Review your bank, credit card and loan statements at least once a month, so you can catch any errors.
6. If you move, notify your bank, card and loan issuers as soon as possible.
7. If you need to close an account, confirm that the account and appropriate lines of credit have been closed by verifying it with the bank.
8. Stay current on your student loans, don't miss deadlines and consolidate your loans, if appropriate.
9. Ask about student loan repayment benefits when you apply for jobs.
10. Educate yourself about how to build credit, save for retirement and manage other money matters.
11. Set up a savings plan that automatically sets aside money from your paychecks.
12. Start saving for retirement now.
"This stage of a grad's life is all about empowerment -- and financial matters are no different," Jorde said. "We congratulate this year's college grads and wish them a prosperous financial future."
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