WASHINGTON, June 1, 2022 — As the class of 2022 tosses their hats into the air and begins their careers, Finseca wants to make sure your financial security is immediately a priority. Starting your financial journey, especially if you have student loan debt, is going to require careful planning and preparation. Recent graduates should start with these four tips:
- Create a budget. You’ll need to track your spending to stay within your budget. There are many great apps you can use to manage this. Your bank might even have one connected to your account. If not, you can easily do this with a simple spreadsheet.
- Talk to a professional. One of the best ways to learn about financial security is through financial security professionals, preferably a Finseca professional. A professional can walk you through your planning and investment options to ensure you start off on the right foot.
- Start saving now. Even saving a small amount in your 20s can make a significant impact when you are older, and it’s all thanks to the magic of compound interest. Specifically, you should make an effort to immediately put 5% of your paycheck away into a retirement account – particularly if your employer offers a match. Retirement savings have a tax advantage, so the real cost to you is extremely small. Take note of all your savings options.
- Protection options. Getting life insurance while you’re young and healthy is extremely affordable. Start by thinking about your term options and talk to your financial security professional about the benefits of permanent life insurance when you’re young.
Grads, financial security is at your fingertips, but it starts by taking key steps today.
At Finseca, we know that financial security improves people’s lives and protects their livelihoods and future wellbeing. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.