Financing Your Real World: Cap Off, Green On!

If you've just graduated or soon will, one aspect of the "real world" involves finances. Money is on the minds of every grads, whether it's finding the means to earn it or looking at the amount of money your education cost--and figuring out how to pay it off.

Here are some tips for new grads:

Make your first student loan payment. You don't want to start off on the wrong foot with your lender. So make sure you get the paperwork and know the deadline for your first payment. If your lender offers a six-month grace period, don't forget about the payment deadline--six months will fly by.

Start saving. Even if it's $5 a week, put it away. Open a savings account or put your money into a CD. The act of saving, even if the amount is minute, is a good habit to get into.

Begin budgeting. Some people are great at tracking every expense, down to their morning cuppa Joe. If you're not as detail oriented, try a bare bones budget. List all your monthly expenses with guesstimates of how much each will cost you. Compare it to what you earn monthly. Now add in money for food, gas and any other frequent expenses you may have (don't forget things like your cell phone, health insurance or credit card debt) to see what you have left over. Now subtract how much you want to put toward saving each month. Start with a small amount so you have extra cash for things that may pop up.

Sell off the books. While the editions you have are still in use, see if you can sell any of those books you've accumulated over the years. Some extra spending cash will be heaven-sent in the next few months.

Spend your graduation money wisely. You may have a little added income coming your way in the form of extra Jacksons from that aunt you never speak to. Instead of spending the money frivolously, put it into savings. Even if you don't save it for long, it may be able to help out with things you may need in the new few months, such as a new interview suit or rent (even if it goes to your rents)!