Lessons for the Graduate

And so the countdown to graduation begins. For most colleges around the country it's finals week, but studying all night for an international economics exam doesn't seem to be the only thing worrying students. The economic outlook is uncertain and jobs are hard to come by.

Here are 5 tips that will help you stay ahead of the curve:

1. Save Save Save
As we've been discussing savings matter. Start putting money aside immediately - as little as it may be. You never know when this might come in handy.
Craig, a friend and a co-worker, started saving the minute he graduated college. He took the money he received as graduation gifts and immediately put it aside. He continued to do this with his paychecks. After working for 3 years at a top management firm, he has been laid off. He's providing for his family through these savings! "If I hadn't started when I did, I don't know where I would be now"

2. Read the Fine Print
While in college, we used to sign all the papers we were asked to. I never bothered to read the fine print. As a graduate, this becomes very important. You will be charge early termination fees, late fees, and other unnecessary charges if you don't read the fine print.

3. What's the Total Cost?
A $20,000 car does not mean you'll only be paying $20,000. The same goes with loan consolidation and student loan payments. Repaying your loans over 20 years could increase your total payment by $5000!! Wouldn't you rather pay more every month and save in the long run?

4. My Plastic Friend (as my professor Iraj used to say)
Iraj believed plastics, aka credit cards, are our friends - as long as we treat them properly. If you don't have a credit card, apply for one before you graduate. It's usually easier to get a card as a student than as a graduate. Do not apply for more than 2 (or 3 if necessary) credit cards. I think 2 cards are more than enough when you're first starting out - I still only have 1.

Get the bank to set a low limit, pay the bills on time, and try to pay the full amount

5. Credit Scores Are More Important Than That 4.0
Missed out on making the Dean's List every semester because of that low GPA? Not a problem. We've got a new number you need to keep a track of - your Credit Score. This score reflects how much debt you have and controls how much you can borrow. A higher credit score will provide you with more options in the future.