College graduation can be a great relief. After all, the hard work of getting a degree is behind you.

Consider this: According to a survey by, 55% of new college graders say that the number one graduation gift they receive is financial aid. Many grades make a second estimate of the financial decisions they make in college. For example, id recent% Recent graduates have stated in a Fidelity Investment report that they emphasize the amount of student loan debt they receive at school.

The good news is that the best you can do after graduating from college is to start building a solid financial foundation. As you hang up your cap and robe and prepare for life after college, there are 10 pennies to cope with.

1. Review your budget

Hopefully, you got into the habit of budgeting when you were in school. According to a Harris Paul survey conducted on behalf of Ally Bank, 9 out of 10 students surveyed learned to do it as part of their college experience. Creating a budget is something.

How can you change the budget after graduation if your expenses change? For example, if you’re going to rent your own apartment instead of living at home with mom and dad, those numbers will shift. Likewise, if you are starting your first real job there may be more money towards your budget income.

Once graduation celebrations are over, check your budget to estimate how your income and expenses may change and what adjustments you need to make. For example, you might have a new budget category to add: debt repayment for student loans.

2. Plan your student loan payments

As of March 2019, Americans held 1.5 trillion in student loan debt, including about one-third of those aged 18 to 30. If you are one of them, repaying that loan should be your top financial priority after graduation.

Daniel J. Mendelssohn, CEO, and founder of BYE Student Loan Debt outlines a five-point plan to get started:

Evaluate your situation – add all loan balances and note the payment of interest and minimum monthly payment for each.

Create a Budget – Determine if your current budget allows you to make the minimum payments in your loans and still have to cover basic living expenses.

Set Goals – Set annual goals for how much student debt you owe.

Restructuring and Refinancing – Consider refinancing and refinancing your loan to get lower rates and streamline your monthly payments.

Take away – stick to your plan and monitor the progress of your debt payments regularly.

Talk to your loan service provider about payment options, as well as tolerance or payment options. It would also be appropriate to consider a federal student loan waiver if you are planning a public service career. The sooner you start managing your student loans, the faster you can repay them.

3. Open a savings account

As a freshman college ledge grade, you can start early in your career. A great reason to open a savings account for an emergency is the paycheck.

Depending on how much you save, you can set a goal of 1,000 to get started. From there, you can work your way up to three to six months of cost savings for rainy days.

4. Get a credit card if you don’t have one

Credit cards can be an easy way to make a purchase when you are short on cash. Not to mention you can get a valuable reward when you spend. If you don’t have a credit card yet. You may miss out on rewards and opportunities to build a positive credit history.

The key to opening a credit card after graduation is to use it responsibly. This means paying your bills on time every month and maintaining a low balance on your card. Only 51% of students who open a card in a college lodge. Plan to make a full payment each month. If you are eligible for a higher annual percentage rate, carrying a balance will make it more difficult to pay off credit cards.

5. Review your credit report and scores

Your credit report includes information about your credit history and usage. Your credit score is a three-digit number based on the details in your credit report. Both are important if you want to buy a car, refinance a student loan, or get a mortgage after graduation.

6. Consider using a personal loan to create credit

Part of your FICO credit score, which is the scoring model most widely used by lenders. Depends on the type of credit you are using. Having a combination of both revolving credit (i.e. credit cards) and installment debt (i.e. loan) can help you work towards a better-rounded score.

If you already have a credit card, you can also use a personal loan to improve your credit after college. As you repay the loan, the payments are reported to the credit bureau, potentially boosting your score.

7. Shop carefully for auto loans

Buying your first car may be on the post-graduation agenda, but make time for your research first. For example, start by setting your car budget and decide whether you will pay cash or borrow for a purchase.

If you need a loan, find out about your options for an auto loan. Using a merchant’s home loan, getting an auto loan from a bank, or getting a loan from a lender can make a difference in the fees, interest rates, and terms for which you will get approval.

8. Learn the basics of buying a home

Buying a home can be a few years in the future. Especially if you have to pay off a student loan. According to real estate site Gifted, 48% of grades say they delay buying a home to pay off their loan first.

However, that doesn’t mean you can’t learn it before you’re ready to buy a home.

Knowing the basics of buying a home once you are in a position to become a homeowner can help prepare you thoroughly.

9. Take advantage of economic benefits at work

Starting your own adult job is exciting – after all, you will make more money than ever before. But don’t overlook some of the financial benefits you can enjoy as you climb the career ladder.

10. Set clear financial goals

Last but not least, think about what you want to achieve in the big picture on the list of financial steps taken after graduation. For example, do you have a F.I.R.E. Want to be a part of? Achieved movement and financial independence and retired early? Or do your financial goals revolve around paying off all your student loans ahead of schedule or landing a six-figure job over the next five years?

Consider what goals you want to achieve financially, then come up with a plan to achieve each. In particular, your goals are SMART.

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