As your college graduation approaches, you may find yourself feeling overwhelmed with everything that you have to do and consider as you finally enter into the "real" world. One of the most important elements to consider is your financial planning. While you may think that you will just handle everything as it comes along, you should get to know some of the ways that you can better handle your money. That way, no matter what circumstances arise, you can take care of yourself in your newfound adult life.
Be Sure You Line Up Health Insurance For As Soon As School Ends
Oftentimes, college students have insurance through their parents or receive their insurance and medical care from the university that they attend. As such, as soon as graduation day arrives, you will want to have insurance lined up for yourself.
If you were on your parent's insurance plan, find out if you are eligible to remain on that plan when you are no longer a student--many plans will allow you to use your family's plan until your mid- or late twenties. Then, you will know if and when you need to find an individual insurance plan for yourself. Affordable plans are available through HealthCare.gov because of the Affordable Care Act. These plans are discounted based on your income and other qualifications for the programs. You may want to talk with a consultant, like Culbertson Financial Services, to see how you can find the lowest premiums and deductibles in your state's marketplace.
Do Not Neglect Your Retirement Planning
When you start your first full-time job, it can be easy to get overwhelmed when you look at the benefits package. This can lead you to overlook the options available to you and miss out on opportunities to begin your retirement planning and savings.
While you may think that you are too young to have to worry about retirement, the prime age to start saving is right out of college. Company retirement plans will allow you to designate a certain percent of your paycheck to go into a retirement investment account set up on your behalf by your employer. The money for that account will be automatically taken out of each paycheck.
On top of your contribution, many employers offer matching contributions (up to a certain percentage) to be put into your retirement account. This is a great benefit that you should take advantage of as it is basically free money that will serve you in your future.
Now that you know a few of the steps that you can take when you are planning your post-college finances, you can be sure to secure your financial future after graduation day.