Financial Advice for College Grads in the Age of COVID-19

by Darwin on May 24, 2020

It’s normal for recent college graduates to feel uncertain or nervous about their futures. Transitioning from an academic setting into the job market can be frightening and challenging even under the best of circumstances. Doing so now –– in the midst of a global pandemic –– is difficult beyond precedent. Fortunately, we’re here to help. Today, we’re going to share some key pieces of financial and professional advice with young people who have just graduated from college. Check it out here:

Set Up Your Own Bank Account

Many college students have a bank account that they share with their parents. This is a normal and smart practice. Sharing an account with your mom or dad allows them to send you money in a jam and to monitor your financial situation. Now though, it’s a good idea to start your own account separate from your parents. This will prevent any potential squabbles over money between yourself and your parents. Note, creditors can take money out of a shared account with your parents should they default on certain debts.

Adjust Your Expectations

You’re never too young to start the process of serious career planning. However, it’s also important to recognize the reality of the current situation. Over 30 million Americans have already filed for unemployment, and that number may continue to grow in the future. Therefore, it’s key to be realistic about the kind of jobs you may be able to get, and the amount of money you’ll need to save up. For example, it may be a good idea to live with your parents for a while longer or to move in with friends to keep essential costs like rent and utilities low.

Get Your Foot in the Door

While many businesses are contracting, a number of industries are expanding at the moment. One of the best things that a college graduate can do for their career prospects is to get their foot in the door somehow, some way. Writing freelance articles for a telecommunications company might not have been your idea of a great job a few months ago, for instance, but taking it now can help you weather this storm and display to future employers your versatility and work ethic. Remember, your first job won’t be your last one –– so leverage your skills to earn cash now.

Stay Vigilant

Many creditors are offering deferred payments on debts like student loans, rent, or even car payments. However, if you can still make payments toward debts you have, you should continue to do so. Deferred payments can add up over time, and if you’re not careful with your money, you could end up in a worse situation as a result. Therefore, manage your financial resources wisely and stay on top of your debts. Your future self will thank you for it!


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