Graduated—Now What? Essential Money Tips for New Grads

Graduation is an exciting milestone—one that opens the door to new opportunities, whether that’s starting your first full-time job, continuing your education, or taking time to explore what’s next. But no matter where life takes you, there’s one area that every new grad needs to get serious about: your finances.

Navigating your financial future may feel overwhelming, but it doesn’t have to be. With the right guidance and tools, you can build a strong financial foundation that will support your goals for years to come. At First South, we’re here to help with advice and resources for every step of the journey.

1. Understand and Manage Your Student Loans

If you used student loans to help fund your education, the first step in your post-graduation financial plan is understanding your repayment obligations.

Know What You Owe

Start by logging into your Federal Student Aid account at studentaid.gov to review your loan amounts, interest rates, and loan servicer details. If you also have private student loans, you’ll need to check your account through your loan provider.

Understand Your Grace Period

Most federal loans offer a 6-month grace period after graduation before repayment begins. Use this time to:

• Organize your loan details
• Set up a repayment plan
• Build a budget that includes estimated loan payments

Explore Repayment Options

You don’t have to stick with the standard 10-year repayment plan. Based on your income and goals, you may qualify for:

• Income-Driven Repayment Plans
• Graduated Repayment Plans
• Extended Repayment Plans

Credit Union Tip:

We offer free financial counseling to help you explore student loan repayment options. If you’re looking to simplify your payments or reduce your interest rate, we also provide student loan refinancing solutions.

2. Build Your Credit Responsibly

Your credit score plays a key role in your financial life—from renting an apartment to buying a car or even getting your first job. Building credit now sets you up for success down the road.

Start with a Credit Card

A great way to begin building credit is to open a secured credit card or a starter credit card with low limits and no annual fees. Use it for small purchases and pay the full balance every month.

Practice Good Habits

• Always pay bills on time
• Keep credit utilization below 30%
• Avoid opening multiple accounts at once

Credit Union Tip:

We offer a low-interest student credit card and free credit score monitoring to help you stay on top of your credit health.

3. Open Your First Checking and Savings Accounts

If you haven’t already, opening your own checking and savings account is an essential step toward financial independence.

Choose the Right Account

Look for a checking account with:

• No monthly maintenance fees
• Free online and mobile banking
• Access to a large ATM network
• Optional overdraft protection

Pair it with a savings account to begin setting money aside for short-term goals and emergencies.

Automate Your Finances

• Set up direct deposit with your employer
• Use automatic transfers to grow your savings consistently
• Enable alerts for low balances and transactions

Credit Union Tip:

Our student-friendly checking and savings accounts are designed to help you manage money with ease, and our round-up savings tool helps you save a little every time you spend.

4. Create and Stick to a Budget

Budgeting is one of the most powerful financial skills you can develop. It gives you control over your money and helps you make informed decisions.

Start with the 50/30/20 Rule:

• 50% of your income for needs (rent, groceries, utilities)
• 30% for wants (eating out, hobbies)
• 20% for savings and debt repayment

Track Your Spending

Use budgeting apps, spreadsheets, or online banking tools to categorize and monitor your spending habits.

Adjust as Needed

Your income and expenses may change as you transition from school to work. Revisit your budget regularly to make sure it still works for your goals.

Credit Union Tip:

Download our free budgeting worksheet or schedule a session with one of our certified financial counselors for personalized guidance.

5. Start Saving for the Future—Even in Small Amounts

As a new grad, it may feel like saving money is out of reach—but even small, consistent contributions add up over time.

Build an Emergency Fund

Aim to save 3–6 months’ worth of living expenses. Start small—$500 to $1,000 is a great first goal.

Set Goals

Whether you’re saving for a car, travel, or grad school, give each goal a timeline and monthly savings target.

Credit Union Tip:

We offer a range of goal-based savings tools, including our Build-It CD and Christmas Club accounts, designed to help you save steadily with added rewards.

Final Thoughts

Graduation is just the beginning—and building healthy financial habits now can lead to lifelong confidence and stability. At First South, we’re more than just your bank. We’re your partner in every major milestone, from your first paycheck to your first home.

Explore our full suite of student-friendly products, download our financial toolkit for new grads, or stop by a branch to talk with one of our friendly team members. We’re here to help you take the next step—financially prepared and ready for what’s next.

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