Graduation will be here before you know it. Whatever’s next for you—SmartyPig, the free online piggy bank, can help you save for your goals.
We’ve put together our top tips to help you manage your money after graduation. Below you can test your financial knowledge by taking our Money Smarts Quiz and put together a realistic budget with our interactive budgeting tool. Think of it as Real World 101.
You’ve got this!
Hey Savvy Saver!
Graduation will be here before you know it. Whatever’s next for you—SmartyPig, the free online piggy bank, can help you save for your goals.
We’ve put together our top tips to help you manage your money after graduation. Below you can test your financial knowledge by taking our Money Smarts Quiz and put together a realistic budget with our interactive budgeting tool. Think of it as Real World 101.
You’ve got this!
Why is having savings important?
That’s correct!
Having savings in the bank provides financial security and the ability to cover yourself if emergencies arise and have the ability to make large purchases when necessary.
Whoops! The right answer is C: to be able to plan for emergencies and large purchases.
Having savings in the bank provides financial security and the ability to cover yourself if emergencies arise and have the ability to make large purchases when necessary
What is a 401k?
Yup! A 401k is a specific type of savings account to help you save for retirement.
Typically you can have this account through an employer, and some employers even match what you contribute yourself!
Whoops! The right answer is A: a specific savings account for retirement.
Typically you can have this account through an employer, and some employers even match what you contribute yourself!
What is a credit score?
That’s correct! A credit score is a number that represents your credit lending risk.
This number helps lenders predict how likely it is that you will pay back the money you have borrowed.
Whoops! The right answer is D: both B & C. A credit score is a number that represents your credit lending risk.
This number helps lenders predict how likely it is that you will pay back the money you have borrowed.
Why is building good credit important?
Yup! Building good credit is important as companies use this to assess how risky it is to lend you money.
The better score you have, the lower the interest rate charged to you is.
Whoops! The right answer is B: Having a good credit score can help you get a lower interest rate on credit cards or loans.
Building good credit is important as companies use this to assess how risky it is to lend you money. The better score you have, the lower the interest rate charged to you is.
How can you achieve financial security?
That’s right! You can get on the path to having financial securing by keeping in tune with your monthly expenses and budgeting to make sure you can pay for it all.
If you make sure you are keeping your monthly expenses lower than what you earn per month, you can start saving and building your wealth.
Whoops! The right answer is C: By keeping in tune with your monthly expenses and budgeting to make sure you can pay for it all.
You can get on the path to having financial security by keeping in tune with your monthly expenses and budgeting to make sure you can pay for it all. If you make sure you are keeping your monthly expenses lower than what you earn per month, you can start saving and building your wealth.
Now that you’ve tested your knowledge, you’re ready to start saving for your goals! Sign up for a SmartyPig account today.
See How your budget measures up
Maintaining a budget can help you pay off debt and save for your goals faster. Plus, it will leave you with flexibility to splurge occasionally. Everyone’s budget will be different. If you’re just starting out, try the 50/20/30 Rule, a simple way to divide your income into three categories:
Living expenses and essentials - 50%
Fifty percent sounds high, but it will go down as you earn more money.
Financial goals - 20%
Like an emergency fund, retirement savings, and paying off debt.
Flexible - 30%
Things you want but don’t absolutely need.
These percentages for living expenses and flexible spending are the most you should need. Try to get by on less and put extra money toward your financial goals.
Keep a balanced budget
A budget tracks the money you make compared to what you spend. Creating a budget will help ensure you have enough money to pay for things you need.
Add up how much you pay for these essentials each month:
| Needs | Cost |
|---|---|
| [[ costRow.needsLabel ]] | $ |
| Total | $ [[ totalCosts ]] |
| Income (allowance, earnings, gifts) | Amount |
|---|---|
| [[ incomeRow.needsLabel ]] | $ |
| Total | $ [[ totalIncome ]] |
Monthly income (after taxes)
Total monthly expenses
Money to save and spend
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