Recent Grads Waste Money

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RECENTThis year 2.8 million students will complete college; on top of that
another 1 million will finish graduate school. That means nearly 5
million people are or will soon be newly on their own and in many cases
managing their finances for the first time ever.

?Many undergrads
are used to having the basics covered. Your residence hall is your
shelter. You have a meal plan you can always fall back on,? points out
Karen Carr, a 20-something financial planner at the Society of Grownups,
a Boston meeting space where young people are encouraged to learn
about, talk about and take control of their money. ?Their spending
revolves around the fun stuff ? eating out, going out with friends,
shopping. They are used to not having to pay too much attention to what
they spend because they aren?t running the risk of coming up short on
the rent payment. This is a big change in post grad life.?

After
the excitement of graduation wears off having bills to pay, a 401(k) to
fund and likely a sizable student loan balance to contend with can be
daunting. Add everyday spending blunders and soon the paycheck you were
so excited to finally claim can feel pathetically small.

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