 CONGRATULATIONS CLASS OF 2019As you prepare to graduate and embark on your professional career,
your friends at Watertown Savings Bank want to share some helpful
tips to help you plant the seeds for a sound financial future.
Some Helpful Tips For The ScholarStart a budget. Put your smartphone to good use and learn about our online services available at the bank to help you manage your finances and track your spending remotely. |
Pay off student loans. It may be tempting to make the minimum monthly payments, but a more aggressive repayment plan can save you thousands in the long run. Some companies will help you pay off your student debt; make sure to ask about this when negotiating your new job.
Plan for retirement. Automate your savings so that a portion of each paycheck goes directly into a savings account. Take advantage of your employers’ 401(k) plan (and any matching contributions) if offered. If you don’t see it, chances are you won’t miss it so much.
Spend responsibly. Shopping and weekend getaways are a great way to recharge from the work week but can quickly eat away at your budget. Research the products you’d like to buy, along with restaurants and excursions in your price range and plan accordingly so these purchases and activities don’t become a financial hardship.
Establish an emergency fund to cover life’s unexpected events and give you greater peace of mind. Start by putting away $1,000 (the daily cost of a tall latte in a year) then contribute spare change or a little from each paycheck until you have between three to six months of net pay. |