Tips for College Grads Creating their First Real-World Budget
Published August 13, 2012
An article in Fox Business about recent college graduates and the importance of budgeting quoted Ted Sarenski, CPA/PFS, and CEO of Blue Ocean Strategic Capital. The article states that while a recent graduates’ first paycheck will likely seems like a lot of money after living frugally in college - the need to budget and pay down their debts with their newfound wealth is of the utmost importance. According to the National Association of Colleges and Employers the average starting salary for recent grads is $42,569; however, a majority of graduates have at least $28,000 in college loans according to the College Board. Mr Sarenski’s advice to the graduates is, “needs come first.” Food, clothing, and shelter must take precedent over leisure activities – otherwise young adults could spend years paying off a few months of lavish spending.