Don’t rest on your laurels yet

Infographic: New grads need to watch out for these financial pitfalls.

 

parents recent grads - Don’t rest on your laurels yet

©2019


Infographic: “Gray charges” may be lurking on your credit card bill

Parents, don't rest on your laurels yet With diploma in hand, your child is soon to be financially independent. But that doesn't mean your parental duties are done. Caution your new grad about such perils as: Spending sinkholes. Pizza delivery, Uber rides and Friday night happy hours add up fast and can quickly deplete a checking account. Make a budget and stick to it. Debt drawbacks. Good credit is essential to buying a car or home. So keep current student loan payments and use credit responsibility. Retirement shortcomings. Time's on your side - but only if you start saving now. If at all possible, contribute to your 401(k) the maximum percentage your employer matches. Insurance lapses. Medical bills can bankrupt the uninsured. Even if your job doesn't offer health care coverage, you may be able to stay on your parents' plan until age 26. Contact us for additional advice.
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