LANSING Mich. (WLNS) – As the class of 2021 walks across the stage (or Zooms) to receive their diploma, many are worrying about handling their financial future. Local Money Expert Stephen Schiestel has some tips that all graduates should know before their first paycheck.
The first tip is to have a plan, said Schiestel.
“Do you need to save for a car? Do you need to save for an upgrade to a vehicle, maybe a repair to a vehicle, save money for college, or for books and resources that are gonna be needed to go on to school, maybe even save money for an apartment. Whatever the situation is to make sure that there is a nice clean, crisp set, a plan, whether it’s for a single purpose or maybe multiple purposes”
College graduates should also have a checking account by now, said Schiestel. If you don’t have one, go look for a cheap or low-cost account to set up, preferably one with bill paying website.
It’s important to know how to use a regular check, too. Even if the vast majority of transactions are digital now, there will come a time where you need to use a paper check.
“And the third thing was to just get a credit card and to learn how to use it wisely. Once again, the key with a card is not all the perks and the bells and whistles, but to find a card that is no cost, no annual fee that’s associated with it. And then to ensure that our young people know that. To use the card wisely means that as we use it to help aid our purchasing during the month that we always pay that balance off at the end of the month,” said Schiestel.