Graduated and On Your Own? Now What?

   Fall is here and school is back in session but for many graduates, it’s out for good. If you’re a recent high school or college graduate, this might be the first time you’re on your own. Living away from home and paying for your own housing, food and other necessities can be a tough adjustment. But being on your own for the first time is a new and exciting experience and it offers a perfect opportunity to set yourself up for success.

   Make sure you have the right bank account for you. A lot may have changed since you opened your account, so consider changing your account to find the best one for your needs. If you are still sharing a bank account with your parents, consider opening your own. Opening an account can be simple and it’s possible to do so online or over the phone -- but you’ll need a minimum deposit amount and documentation like your Social Security Number. For helpful tips, see the Consumer Financial Protection Bureau's (CFPB) guide on opening a checking account.

   Live within your means. As you begin your career it’s essential to have reliable income and use it responsibly. A good budgeting guideline to start with is the 50/20/30 rule. Allot 50 percent of your income to necessary costs like housing, 20 percent to financial goals like repaying student loans and 30 percent to spending money. Remember that this is a rule of thu ...

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