Provided by IMC! Peer Mentor: Emma Futoransky
One of the most intimidating questions to be asked when you’re about to graduate is “well, what are your plans for after college?” It can seem like a daunting question when, in reality, you have no clue what you are doing after you graduate! Having to juggle school, social life, and maybe even a job is hard enough, so post-graduation planning may get pushed to the side. Here are some things to think about when you are nearing graduation:
1. Resume
One of the toughest areas for soon to be graduated students is finding a job. If you feel like you are the only one without a job lined up after college, don’t worry because you are not alone! A great place to start is by updating or creating your resume. The UWL Academic Advising Center and Career Services provides excellent resources to help with resume building. You can also schedule an online appointment where an advisor can help edit your resume. Click here to schedule your appointment!
2. Job
Now that your resume is updated, it’s time to start applying for jobs! A great place to start is Handshake. There has been an increase in nearly 30% of students who are receiving employer outreach via Handshake, so make sure to update your profiles today! Depending on the location you want to work, there are tons of location-specific websites to help you find jobs. If you are interested in the WI, MN, IL, or IA area click here for regional and local job sites. Some other resources to check out for job hunting are: indeed, Linkedin, and glassdoor.
3. Cost of living
Now that you have a job, it’s important to consider the cost of living in the area. A salary of $40,000 can look a lot different if you are living in La Crosse vs if you’re living in Chicago. There are tons of cost of living calculators available that can help you compare the costs. For example, you would need to earn $47,584 in Chicago, IL to have the same standard of living that $40,000 would provide in La Crosse, WI. The main cost difference is housing. Chicago has a 43% higher housing cost than La Crosse. It is important to understand the difference in costs in order to budget accordingly.
4. Budgeting
Now that you have a job you will probably be making the most money you have ever made before. First of all, congrats! However, it’s important to be smart with your money and stick to a budget. Here is a rough idea of where your money should be going now that you are graduated.
25% of your monthly income should be going to rent
This includes rent, parking, electric, water, laundry, renter’s insurance, internet, etc.
Student loan repayments
This is usually dependent on how much you have taken out in loans and how fast you plan on paying them back.
Consider setting up auto payments so you never miss a payment!
15% of your monthly income should be going to transportation
12% of your monthly income should be going to food
10% - 15% of your monthly income should be going to savings
A budget is a tracker for every dollar you make and spend, and it is the ultimate finance tool to help you achieve your goals. Check out the It Make$ Cents! website to find additional budgeting resources.
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