3 answers
Marcus
Student
Kalamazoo, Michigan
2
Questions
Asked
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What's the best financial advice you could give for someone who is about to enter grad school to become a civil engineer #Spring25?
What should be avoided in the long run, and watch out for in the short term? I have student loans but want to be financially stable within the next couple years after grad school.
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3 answers
Lara Ferguson
Financial Planner
1
Answer
Charlotte, North Carolina
Updated
Lara’s Answer
Creating a realistic budget and consistently living within that budget is indeed an important step in preparing for successfully meeting long-term financial goals. Other essential steps include building a solid savings habit. This should include building an emergency cash fund of at least 6 months expenses, contributing to an employer retirement plan at least at the level of a match if available and increasing that contribution up to 1% each year, and regularly placing excess cash flows into investment account when possible.
The most important thing is to begin with small achievable goals and grow them as income and ability increase. Working with a financial planner early in the process can help guide and provide the ability to meet financial goals.
The most important thing is to begin with small achievable goals and grow them as income and ability increase. Working with a financial planner early in the process can help guide and provide the ability to meet financial goals.
Eric Miles
Social Media Advertising
3
Answers
Plano, Texas
Updated
Eric’s Answer
Howdy Marcus,
Best advice I ever got was to make a monthly budget and stick to it. Be honest with yourself with how much you spend because we all know how much we think we spend vs. how much we actually spend can be very different. Know how much you have coming and in and going out, and if we are going to be doing anything with the leftover.
Everyone has a different method but once a month, at the beginning of the month, I will sit down and pull all the numbers from my paycheck and then start subtracting out my credit card payments, rent, utilities, etc. and input them into an excel spreadsheet. That way I can see where I am spending my money for the month and make decisions based on that.
The other thing that is important is to make sure you are setting aside saving (put it in a HYSA), even if it is just $20 a month. That money will slowly start to build over time and you will have a slush for emergencies, or vacation, or bigger purchases without having to hit the normal money you have coming in and out.
Good luck with grad school!
Best advice I ever got was to make a monthly budget and stick to it. Be honest with yourself with how much you spend because we all know how much we think we spend vs. how much we actually spend can be very different. Know how much you have coming and in and going out, and if we are going to be doing anything with the leftover.
Everyone has a different method but once a month, at the beginning of the month, I will sit down and pull all the numbers from my paycheck and then start subtracting out my credit card payments, rent, utilities, etc. and input them into an excel spreadsheet. That way I can see where I am spending my money for the month and make decisions based on that.
The other thing that is important is to make sure you are setting aside saving (put it in a HYSA), even if it is just $20 a month. That money will slowly start to build over time and you will have a slush for emergencies, or vacation, or bigger purchases without having to hit the normal money you have coming in and out.
Good luck with grad school!
Kelly C
Finance
6
Answers
Dallas, Texas
Updated
Kelly’s Answer
Create a budget and follow it! Keep track of how much money you earn and spend every month. Consider investing in options like a 401K or Roth IRA. Stay alert to avoid spending more as your income grows. You can do it!