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How I Started Saving After College

Authentic insight from a recent college graduate.

How I Started Saving After College

Authentic insight from a recent college graduate.


By Josh Smithey
Social Media Associate

Congratulations, new college grad! You are finally ready to enter the workforce and live on your terms. However, life after college can be financially stressful. Covering bills and other expenses is tricky, especially when starting from scratch.

So how do you start saving for life on your own?

My financial plan since graduating from the University of Iowa in 2022 has focused on developing smart habits. Initially, I fixated on saving money I otherwise would have spent. But now, when I have money that I don’t need for expenses, I’ve been trying to grow my finances organically. I am not a financial expert, but here are the steps I’ve taken to get the ball rolling:

Short-term goals

Living at home: I still pay some degree of rent, but it’s nowhere near as much as an apartment in the city. If my rent was significantly higher, my deposits into various accounts might not be possible. Sometimes I’ll get a free meal, too, which is always nice. Not being check-to-check right now has allowed me to have a longer-term outlook. 

Budgeting: I limit unnecessary spending like eating out, nights on the town, betting, etc. This strategy leaves me with enough to buy what I need while still affording the occasional concert, sports game, or mini-vacation. I also get the best bang for my buck possible for things I need to buy, like a haircut or gym membership. Looking at reviews on Google or YouTube goes a long way in that regard.

Long-term goals

Savings account: I currently put a quarter of each check into my account per month. The more I deposit, the more interest I receive, so it’s a no-brainer to me. It’s not much, but it’s what I can do given the income I have. I know finance experts always say to “make your money work for you,” so I figured I would give it a go.

Building credit: I got a credit card in my junior year of college. I don’t miss payments, and my expenses are minor; I only use it for routine purchases like gas or lunch at work. My card doesn’t have many perks, but it does the job for now since air miles for travel and other card perks are not my priority. My credit score is in the “very good” range, and given when I first got my card, I’m fairly happy with that.

401k: I opened one when I started my current job, and contribute a few hundred dollars from each check I receive. It’s a huge investment for me, but it could help me retire much earlier in my life. I want to avoid working when I’m elderly, so I try to take advantage of my company’s offerings. Just like a savings account, the interest compounds over time.

I want to start investing in stocks and bonds moving forward, but more importantly, I want to make some big lifestyle changes. My two most significant financial goals for the rest of this year are to move out of my parent’s house and buy myself a new car. Hopefully, the financial strategies I have applied since graduation will get me there soon.

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