The next test for new graduates: Budgeting

Smart tips on setting goals, saving money and keeping track

Neil Jonatan 16 April, 2018 | 5:00PM
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As new graduates enter the work force this spring, some will be ill prepared to manage their finances. Many of them will spend and not save as they experience the thrill of their first post-student earnings. Learning to budget is a crucial skill that university and college graduates need to achieve independence.

Financial planning does not need to be stressful, labour-intensive or scary. It can be as simple as goal-setting. Those who budget will reach more of their financial goals faster.

One of the easiest ways to motivate people to budget is to have a specific goal, says Kevin Cork, a Certified Financial Planner (CFP) professional in Calgary with the Absolute Group. "Financial planners (usually) focus on the three big ones, which are paying off your mortgage, retiring and saving for a kid's education." However, these are not usually concerns for recent graduates, Cork adds. "What we talk to them about instead are things like a trip to Mexico."

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About Author

Neil Jonatan

Neil Jonatan  Neil Jonatan is a Toronto-based financial writer specializing in student finance, currently enrolled in the Journalism program at Ryerson University.

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