The next test for new graduates: Budgeting

Smart tips on setting goals, saving money and keeping track

Neil Jonatan 16 April, 2018 | 5:00PM

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."

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

To view this article, become a Morningstar Basic member.

Register For Free

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.

© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies