NEW YORK (MainStreet) Well, you finally did it! You are now a college graduate. Chances are you're also broke, and probably depressed not so much about the end of classes, but more about having to grow up.
No more spending allowance from your parents (if your parents actually gave you any), no more sleeping late because you're hung over from "thirsty Thursday." You probably have to move back home, and the job that you grew up wishing for doesn't seem as close to attaining as it should. Even though most of this is probably true, it's not as awful as it sounds. Going through the stages of life is inevitable, and there are definitely ways to make it easier and enjoyable.
So, the question remains: what should you be doing right now? It's time to get your life in order, starting with your finances. The key to surviving (and enjoying!) this transition is to look at the money you're making as a whole pie, and split it into pieces in order to fulfill all of your goals. Also, it's not just about saving for when you're 65! It can also be about saving to take a weekend trip with your friends without having to sacrifice eating lunch and dinner for two weeks. It's your money now, so you're going to want to pay attention for this one.
1. Yes, it's still "your" money. If you go to work every day and feel the need to save every penny and spend none, you will probably begin questioning your reasons for waking up every morning. To avoid the feeling of defeat, it's O.K. to allot a portion of your paycheck for your own leisure. What this means, basically, is to spend some of your earnings on yourself, but spend it wisely.