Financial advice for 2022 graduates

TALEDA, Ohio – The graduation season has come, which can be financially difficult for students in both high school and college.

But don’t worry yet; financial experts like Victoria Yurkovich from Ohio Financial Institutions Divisionsay there are a few simple steps graduates can take to prepare for the real world.

First, high school students who are now heading to college should have checking accounts as they give them safe money storage options.

In addition, parents of high school graduates should have a general conversation about budgeting.

Sure, most college students don’t make a lot of money, but knowing how much they can spend from week to week depending on their situation is important to start practicing.

There are even programs that can help them start budgeting, such as Mint and Slice.

“You just want to think about it again; debt, credit card … think strategically about your debt, ”Yurkovich said.

If you’re just graduating from high school and taking loans, make sure you know what type of loans you’re taking, and ask the right questions to know exactly what you’re taking.

“You really want to see,‘ What type of loan am I taking? Is it a public loan or do I have to take a private loan? ‘ Looking at the question, “Is interest accrued while I’m in school, or will it start accruing after I graduate?” And really looking at this interest rate and making good calculations, ”Yurkovich said.

For college graduates who are now facing repayment of these loans, Yurkovich recommends sticking to a realistic payment that doesn’t add too much to your balance.

“The longer you pay on loans, the more interest you will have to pay. So, you are going to pay mostly what you knew you would pay at school, then 5% – 7% more, ”Yurkovich said.