Most graduates have not spent a whole lot of time thinking about their finances while in college. They may need to get a job, or student aid, etc. but they aren’t really thinking about the future. Too many of them will now find a crazy little thing called a FICO score is now the most important number in their life.
Many don’t know the first thing about budgeting. Others have run up credit cards paying for those things they couldn’t necessarily afford when they were in college, but figured they didn’t really have to worry about it just yet. Establishing good credit is one of the most important things grads can do for themselves, especially if they want to own a house some day.
Sit down with your graduate, preferably long before they start racking up the debt while still in college. Let them know how the credit card game works, how important their financial commitments have to be. Show them that paying on time, paying in full when possible, not racking up high balances, and most of all – saving for a rainy day are the most important things they can do for themselves. ■
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