Finishing college is one of the greatest accomplishments in any young person’s life and a sure way for people to put themselves on a fast track to a better financial future. The number that’s usually thrown around is that college graduates earn $1 million more than high school graduates over their lifetime. Even if you factor in the debt that college students are more likely to have – college doesn’t pay for itself – it’s still a huge difference.

Straight after college, young people find themselves in a world where salaries, expenses, and debt play a vital role in their ability to thrive further in life. All the more reason to figure out post-college finances as soon as possible and start working towards their bigger goals in life.

Finding a Source of Income

First things first – to even start talking about finances, you’ll need to have a source of income. Usually, this means having some kind of job. It doesn’t have to be your dream job, but it will have to be enough to cover some of the basic expenses, which is a thing we’ll address in a second.

Right now, it’s important to understand that, as far as income goes, you’re not limited to having only one stream of it. Having multiple lower-paying jobs, even if it’s not the best situation to be in, is the textbook example of having several sources of income that work instead of a single source that will satisfy your needs.

Again, this isn’t an ideal kind of situation and you probably shouldn’t be working actively towards landing as many low-paying jobs as possible. But, for the time being, it might be a better strategy than, for example, giving up on investing in your retirement early on. At the very least, consider your options once you figure out your expenses.

Managing Your Student Loan

This is going to be a very big item on your list of expenses. Student loans are the often-necessary evil of higher education, and while you might run for office one day in a bid to change that, for now, you have to work within the system the best way you can.

You should have all the information about your student loan at your fingertips. You should know the repayment term, the grace period, the interest rate, and the type of loan you have. Once you have all that information and you’ve spent some time working and being a good citizen who pays all their dues on time, you can consider refinancing the loan.

The marketplace over at Big Law Investor might put you into contact with some people that might help. Remember, however, that you should only refinance if you’re sure it improves your situation. It is possible to get yourself into trouble with refinancing.

Plan for Your Expenses

You will also have to live somewhere, right? Probably grab a meal or two every day, make sure you’re clothed and safe and can get from point A to point B. These are all the living expenses you should calculate and figure out whether you can afford them, and how many more jobs you’ll need until you do.

While you’re at it, you should add emergency savings to the list, because it always pays off to have emergency savings. And it at all possible, start making retirement payments from the very first paycheck you get. Your future self will be very thankful if you do.