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You Graduated! What’s Next–Build a Solid Financial Future

5/19/23 | Lindsie Wharff, Marketing Specialist


GraduationPreparing for the next chapter of your life can be a daunting task. Whether you've just walked across the stage as a high school graduate, or are an upcoming senior looking forward to graduation, this blog is for you! We're here to offer valuable insights, tips, and guidance as you prepare for your future endeavors. Check out these seven steps to help you get started on building a solid financial future.

Set Clear Financial Goals

Before considering saving and budgeting strategies, take some time to determine your financial goals. Do you plan to enter the workforce, attend college, or start your own business? Break down your goals and sort them into short-term or long-term ambitions. This will keep you motivated and guide you when making financial decisions.

Create a Budget

Developing a budget is a crucial step to reach financial success. Track your income and expenses. Identify essential costs, such as rent, utilities, groceries, transportation, and education-related expenses. Assign a set amount of your income for savings, emergency funds, and discretionary spending. Tools like mobile apps and spreadsheets can assist you in monitoring your finances effectively. You can also use your checking and saving account statements.

Minimize Expenses

Cut unnecessary spending, but make sure it doesn't affect your quality of life. As a high school graduate, adopting a frugal mindset can go a long way in building financial stability. Consider alternatives like cooking meals at home, using public transportation, buying second-hand textbooks, or sharing costs with roommates. Small savings can accumulate over time and make a significant difference.

Prioritize Debt Management

If you're considering college, student loans can be intimidating. While loans can be helpful, it's crucial to understand their implications on your future finances.

Research scholarships, grants, and work-study programs to minimize the need for loans. If you take on debt, ensure you understand the terms, interest rates, and repayment options. Consider making payments while in school to reduce interest accrual.

Develop a Savings Habit

Saving money early on is a critical habit that will serve you well. Start by setting aside a portion of your monthly income, no matter how small. Create an emergency fund to cover unexpected hiccups, such as medical bills or car repairs. Additionally, consider long-term goals like saving for a down payment on a house, starting a business, or investing for retirement. Explore different saving options, such as high-yield savings accounts or certificates of deposit (CDs).

Explore Part-Time Work or Internships

Engaging in part-time work or internships during high school or college can provide valuable work experience and help you earn some income. Look for opportunities that align with your career goals or academic interests. Not only will you gain practical skills, but you can also use your earnings to supplement your budget and build your savings.

Seek Financial Education

Take advantage of the various options of financial education resources available. Read books, attend workshops, or enroll in online courses to deepen your understanding of personal finance. Topics to explore include investing, credit management, tax planning, and retirement savings. The more knowledgeable you become, the better equipped you'll be to make informed financial decisions.

It's essential to prioritize your financial well-being. By setting clear goals, creating a budget, minimizing expenses, managing debt wisely, developing a savings habit, exploring work opportunities, and seeking financial education, you'll pave the way for a successful financial future. Remember, the choices you make today will lay the foundation for a lifetime of financial well-being. Best of luck in your future endeavors!


Lindsie Wharff is a Marketing Specialist at Altabank. She specializes in social media and marketing content and enjoys helping people learn more about their finances.