Viking Magazine - May 2013 - 28

Finance
Solutions for You + Your Family
Smart Money Advice
T
Tips for the new college grad BY CARALEE ADAMS
here are lots of fi nancial
challenges for young
people fresh out of
college. If they are lucky enough
to fi nd a job (unemployment is
8.8 percent for young college
graduates), it's likely not high
paying, and benefi ts may be slim.
When a recent grad starts out,
there is usually an apartment to
furnish, work clothes to buy and
temptations to rack up debt. In
addition, for many there are college
loans to pay off. Two-thirds
of college seniors who graduated
in 2011 had student loan debt,
with an average of $26,600,
according to the Institute for College
Access and Success.
How can a young person get
on good fi nancial footing? Experts
suggest college grads review
their situation, make a budget
and begin saving right away.
Get in the savings habit
Start by building an emergency
fund to cover six months of
living expenses, suggests Frank
Boucher, a fi nancial planner
in Reston, Va. A credit card
should not be the back-up
plan. " You want to be prepared
when things go wrong-
if you lose your job or the
engine light goes on in your
car-so you don't have to go
into debt, " he says.
Then, think about retirement
savings. If your employer offers
a 401(k), contribute right away,
increasing your contributions
as you can afford it. While the
rule-of-thumb to save 15 percent
of your income may be a good
goal, it can be daunting for some
young people, notes Boucher.
Even if they can only manage to
save a small amount with each
paycheck, the critical thing is
to get in the habit. If there is no
401(k), set up a Roth IRA with
a no load mutual fund company,
Boucher suggests.
What a college grad has on
his or her side is time, and starting
early can pay off big, says
" What a college grad has on his or her side is time,
and starting early can pay off big. "
-Len Carlson, Sons of Norway Director of Agencies

Viking Magazine - May 2013

Table of Contents for the Digital Edition of Viking Magazine - May 2013

Contents
Viking Magazine - May 2013 - Cover1
Viking Magazine - May 2013 - Cover2
Viking Magazine - May 2013 - Contents
Viking Magazine - May 2013 - 4
Viking Magazine - May 2013 - 5
Viking Magazine - May 2013 - 6
Viking Magazine - May 2013 - 7
Viking Magazine - May 2013 - 8
Viking Magazine - May 2013 - 9
Viking Magazine - May 2013 - 10
Viking Magazine - May 2013 - 11
Viking Magazine - May 2013 - 12
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Viking Magazine - May 2013 - 15
Viking Magazine - May 2013 - 16
Viking Magazine - May 2013 - 17
Viking Magazine - May 2013 - 18
Viking Magazine - May 2013 - 19
Viking Magazine - May 2013 - 20
Viking Magazine - May 2013 - 21
Viking Magazine - May 2013 - 22
Viking Magazine - May 2013 - 23
Viking Magazine - May 2013 - 24
Viking Magazine - May 2013 - 25
Viking Magazine - May 2013 - 26
Viking Magazine - May 2013 - 27
Viking Magazine - May 2013 - 28
Viking Magazine - May 2013 - 29
Viking Magazine - May 2013 - 30
Viking Magazine - May 2013 - 31
Viking Magazine - May 2013 - 32
Viking Magazine - May 2013 - 33
Viking Magazine - May 2013 - 34
Viking Magazine - May 2013 - 35
Viking Magazine - May 2013 - 36
Viking Magazine - May 2013 - 37
Viking Magazine - May 2013 - 38
Viking Magazine - May 2013 - 39
Viking Magazine - May 2013 - 40
Viking Magazine - May 2013 - 41
Viking Magazine - May 2013 - 42
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Viking Magazine - May 2013 - 44
Viking Magazine - May 2013 - 45
Viking Magazine - May 2013 - 46
Viking Magazine - May 2013 - Cover3
Viking Magazine - May 2013 - Cover4
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