Nine Steps to Financial Success for New Grads
The financial decisions you make immediately after college graduation will have a big impact on your future. Here are nine steps to take to make sure you're headed in the right direction.
- Match cash income and outflow. List all debts and expected expenses and then make a budget. Get into the habit of saving money regularly; using direct deposit and payroll deduction at Brokaw Credit Union can put savings on autopilot.
- Start paying off student loans. Figure out how much you owe and how much you can afford to pay each month. The College Board recommends payments not exceed 10% to 15% of gross monthly income. Pay loans on time and if you know you’re going to be late on a payment, contact your lender immediately before the due date.
- Manage credit card debt. (Compare your rate against BCU's variable rate Visa Platinum of 8.90% APR; consider transferring your balance to a BCU card to reduce interest payments.) Be sure to pay off outstanding debt and make subsequent payments on time. Don’t charge more than you can pay off monthly. That way, you can build a good track record to qualify for the best mortgage rates by the time you're ready to make a down payment on a house or condo.
- Develop a spending plan. Track all expenses. Set up automatics transfers from checking to savings at Brokaw Credit Union.
- Decide where to live. Housing likely will be your biggest expense so make sure you can afford the monthly payments. Consider finding a roommate.
- Decide if a different car is feasible. Make sure you can afford the payments as well as the high-priced car insurance as a single in your 20s.
- Start saving for retirement. Invest in your company's 401(k) retirement plan as soon as possible. The employer's matching contribution is like getting free money. Also consider setting up a Roth Individual Retirement Account at BCU.
- Don't stop educating yourself. Subscribe to local or national newspapers and magazines and stay informed.
- Set goals. Make a list of goals you want to reach within the first six months after graduating. Measure achievements along the way, and change goals as your career advances.
- And remember, all of us at Brokaw Credit Union are ready to provide the services and support you need as you get started and move through life. Stop by or call today at 715-359-7012 or 715-675-2319.
Scholarship Award Announced!
The committee met. Discussion ensued. A winner was chosen! And now BCU is excited to announce its scholarship recipient for 2015! Congratulations to Katelyn Schmoll, spring graduate of D.C. Everest High School. Katelyn plans to attend North Dakota State University in the fall, studying Food Science – with a desire to create/invent food, especially those that are healthy AND taste good! Her references described her as “intelligent, personable, reliable, continually growing, mature.” She has completed many advance courses while maintaining a 3.76 grade point average, yet participates in various sports, and scholastic and community-based groups. Her essay recognizes she has to “save first” for an easier and more financially stable future. She credits her parents for good money management influence. We are proud to count Katelyn as a BCU member, and believe our investment in her future will pay off in years to come!
Congratulations first time Homebuyers Brian and Jessica!
“As first time homebuyers, the process of buying a house can be quite intimidating and full of unknowns. Cheryl Konkol at Brokaw Credit Union expertly guided us through the process with her extensive knowledge and great approachability. She was always quick to respond to our questions and explained these foreign concepts to us in a way we could understand. We actually found ourselves educating our friends who were going through the same process but were not getting the education we received from Cheryl. We would highly recommend Cheryl and Brokaw Credit Union when looking to buy a house as we feel we became informed buyers, and had an otherwise stressful experience made into a smooth journey!”
- Jessica and Brian
Financial Tools for the Graduate
Visit our “dorm room” at the Weston office and learn how BCU can provide the tools your graduate needs to prepare for his or her future!
- FREE Checking/Debit Card
- FREE Mobile App
- Low rate credit card
- Affordable rates for new wheels
300 Everest Ave
PO Box 151
Brokaw, WI 54417
M, T, Th 9:00-4:00
Closed Wed and Sat
M, T, Th 8:30-4:30
Closed Wed and Sat
2006 Schofield Ave
PO Box 199
Weston, WI 54476
8:30 am to 4:30 pm
8:30 am to 5:30 pm
7:30 am to 5:00 pm
Tues, Wed, Thurs
8:30 am to 5:00 pm
7:30 am to 5:30 pm
9:00 am to 12:00 noon