As college graduation approaches for millions of US students, a majority of them will seek to begin their careers in their first professional role out of school. With those new jobs comes a new source of income and financial freedom, which can be tempting to overspend out of the gate every payday.
Bank of America Retail Banking President Holly O’Neill joins Wealth! to break down the top tips for financial responsibility for recent college graduates starting their first job.
"The first thing to tackle is establishing a realistic budget. That will set the course for you, that will set the path being realistic about what your spending is. We usually talk about some benchmarks… 50% of your income should go to the must-haves: rent, food," O’Neill tells Yahoo Finance. "30% can go to those things you want and need, essentially activities, entertainment. And then the remaining 20%, you should put to savings. And you should set that budget and set those thresholds based on your personal desire so they can vary a little bit, but setting a realistic budget from the outset is incredibly important. "
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