- April 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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Financial Planning for Recent Graduate
I have recently graduated and will be starting my job in September with a base salary of 83k per year. I currently have 15-16k in savings and am considering traveling before I begin my new job. I am 21 years old and looking for advice on how much I should set aside for emergency savings.
With the potential for future growth in my job, I want to ensure I am financially prepared for any unexpected expenses. I have already paid my first month’s rent and my apartment is fully furnished, so moving expenses are minimal.
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So one last hurrah before you enter the real world. Have fun. Save a rainy day fund
Are you going to need money for a security deposit, furniture etc or any other large purchases before the new job? I definitely would say go on a trip or 2, have some fun, do it cheap and bring friends. A few months off and a few grand to blow is likely an opportunity you will not have again for many years, you will not miss the money but you will regret not making the memories.
Just be reasonable about it, stay in hostels, take the train or the bus instead of the plane. You can have a hell of a trip to eastern Europe or SE Asia on a few thousand dollars
September is a bit away and traveling gets expensive, but can be done smartly on the cheap especially if hitting less-popular countries.
At 21 with that much already in savings you’re doing great. Put a bit away in some investments. I dumped some cash in the market when I was 26 and never took it out despite 3 crashes, recessions, etc. 24 years later and I can retire from my job at anytime and never work again, all thanks to the magic of compounding.
This is a rare recommendation but keep a few thousand and enjoy traveling with the rest unless you also have high potential downside for your future salary as well as upside. Once you start working, you might not have a free schedule again until you retire. This is one of the few instances where I personally think it’s okay to spend on experiences like travel rather than invest (except for the amount you’re keeping for emergencies) because you have the time and are able to take what I assume is a long flight based on the cost.
You’re doing well to have that amount saved up at that age. Do consider additional purchases you could be making before your first paycheck and add that to your emergency savings. Things like an upgraded wardrobe if you’ll need one and home goods you may want that aren’t included in your fully furnished apartment like specific kitchen appliances or electronics. You might also want to have extra funds in reserve for when you move in to fill your pantry and for consumables like paper goods and cleaning supplies which are expensive when buying everything at once.