7 Smart Money Tips for New Grads
You did it—cap tossed, tassel turned, and diploma in hand! Whether you’re stepping out of high school and into your first job, or walking off a college stage and into a brand-new chapter, there’s one thing you can’t avoid: adulting.
One of the biggest parts of adulting? Learning how to manage your money.
We get it—talking about budgets, credit scores, and student loans isn’t exactly thrilling. But starting smart with your finances can set you up for a future full of choices, freedom, and peace of mind.
At Bank Plus, we’re your neighbors, your local bankers, and your biggest cheerleaders. We’ve helped hundreds of Iowa grads just like you build strong money habits from day one—and we’re here to help you too. So here it is:
7 smart (and actually useful) financial tips to help you crush this next chapter of life.
1. Build a Budget You’ll Actually Stick To
Let’s be honest—“make a budget” sounds boring. But here’s the thing:
Budgets = freedom.
They show you where your money is going and help you spend without guilt.
Here’s a simple way to start:
- List your monthly income (after taxes)
- List your fixed expenses (rent, phone bill, subscriptions)
- Estimate your variable expenses (gas, groceries, going out)
- Make room for savings
Try This: Use free budgeting apps like Mint or your Bank Plus online banking tools to track spending and stay on course.
2. Start an Emergency Fund (Yes, Even on a Tight Budget)
Life throws curveballs. Your car breaks down. You need to fly home unexpectedly.
That’s where an emergency fund comes in.
It doesn’t have to be huge right away—even $10 or $20 a paycheck adds up.
Start with a goal of $500, then work toward building 1–3 months’ worth of expenses.
Set it and forget it:
- Open a Bank Plus savings account
- Set up an automatic transfer each payday
Boom. You’re building security without thinking about it.
3. Build Credit (Before You Need It)
Your credit score isn’t just for buying a house someday—it affects your ability to rent an apartment, get a car loan, or even land some jobs.
The earlier you start building good credit, the better. Here’s how:
- Get a starter credit card or secured credit card
- Use it for small purchases (like gas or Spotify)
- Pay it off in full every month
- Never max it out
Bank Plus offers credit card options made with new grads in mind—reach out and we’ll walk you through it.
4. Don’t Let Student Loans Sneak Up on You
If you’ve got student loans, now’s the time to learn how they work.
No, you don’t have to start paying them immediately after graduation—but you will soon.
Here’s what to do now:
- Find out when your grace period ends
- Log in to studentaid.gov and take inventory of your loans
- Learn about income-driven repayment plans if needed
- Put loan payments into your budget early (even small ones)
Being proactive will help you feel in control—and save you from nasty surprises later.
5. Open the Right Accounts for You
Not all bank accounts are created equal. You want:
- No monthly fees
- Mobile check deposit
- Debit card with overdraft protection
- Easy online transfers between checking and savings
Bank Plus checking and savings accounts are made for life after graduation—simple, straightforward, and built to grow with you. And since we’re local, you’ll always talk to a real person when you need help.
6. Watch Out for Sneaky Subscriptions and “Little Leaks”
You know what eats away at your bank balance?
- Forgotten streaming services
- App store renewals
- Food delivery fees
- That third iced coffee of the day
These small costs are called spending leaks, and they add up fast.
Try this:
- Once a month, scroll through your transactions
- Cancel anything you’re not using
- Set weekly spending limits for extras
You’ll be surprised how much you can save—without cutting out the fun stuff you actually care about.
7. Find a Financial Mentor (Spoiler: That Could Be Us)
Here’s the truth: no one expects you to figure it all out on your own.
There’s a lot to learn when it comes to managing money. That’s why we’re here.
At Bank Plus, you’re not just another account number. You’re a member of our community. Our team loves sitting down with young adults to:
- Answer questions (even the “dumb” ones—we’ve all had them!)
- Set up savings plans
- Talk about credit
- Plan for the future
We’ve helped hundreds of grads build strong financial foundations—and we’d be honored to help you too.
Start Local. Think Long-Term.
Graduating is a huge accomplishment—and building smart money habits now will help you carry that momentum into every area of your life.
And the best part? You don’t have to go it alone.
Visit your nearest Bank Plus branch or explore our site at bankplusiowa.com to start your journey. We’ll be here every step of the way.