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College Grads: 3 Ways You Can Better Budget Your Paycheck

June is the the time of year that newly-minted graduates are headed off into a world of resumes, interviews and call-backs, all of which will hopefully lead to a jobĀ  and that much-needed paycheck. While most young adults don’t like to be told how to spend their money, planning for your first month’s income isn’t an easy task.

Instead of learning the hard way, I urge college grads to put some thought into their budgets before they even receive their first paycheck. Take the guess work out of your personal finances, and read these tips on how to properly spend and save your money.

Plan for taxes: Depending on which state you live in and your household situation, taxes can take a huge chunk out of your paycheck. To better estimate that amount, use a free paycheck calculator online. Also, start thinking of withholding as a means of saving. More withholding means a larger refund, which could be used to pay off student loans faster, or it could go towards a down payment on a car.

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