Quicken and Quicken.com Show You How to Get Your Finances on the Right Track
MEDIA ADVISORY--(COLLEGIATE PRESSWIRE)--Apr 16, 2002--The average college senior will graduate this May with more than just a diploma. Recent data shows that graduates will have an average of $2,748 in credit card debt and $20,000 in other loans as they enter the real world.(1)
Some of the issues plaguing graduates include: How am I going to support myself on an entry-level salary? What happens when I have to start paying off my student loans? Will I be paying off my loans until I’m 40? Can I afford my own apartment?
While your financial situation may seem overwhelming right now, there are many tools available that can help you secure your financial future and become financially independent. Follow these tips to ease your mind - and get your finances on track:
* Organize your finances all in one place. It’s hard to understand your financial picture when you rely solely on ATM receipts and bank or credit card statements for updates. Quicken 2002 and Quicken.com’s MyFinances (http://www.quicken.com/myfinances) lets you see your bank account, credit card, and investment information on one screen. No more hunting around your room to find out how much money you have or owe.
* Set up a budget. Let’s be realistic - living on an entry-level salary is bound to be tight, especially if you are used to living off an allowance from Mom and Dad. Quicken can help you set up a budget so you can afford to pay your rent, your bills, and maybe even have some money left over for fun. Quicken provides step-by-step instructions to customize a budget based on what you want to spend and save in the coming year.
* Reduce credit card debt. Nine percent of graduates have credit card debt exceeding $7,000.(1) Smart credit card management is one of the easiest ways to get your finances in order. Quicken 2002 and Quicken.com’s Debt Reduction Planner (http://www.quicken.com/shopping/debt) will help you develop an action plan to reduce your debt and help you stay on track. The planner includes an interactive calculator that helps determine how much savings you should contribute and which expenses to cut out.
* Start saving. While living paycheck to paycheck may be a reality at first, financial planners suggest that you try to put some money aside each month. Although the job market is improving, it is still precarious, so it is a good idea to save as much as possible. Experts recommend keeping at least six months’ worth of expenses on hand in case of emergencies.
(1) NellieMae Foundation, December 2000
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