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Monday, June 16, 2014

Report: Tips for college grads with debt

The Pew Research Center of Washington D.C. released a report indicating that college-educated young adults without debt have a median net worth that is seven times higher than those with college debt.
Here's the report: pewsocialtrends.org/

Dennis Fiore, General Agent at MassMutual Michigan Metro, of Farmington Hills offers these tips for recent grads to consider:

* Make a budget that includes all expenses – Expenses fall into three categories: fixed, flexible and discretionary. Sit down and review all of your monthly costs, from meals to rent payments, and identify which category they fall in. From there, you can allocate funds to each area.
* Borrow or swap – Before making a purchase, ask a friend or relative if you can borrow or swap for a similar item. This especially holds true for items you may use only once or very few times. Looking to update your wardrobe? Ask a friend to swap outfits, doubling each other’s wardrobes instantly.
* Keep living at home – Rent is a huge expense. If you’re moving away from your home town to work, it’s unavoidable. But if your first job is close to home, consider asking if you can move in with your parents for the first year or two to save on expenses. Use the money you’re able to save during that time to make larger payments toward your student loans to pay them down quicker.
* Avoid credit card debt – Post-graduation is a crucial point that will help determine your credit-score for years to come. Younger generations have close to $5,000 in credit card debt, according to a MassMutual study. To keep credit card debt in check, only use one or two cards at a time with limits that aren’t high, and pay your balance in full each month to avoid interest.
* Ask for a raise – Once you have established a solid foundation at your job, usually around the one-year mark, raise your hand and ask for a raise. Be sure to approach your supervisor prepared, both with how much more you want and why you deserve it.

For more information, visit www.massmutual.com/

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