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U.S. News and World Report: 5 Must-Know Money Tips for New Grads

Apr 21, 2016

If you have a son or daughter graduating from college this spring, or if you're the son or daughter in question reading this, it may have occurred to you that figuring out how to pay for college was the easy part. Your real financial education is about to start: that is, how to best manage the money you're going to make.

U.S. News tapped financial experts to compile these money management tips that arguably all new graduates should learn.

Create a budget. This is probably the most important advice you can take, and probably the easiest to ignore if you don't get into the habit of not just creating a budget, but following and continually updating it. After all, you might start off the year spending a certain amount of money but spending something wildly different by the end the year, after getting a new cellphone plan and joining a gym.

"Yes it's cliché, but it's imperative," says Erin Ellis, an accredited financial counselor at Philadelphia Federal Credit Union. "For many college grads, this can be the first time they're experiencing life with a disposable income. Don't let that throw you off course."

Read more here.

– Written by Geoff Williams for U.S. News and World Report

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