New Graduates Get Money Saving Advice, Tips From Maine CUs

July 9, 2015

Young & Free Maine continues to be a valued resource for offering timely financial advice, lessons, anecdotes and tips for 18-25 year-olds, and attract great exposure for Maine's credit unions.  In the latest example, Young & Free Maine Spokester, Mallory Lavoie, was featured on WGME CBS 13 and FOX 23's 'Saving You Money' segment, sharing knowledge and experience about the challenges new graduates face with money management. 

In the segment, Lavoie discussed the "uncertainty facing new graduates. For the first time, you're out of college and truly on yourown, learning how to make a living and support themselves. Figuring out finances is an important piece of that puzzle. First things first, start a budget.  I think budgeting really allows you to get a handful of where your money is going.  Instead of living paycheck to paycheck, you're telling it where it needs to go, instead of wondering where it went."

The willingness of Maine's credit unions to help consumers better manage their money and save more, as a result, was also part of the story.  

Some of the other tips that Lavoie offered to help new graduates:

  • While you're paying off your bills, don't forget to put money aside. Start a rainy day fund separate from a savings account;
  • Retirement may seem forever away for new grads entering the workforce, but it's never too early to prepare for it. Ideally, graduates should try to contribute to their 401K and save ten percent of their income per year;
  • Once you have a good idea of what you're spending and saving, find ways to trim. Learning how to cook and bringing lunches to work will save you from spending money on dining out. If rent is too expensive, consider living with a roommate or your parents; and
  • Consider that any income, is good income. Even if it isn't your dream job, you should find some sort of employment to make sure you receive a paycheck.

The 30-Day Challenge that Mallory began on July 1st, and other links, resources and the assistance that credit unions offer consumers were all included in the nearly three-minute segment that aired several times during morning and midday newscasts.