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Just starting out? Follow this savvy financial advice

College graduates just getting started on their lives and careers frequently struggle with finances. 

Financial planner Sophia Berg recently offered these tips for staying afloat on the Daily Finance website: 

  • Focus on priorities. Your best bet is to put these goals on the front burner: Build an emergency savings fund; pay down any high-interest debt you may have accumulated, and start paying back any student loans you have. 
  • Save for retirement. Although you’re young, planning for retirement is a good idea at any age. Contribute as much as you can to your employer’s 401(k) plan, or start your own retirement fund. Even $50 or $100 a month can add up over the length of a career. 
  • Keep expenses minimal. Live as frugally as you can when you’re starting out. You may be tempted to splurge on expensive items once you start drawing a salary, but you’ll be better able to pay down your debt and get into the saving habit if you control your spending. 
  • Pick up extra work. A part-time job on the side, or a willingness to take on extra projects on an independent basis, can add to your bank balance as well as give you more contacts and increased experience.

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