Graduating College

​​​​​​Once you’re out on your own, one of the best things you can do for yourself is to put some processes in place that set yourself up for success. Whether it’s creating a budget, setting up automatic payments, or consolidating your student loans, anything you can do to make your finances easier to manage will go a long way toward building good money management habits. Here are some things to consider: 

• Set up direct deposits for your paycheck — and if you can, consider diverting a portion of each paycheck automatically into a savings account. This is a great way to save without having to think about it, and since the savings deposits are made automatically when you get paid, you’ll never even notice the portion that’s missing.
• Create a detailed budget that accounts for your monthly (and even yearly) expenses, like rent, utilities, insurance, car payments, etc.; any savings goals you have; and how much money you bring in each month. Determining your monthly costs and income will help you establish how much money you have left over to spend on nice-to-haves like entertainment or shopping.
• If you’re starting a new full-time job, be sure to take full advantage of any benefits your employer offers, like health insurance, retirement plans, and matching programs.
• Look into consolidating your student loans. Doing so could help you lock in a low interest rate and give you a single predictable payment each month for a specific term. 

Whether you’re taking a gap year to travel or moving to another state to start a new adventure, we have you covered. With UBTgo, keeping control of your finances is a breeze, no matter where the breeze takes you. Just download the UBTgo app, and you’ll be able to:

• Deposit checks on the go
• Pay bills online
• Pay a friend or family member with Zelle®
• Transfer money between accounts, even external ones
• Set up e-Alerts
• Sign up for paperless statements
• Use mobile wallets like Apple Pay®
• Update your contact information
• Check your balance
• And much more

Don’t have an account with UBT yet? Now is a great time to open one. With plenty of special offers to choose from, we’re sure to have an account that fits where you are in life — complete with a reward or two. Click here to learn more.

As we mentioned in our previous tip, creating a budget is crucial to staying on top of your finances. We can’t stress it enough: Budgeting knowledge is financial power. Getting a handle on your income and spending now will pay dividends in the future. But that's not the only step you can take to get yourself on track for the financial future you want. Now might also be a great time to start working on building your credit! Consider opening a credit card with a low spending limit, then using it to make a few purchases each month that you can pay off in full. Doing so will help you start creating a history of on-time payments, a low debt-to-income ratio, and responsible use of credit. 

Whether it’s time for a grown-up set of wheels or you’re looking to buy your first home, we want to be there to help. Our lending teams can help you find the right loan for your needs and walk you through the buying process. Plus, we’ve got plenty of resources for you to review as you start considering your options: 

• Check out our first-time home buyers guide
• Get answers and guidance from one of our many helpful experts

In addition to contributing to your employer’s retirement plan (we recommend the max amount that’s being matched!), there are lots of steps you can take now to improve your financial outlook for tomorrow. For starters, it’s smart to build up an emergency fund that’s equal to 3-6 months’ worth of necessary expenses (rent, utilities, phone bill, car payments, etc.). It’s good to have this emergency fund on hand in case you’re in an accident or unexpectedly lose your job. Once that money is built up, you can start thinking about other savings goals — a down payment for a home of your own, perhaps, or a special trip — and planning accordingly.

You might also consider dipping your toe in investing.* There are plenty of online tools you can use, or you can meet with one of our investing experts to discuss your options. Check out our Learning Center resources for more tips.

No matter where your life takes you or how you choose to manage your finances, UBT is here to help, and we’re always just a phone call away. We wish you all the best on your new adventures and look forward to coming along for the ride.