Financial Transition Tips for Grads!
Congrats Class of 2023!!
The Financial Wellness Department would like to ensure that your financial transition into your career is as smooth as possible. Below, I’ve put together a list of action items to help you prepare financially for post-graduation. If you have any questions about the items to complete or the resources, please reach out to schedule a 1:1 meeting. I am here to help you embark on this new financial chapter and begin your career!
Establish a Budget – If you haven’t utilized a budget or other money-management techniques during school, it’s time to establish one before you start your career. We have a simple 50/30/20 budget template to get you started here.
Organize Student Loans – One of the biggest to-dos is to organize your student loans! This can sometimes feel daunting, but you can be on your way to easy repayment with just a few steps:
- Log on first to studentaid.gov and find your loan total and servicer on the right-hand side.
- Also on studentaid.gov, complete Federal Exit Counseling and email your confirmation to email@example.com.
- Create an account with your loan servicer to start repayment after your grace period.
- Decide on a repayment plan that fits your budget. Consider any forgiveness programs (like PSLF) or repayment strategies you want to work towards.
- Utilize the AAMC Education Debt Manager for information on EVERYTHING related to student loans.
Anticipate Changes – Are you moving? Need a new car? Need an entire new workwear attire? Consider upcoming changes like these (and more!) that might change your budget. If you are moving, consider test-driving your budget by creating a “mock budget” with your new living expenses and income. Use this paycheck calculator to estimate your net income to budget.
Create short-term goals – Finally, consider the above steps and create short-term financial goals to achieve them. Goals can be big, like purchasing a new car, or small like reaching out to your student loan servicer. Create a financial to-do list to help you build the financial future you want!
With a little organization and small action items, you can walk into your first day on the job confident you are able to manage your new income!
The MedLoans Organizer and Calculator from the AAMC is a fantastic tool to stay up to date on your student loans. Not only can you organize each loan you can also run repayment scenarios based on your financial situation upon graduation.
If you have questions about transitioning financially from Med School to your career you’re welcome to schedule a meeting with your Financial Wellness Counselor to discuss. Email firstname.lastname@example.org to schedule.
AAMC Financial Wellness: The AAMC has created a robust financial management dashboard specifically designed for medical students. Use this dashboard to:
- Track Financial Health
- Budget & Track Spending
- Create Financial to-do’s
- Create Financial Goals
- Organize Student Loans
- Utilize Resources & Calculators
Create a free account today! Visit the site here and choose UMKC as your school.
(RSVP through the Financial Wellness Center on RooGroups)
Happy summer! Check back in later for upcoming Fall 2023 events.