Life is exhilarating and terrifying, all at once, when you're a newly minted college graduate. Your life is an unwritten story, and there are so many wonderful things waiting for you to experience, including a new career and often a new community to get to know. Making new friends, finding someone to create a family with, buying a home -- most recent college graduates still have all of these things awaiting them in the not-too-distant future.
And all of these things cost money.
Helping a young person you love set aside a nest egg for use upon leaving college is a wonderful way to impart hard-won financial wisdom while also showing that you care. And, if you're a college student yourself, setting savings goals to ensure that you have a cushion of funds to use after graduation can greatly ease your transition from student to working adult. You may have trouble finding a job right away. But even if you are hired before you throw your cap in the air, you'll need somewhere to live, and deposits on apartments can add up to quite a chunk of change.
Starting the savings process during a student's senior year of college is obviously ideal, but it's never too late to begin. Even if you've been out of school and on your own for a few weeks or a few years, saving is key to creating financial security.
Recommended savings goal: $20,000 per year