Home Payment Calculator | Got A Grade And A Job? Now Obtain A Financial Plan

If you are graduating from college and have a full-time jobrelated to your degree, you are amid the fortunate. Few arelanding jobs in this difficult environment.

Employers are employing more new college former students than lastyear, but anticipating work still isn't easy and pay waste stunted.Those entering the job marketplace in 2006 and 2007 warranted a mediansalary of $30,000, according to the John J. Heldrich Center forWorkplace Development at Rutgers University. The median income was$27,000 for the entering the workforce in 2009 and 2010, thecenter said.

No matter what your pay, handling it wisely will make adifference to your future. The key: Make certain you do not let debtbuild.

Tom Warschauer, financial highbrow and executive of the financialplanning module at San Diego State University, provides this ruleof thumb: Don't let your complete monthly debt payments, in reserve from ahome mortgage, take up more than 20 to 25 percent of what's left ofyour monthly pay after taxes.

So any tyro loans, automobile loans, credit card payments and otherdebts should complete no more than 25 percent of your take-homepay.

GET AN AFFORDABLE CAR: If you purchase a car, youdon't wish to owe allowance for it after it's as well aged to expostulate or ifyou wish a new one.

So, says Warschauer: "Don't make the inapplicable designation of merely getting amonthly payment you regard you can afford." Affordable paymentsshould be affordable over the correct period. If you outline to keep acar for 3 years, that's when the loan should end.

If you have your eye on a automobile that doesn't enable affordablepayments, be type to yourself and select a cheaper automobile so you canbuy other things you need and want. Try this calculator:www,edmunds.com/tco.html. And this bill calculator will help yousee the full picture: www.tinyurl.com/425rrmv.

DON'T OVERPAY FOR HOUSING: Your monthly lease ormortgage payment should not surpass 28 percent of your monthly pay.If housing is expensive, take on roommates, but be coherent about whopays for what. Draw up an consent before signing a lease thatstates monthly financial responsibilities and have it notarized.Also add what happens to payments if a person leaves before alease runs out.

GET HEALTH INSURANCE: College graduatessometimes regard they can obtain along without illness insurance. Butyou never know when you could be in a automobile accident, and a day inthe sanatorium can cost thousands.

If your job doesn't give illness insurance and you are youngerthan 26, you can use your parents' insurance. If parents arecovering other children, you may be enclosed in the family planat no additional charge. If insurance appears expensive, look for aninexpensive outline with a high deductible (or the amount of allowance youmust pay before insurance kicks in). Visit EHealthInsurance.com orMyInsurance Expert.com .

PAY OFF DEBTS AND SAVE: If you have privatestudent loans or credit card debt, pay them off swift by profitable morethan the minimum compulsory any month. Get absolved of any debts thatcharge fascination aloft than the 6 or 6.8 percent you owe on federalstudent loans. Also, beginning accumulating an crisis account so thatif you need something similar to new tires, you do not must be use creditcards. Try saving at least $25 a paycheck until you have threemonths of pay saved. Also, put sufficient allowance in a 401(k) at work soyou validate for any giveaway relating allowance offering by your employer.Never say "no" to giveaway money.

KNOW YOUR OPTIONS: If you are seeking for a jobin an costly area, ponder a more affordable location. Visit www.tinyurl.com/3uvcm7d/.

Gail MarksJarvis is a personal financial columnist for theChicago Tribune and writer of "Saving for Retirement Without LivingLike a Pauper or Winning the Lottery." Readers may send her emailat gmarksjarvis@tribune.com