Jonesboro, AR — (Contributed) — May 22, 2025 — Graduation ceremonies have recently taken place for high school and college graduates, and Arvest Bank is sharing some important money management tips to help them as they go on to the next chapter in their lives.
Whether their next steps take them into the workforce or continued education, it’s important to know the basics of managing their finances. However, recent surveys highlight concerns new graduates have about managing money.
According to the 2025 Teen Financial Literacy report from EVERFI, six in 10 high school juniors and seniors surveyed said they don’t feel capable of managing their credit. A 2024 survey by Earnest, a student-centered financial planning company, showed that 97% of college graduates felt ill-equipped to budget and repay their loans, and 87% said they were delaying major life goals due to debt.
“Personal finance skills provide new graduates the framework for making smart choices, setting them on a path toward long-term financial well-being and independence,” said Erin Henderson, regional branch sales manager for Arvest Bank – Jonesboro. “If it’s a full-time career or taking on a part-time job while continuing their education, there are some simple money strategies that can help them on their path to financial independence.”
Develop a Budget and Follow It
Know where your money should go and make sure it gets there. Use a budget app or a simple spreadsheet to track your income and expenses, and break expenses into things you need to have, things you’d like to have and savings.
Save Now and Stay Consistent
Put a portion of your money each month into savings for long-term goals and unexpected expenses that could lead to long-term debt issues. For each paycheck, consider setting up your direct deposit to put a certain amount of money into your savings account and the rest into your checking account for your expenses. You’ll be less tempted to spend it if it never hits your checking account.
Understand Credit Before You Use It
Credit cards and loans can be helpful tools if used responsibly but remember that your credit score impacts everything from renting an apartment to getting an auto loan. Keep your balance low by only charging what you can pay off in full and on time each month. If you took out student loans, know how much you owe, your interest rates and payment due dates. Set reminders so you never miss a payment.
Spend Smart
Wealth isn’t about what you earn or spend—it’s about what you save. Build real financial security by spending less than you make and not upgrading to the newest phone, clothes or car as soon as you can afford it. Keep fixed costs low, automate your savings and give yourself a modest budget for fun that won’t jeopardize your goals.
Start Saving for Retirement Now
If your job offers a 401(k)-retirement plan, contribute as much as you can from your paycheck before taxes as soon as you are eligible, especially if your employer offers a matching contribution. Consider contributing to a Roth IRA in addition to a 401(k), as they each offer potential tax advantages now and in the future.
Protect Yourself with Insurance
Make sure you have health insurance, whether it’s through your employer, parents or the government-run healthcare insurance marketplace. If you rent, consider renter’s insurance to protect your belongings, and you may want to start thinking about life insurance if others depend on your income.
Don’t Stop Learning
Knowledge is power. Take advantage of free online financial literacy tools like EmpowerED from Arvest to learn how to manage your money well. There are also financial videos, podcasts and blogs available on various platforms.