5 Best Money Decisions I Made as a Recent Grad

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As soon as I graduated college and started my first job, I opened one credit card. At the time, my decision was mostly to get points on my purchases, but it ended up being one of the most beneficial financial decisions I made.

One of the most important factors in your credit score is the length of your credit history. I now have almost 10 years of credit history to help me apply for mortgages and get lower interest rates, which could save me tens of thousands of dollars in a lifetime.

If you are organized and can keep track of multiple accounts, what the reward rates are, and remember to pay them off each month — great! I’ve heard of people writing on the cards what categories to use them on with the highest cashback return. I keep track of all of that information in my head and use whatever card will give me the most in rewards.

However, not everyone is that organized. If you fall into that category, open one credit card, set up automatic payments, make one small purchase every month, and pay it off to build your credit history.

When I started in the workforce, I didn’t understand investing or how much I needed to save for retirement (Spoiler: No one really knows how much they will need for retirement.)

I did understand that my employer offered a 401k match and that you should contribute at least as much as the match. It’s free money.

Those few years that I saved for retirement but didn’t quite understand what I was doing added $50,000 to my retirement portfolio. With 30 more years to grow, that’s a substantial addition to my retirement income.