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If you graduated in May of 2017, you’re quickly discovering the reality of budgeting after college. If you used federal student loans, your grace period is ending shortly and you may need some extra help to figure out how to manage your money. Here’s some financial advice for college grads that’s easy to follow. Use these 11 tips to help you stay financially independent and successful.

11 Money Tips for College Graduates

Time reported that the average starting salary for U.S. college graduates was $50,556 in 2016. The number changes dramatically depending on your major. Engineers average starting salaries of $64,891 while those in education only average $34,891.

1. LIVE BELOW YOUR MEANS.

While these numbers seem large compared to any minimum wage position you may have held in the past, living independently sucks up a ton of cash. You’ll be responsible for rent, food, utilities, student loans, etc. Make sure you’re not spending more than you make.

2. START BUDGETING FOR EVERY EXPENSE.

The best way to ensure you’re not spending more than you make is to create a budget. A budget will track exactly how much money is going out versus coming in. Some of the benefits of using a budget include:

• Track your household’s monthly income and expenses
• See what areas you are over-spending in and where you can cut back to save money
• Show what expenses you are currently prioritizing and whether those priorities need to change
• Provide a guideline to how you can meet your future savings goals
• Decrease financial stress by actively working to improve your spending and savings habits
• Build in money that you can spend guilt-free each month on wants instead of just needs

If you’re searching for an easy template to use to start budgeting – we created a free one you can download. Get the budget template here.

3. PARTICIPATE IN EMPLOYER SAVINGS PLANS.

If you’re lucky enough to have a full-time job with benefits within months after graduation, take advantage of everything that offers! Many employers still provide in-house retirement savings plans. They can take a percentage of your paycheck and put it directly into a 401K for you. It gets even better if they provide a company match. This means they contribute up to a certain percentage of what you are depositing each paycheck.

For example, let’s say your paycheck is $1,000. If you contribute 6% of that paycheck to a 401k – you’ll be automatically adding $60 from each paycheck. If your company matches up to 50% of your contributions, they’ll be adding $30 to your $60 contribution – for FREE. This is free money so always take advantage of it by contributing at least the minimum company contribution amount.

4. PLAN FOR LONG-TERM GOALS.

Being an adult means you will make much larger purchases than you ever did as a college student. Your long-term goal may be to own your own home, or purchase a new car. Or it could be as simple as saving up for a vacation with your friends. Regardless of the goal, you need to start saving for it now. If you started tracking your budget, you’ll know how much money you can contribute to your savings each month. It will be easier not to dip into that savings for immediate wants if you know that they are allocated for a longer, more rewarding goal.

5. AUTOMATE YOUR OWN SAVINGS.

Some of the best financial advice for college graduates is to pay yourself first. If you wait until the end of the month to see how much money you have left over and can add to your savings, you’re doing yourself a disservice.

The best way to handle savings is to prioritize it. You can set up automatic deductions from each paycheck to go into a separate savings account. Base the number on your savings goal and budget, and pay yourself first.

6. EDUCATE YOURSELF ABOUT YOUR STUDENT LOAN REPAYMENT OPTIONS.

Your student loan grace period will be ending shortly. Make sure you know what that means. Educate yourself about what repayment options you have, what exactly you owe, and if you qualify for any forgiveness programs.

If you have any private loans, consolidation could help you save money on interest.

7. RESEARCH CHEAPER OPTIONS.

Who is your cable service provider? How about your electric company? While some markets only have one option, you may have the ability to choose between providers. Researching providers could even save you money! Some companies even give discounts for automatic payments.

Spending the time to actually research these bills may seem boring, but if you can knock $50 off your cable bill each month – it’s worth it.

8. NEVER MAKE A LATE PAYMENT.

Do what you have to do to never make a late payment. Set up reminders on your calendar. Live below your means. Set up automatic deductions. Even pay a minimum amount if you have to. Late payments can seriously hurt your credit score and make it hard to get ahead again.Nothing can set you on a downward spiral like late payments. If you miss even one payment, you could be charged a late fee, the negative information could be placed on your credit report, and if there’s interest it will start compounding the amount very quickly.

9. GET YOUR FREE CREDIT REPORT.

Speaking of credit reports, have you ever looked at yours? It will likely be pretty small if you’re a new college graduate – but it will exist. A credit report contains all of your lending history. It’s used to determine your trustworthiness with repayment and can help you in the future when you want open a credit card or make a large purchase.

Never pay for a credit report. You’re legally entitled to one free report from each of the three major credit bureaus annually. If you spread that out over the year, you can check up on your credit report every four months. Get copies for free at AnnualCreditReport.com.

Read “The Guide to Understanding your Credit Report” to understand why this report is so valuable to your financial success and how to utilize it to reach your goals.

10. START BUILDING UP YOUR CREDIT SCORE.

Start building your credit by opening new and varied types of loans, like a credit card. Pay your bills on time, and hack the credit-utilization ratio. Get more information on these insider tips here.Your credit report is used to give you a score between 300-850 to determine how safe it would be for a lender to work with you. A higher score can give you access to more loans and better interest rates – which can save you thousands of dollars.

11. CHANGE BANKS.

Have you changed financial institutions since your parents set up your first account? If you’ve been with the same bank your entire life, there could be benefits to switching to a new one. Many banks now charge monthly service fees for their basic checking accounts. And if you want to avoid the fee, you have to jump through hoops like keeping minimum balances in the account or making a certain number of automatic deposits on a monthly basis.

Research financial institutions and other checking accounts and decide if you would be better off where you’re currently at or at a new institution. It’s actually not as hard to switch as you’d think. Read our article “How to Find a Checking Account that Fits Your Needs” to figure out what factors are most important to you.

These 11 tips are great starting points for new college grads to develop smart money habits. One of our favorite tips is to create a budget. It can help you understand your spending patterns and make changes to increase your savings and live within your means. Download our FREE budget template to start utilizing this important advice. Get the template now!