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If you graduated from college this spring, chances are the past few months have been full of new adventures — and a lot of adulting. And if you took out federal student loans, it’s probably starting to feel even more real now that your first payments are due.

After you finish school, you get six months before you have to start paying back your student debt. Once that transition period has lapsed (it just did if you graduated in May,) you’ll want to get started on the right foot — with both your student loans and the rest of your finances.

First off:

•  Make sure you know which company is handling your bills. (The government assigns a “loan servicer” to every borrower.)

•  Check your monthly payment amount to determine whether you're on a repayment plan you can afford. The standard repayment plan is based on the size of your balance, but you can opt for a plan based on your income instead. Use the government’s online loan simulator to compare monthly payments under different plans.

  (Note: There have been a lot of changes in repayment plans the past few years, and more are coming. The Education Department posts updates here, and SoFi is tracking it all too.)

•  Consider setting up autopay to avoid being late on payments. Paying on time — every time — will help you protect your credit score and mean one less thing to stress about as you're figuring out post-college life.

But whether you have student loans or not, the habits you build right now can set you up for years to come. These basics will lay the groundwork for a strong financial footing.

Strategies for saving and spending after college

Aim to pay your entire credit card balance every month. While there may be times when you can’t pay your full balance (life happens), making this a habit can save you a lot of money on interest.

A budget or spending tracker (we like SoFi’s) can help keep you on target, showing you exactly where you’re spending. If you're looking for a simple starting point, consider the 50/30/20 rule (50% for needs, 30% for wants, 20% for savings).

Prioritize emergency savings. Having money saved can help you avoid taking on high-interest credit card debt if something goes sideways and you have an unexpected expense or loss of income. The general rule of thumb is to have enough money saved to cover three to six months’ worth of basic living expenses, but even starting small can help. If you can only put away $20 a paycheck right now, that's a great place to start.

Let autopilot be your friend. It’s a busy time in your life, with a lot to figure out. The more you can automate, the easier things can be. Whether you set up recurring transfers to savings, automatic bill payments, or just regular alerts/reminders, the goal is peace of mind that you won’t lose track of the important stuff. (Just review your bills to make sure there aren’t any mistakes.)

Consider saving for your future sooner rather than later. The earlier you start investing in a 401(k) or IRA, the more your future self can benefit. And it’s not a linear progression. When you invest your money, you give any money you earn from it a chance to earn even more money. It’s called compound growth, and the longer you give it to work, the more powerful it can be.

A quick example: If you add $200 a month to your 401(k) for the next 40 years, you’d end up with about $525,000 if your investments earned 7% a year. (There’s no saying what you’ll earn, but 7% is the average annual return for the S&P 500 historically, adjusted for inflation.) But if you wait 10 years to start, giving yourself just 30 years to invest before you retire, the same monthly contribution and annual return would leave you with roughly $244,000 — less than half that amount.

(Bonus tip: If you have an employer that offers a 401(k) match, that’s yet another reason to start saving. It is, quite literally, free money.)

So what?

You don’t have to have it all figured out to build healthy financial habits that stick. But you do want to avoid regrets. (Virtually all Gen Xers in a recent CFP Board survey regretted something, with almost half estimating their financial missteps cost them at least $100,000.)

To lay a strong financial foundation, be responsible, be proactive, and keep it simple. And remember, if you’re young, time is on your side.

Related Reading

Why It's So Hard for Gen Z to Find a Job Right Now: 'None of Us Are Really Thriving’ (CNBC)

The One Financial Move in Your 20s That Can Make You a Millionaire Later (Investopedia)

Do Student Loans Help Build Credit? (SoFi)

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