Life After College: Embrace the Change, the Best is Yet to Come
The transition from college life to life as a full-time employee is quite a significant shift. Many changes come during this time, which can be challenging, but remember - this is an exciting time. The more you can prepare for and embrace the changes that are to come, the more likely you are to enjoy the journey!
We will be touching upon tips for topics like finances, friends, and work/funemployment life.
Finances
New or expanded expenses after college include:
Health insurance
Cell phone payments
Rent/mortgage + utilities + internet
Gas
Your new salary/income:
Take your annual salary/income and multiply it by 0.7 - this is approximately what you will actually receive after paying for taxes and other items outside of your control
Use a paycheck calculator to calculate your take-home pay per paycheck for both salary and hourly jobs after taking into account federal, state, and local taxes
Paychecks have a lot of taxes taken out - you will get some back from tax returns but not all of it.
Layout your budget and stick to it
Use a budget spreadsheet template and keep track of your spending habits right away. Keep yourself from getting into debt.
Credit cards are great, but also dangerous. Be mindful of your credit score and remember to pay off your credit payments every month on time.
You might not be able to save right away, and that’s okay. You will figure out a savings plan once you figure out how much you are actually taking in vs. how much is going out. Once you know these costs, see how much you can put away each month and decide if you want to invest your money in stocks, 401k and/or Roth IRA.
Learn more about budgeting and savings tips here.
The 6-month grace period will fly by. Be prepared for these payments and see the different types of plans they are available.
Your loan service provider will contact you about your student loans. You can always contact your school’s Financial Aid service to see the different loan service providers.
If you are going to grad school, you can defer your loans until you are out of school.
FOMO struggle is real
Yes, the fear of missing out is tough, but keep in mind your friends may be in a different financial situation than you are. Don’t charge things on your credit card just because you are afraid of missing out.
Access your needs vs wants and spend wisely
Friends
Your social network may become less social…it’s not the end of the world!
You will no longer be immersed in a social environment every day with your friends and community just next door or a street away. Due to this major shift, you may feel lonely and sad at times. Don’t expect friends to come to you, and make the effort to get out and be social with friends or new people!
Contact with friends may decrease, this is totally natural. But keep in touch with the people you care about. Don’t be petty and hold grudges against people who get distanced. Focus on appreciating the people you love to solidify more lasting relationships in your life.
Don’t compare yourself to what your friends are doing or what they have accomplished.
Some of your friends might become instantly “successful.” Don’t get caught in the trap of comparison. Be happy for them and know that your time will come with your hard work.
“Success” is defined differently for everyone as everyone has their own priorities and definitions of happiness in life. One might define happiness with money, and another with family time. Everyone gets to their happiness at their own pace as they figure out their priorities at different stages of their lives.
Focus on yourself and set yourself up for success for yourself and no one else.
Making new friends may become more challenging (especially during a pandemic)… so be up for the challenge!
Be open to trying new things and putting yourself out there to meet people of similar interests.
Surround yourself with people who share your same values and morals.
The best way to meet people is to have friends introduce you to their friends. Mutual connections can come a long way and expand your social circle.
Work life
You may start at the bottom… and that’s okay!
Put your pride aside and recognize this as a starting point. Your first job will never be your final job. You’ve got one foot on the ladder and now you just have to climb it. Give yourself time and be patient with the process.
You may be the only young person at your job.
It can be difficult to make friends or stand out professionally when you are the youngest on your team. But this is a new opportunity to figure out how to socialize with your colleagues who are much older than you.
You will realize that most people will be talking about kids, house, gardening, new TV shows, etc. Be empathetic and listen to people’s stories, you might be surprised how you share common interests.
Hustle is good, but don’t forget about work-life balance!
Remember your job doesn’t define your whole identity. There are alot of things outside of work like hobbies and side hustles to fulfill your passion/interests as well.
Network network network!
You’ve heard this many times, but it is worth a reminder. It’s not about what you know, but who you know. You will be surprised how one interaction you have with someone can affect your life. Try to meet as many people as you can at work, and you never know if the connection can help you in the future whether it’s for promotion or transitioning into another role or company.
Check out interviews with diverse professionals from our Career Exploration feature and start some connections.
It’s okay to take some risks
Funemployment life
It’s ok to take some time to reflect on yourself and not be employed immediately after graduating, as long as you set a timeline or career plan for yourself.
Take advantage of this time when you mostly don’t have significant responsibilities yet like children and mortgage – travel abroad or live in a different place.
Getting back to school
If grad school will help you in your career, go before it’s too late. Your college references and study skills are likely to be stronger if less time passes.
Keep in touch with college contacts who you may look to for reference down the road (even if it’s an annual, “Hope you are doing well!”).
Try to take your GRE or other necessary tests before you graduate or right before you start your new job. The test lasts for 5 years and studying while you are working can be very challenging.
Plan ahead – it can take up to a year to prepare and apply before you begin a program. Think about letters of recommendation, GRE (or other required exams), and required courses/experiences.
Keep in mind that most master's programs do not have grants, only scholarships, and student loans. Most PhDs have tuition waived and stipends provided with a potential requirement to Teacher Assistant (but not always).
Connect with grad school alums or current grad students to learn about applying or what to expect for the program. Check out interviews with grad students from our Career Exploration feature.
Keep in mind life is a marathon, not a sprint. Have grit and perseverance for long-term goals, and remember failure is not a permanent condition. The transition from college to work life or grad school can take longer for others than it might take for some. Your first year out of college is not just transitioning at work, but also in life. Have a growth mindset and be patient. Everything is going to be okay… the best years are yet to come!
Special thanks to Zarah who gave me these pieces of advice when I graduated from college. :)
