It’s college graduation time! Hooray—you’ve graduated, and now life begins.

That means you’re about to enter an exciting phase of your life—perhaps a new home, new career or even a new city. Possibly more money. But with more money comes more responsibility.  Are you ready? Why not start out in the real world without stress over your finances? It’s easy to think there will be plenty of time later to worry about saving, especially once you’re earning a consistent income. However, it’s important to evaluate your expenses and create a solid savings plan before you start spending.

Many college graduates face a huge financial burden upon receiving that college diploma—hefty student loan debt . Forbes reports that approximately 55% of students from public four-year institutions and 57% of students from private nonprofit four-year institutions took on education debt, raising the current national student loan debt to $1.75 trillion.

On average, federal student loan borrowers are carrying a balance of $35,210. In Oregon, the average balance is $36,230.49, and in Washington, $35,223.26

Whether or not you’re carrying  debt from student loans as you start your professional career, consider these tips to start saving for your long-term security.

Here are a few essential tips to help you get started off on the right foot:

Confirm your student loan debt and establish the best repayment plan for your circumstances.

Over the course of one’s college education, loans can come from a variety of sources. Knowing who and what you owe is critical to paying them back on time. Once you review what you owe, think about how you’ll begin paying it all back. There are various repayment options available to you. In order to find the various repayment plan methods, complete Exit Counseling upon completion of graduation.

Consolidation of student loan debt might be an option, if you can find a competitive rate. Not all loans can compete on interest rates with federal loans, but if you also had private loans, you might look into refinancing for both a lower rate and fewer payments. Options for this include student loans through a bank, credit union, or private lender, or, if your family owns a home, a home equity loan or line of credit.

Whether or not you refinance your student loans, it’s important to understand what you will owe each month. This plays a big part in establishing a budget.

Establish a monthly budget and stick to it.

Before you can create a budget and stick to it, you need to identify what you owe, what you have, and what you will start to bring in and save. Your real-world expenses might differ vastly from those that dorm and college apartment students are used to. Track how much money is coming in and going out, as well as what is left over. Many financial institutions will offer the option to categorize and track your spending in Digital Banking.

Your expenses will likely include:

• Rent
• Electricity
• Water
• Cell phone
• Car insurance
• Groceries
• Gas
• Internet and Cable

Oh, and don’t forget your student loans.

After penciling out all of your essential living expenses, you will know how much is left over for emergencies or savings.

You can explore OnPoint’s financial education online resources for more tips and tools to help you manage your money.

Set up an emergency fund 

Always be prepared for the unexpected, such as a layoff, job transition, or a costly medical, housing or automobile expense. Start by putting one month’s worth of expenses aside and work to build up to 12 months. While we hope to never have to use this, you will appreciate it if and when life throws you a curveball.

An easy way to boost your emergency savings is by cutting back on eating out or spending frivolously on unnecessary things. Saving those extra dollars helps you have money to fall back on during an unexpected life event and for the future. If starting a savings fund feels overwhelming, start small. Setting aside a few dollars a week and keeping a change jar will help build up a reserve over time.