My accomplishments/lessons so far include:

1. Transferring my highest interest credit card balance to a new card that has 0% APR for the first year. Even after that year is up the interest rate is significantly lower that the previous card. This saves me about $150/month in interest payments over the next year.
2. I opened a 401K with my job, finally. I have been eligible for a while now and never got around to it. Now it is open with my employer matching my monthly contribution. It may slightly decrease what I bring home every month, but with the employer contribution matching I’m ultimately making money. Charles Shwab, a popular financial services institution, just covered this very topic for their Post Grad readers. 
3. I have different savings accounts for each financial goal. One for moving, one for emergencies, one for a new car, one for a new computer. I can build up each one as I need to and see exactly how close I am to each goal.
4. I set up one particular goal with a “Way2Save” plan offered through my bank. This way any time I use my debit card $1 is automatically transferred to my savings account. It makes me feel less guilty about the spending I have to do, and you don’t realize how often you use a debit card until you see the savings add up.
5. Money is only as scary as you let it be. Getting all my information gathered put me into another freak out. My debt was staring me down hard. But after I had all my information, it was easier to handle and plan out an escape.
6. Let those who are older and wiser help you. Whether it be a parent, family friend or even a boss, they have likely already been through this and will have some pointers. Financial advice is actually really expensive, so if someone is offering to help for free, at least listen to what they have to say.

I hope my Financial Freak Out can help some of you avoid your own. We have the tools to accomplish goals we set ourselves, we just have to use them. Or learn how to use them. Either way, our futures are in our own hands.

Post Grads today are making entry level salaries, if any salary at all, and paying back some of the highest loan debts in history. None of this is news, though. It’s a well known fact by now. We got it bad and we know it.

My point in bringing this up, though, is to talk about how quickly everything can turn around. Just when we think we finally have things figured out, we have calculated the budgets, we have tried to save the right amounts; something huge goes wrong.

When I got the news from my mechanic I went into full blown Freak Out Mode. My anxiety levels were off the charts, I couldn’t sleep, and I had to fix it. In less than a week I had turned in my plates, sold my car to a junk yard, went to 2 different car dealerships to research a lease, made a spreadsheet with the information I gathered about said leases, opened a new savings account specifically for the car, and landed 3 babysitting jobs to start earning money to put in the account.

In the words of a friend, “Wow, your freak outs are crazy productive.”

Why yes, yes they are. It was during this week that I started planning my Money Diet.

1. Organize all your debt information in one place. I have Student Loans as well as credit card debt from fixing my car throughout college. I needed to know exactly where I stood in order to start making it better.

My spreadsheet has the following columns for my loans. You may need less (or more even) but it’s a good place to start:

Loan – Private/Govt – Original Amount Lent – Principle Amount – Outstanding – Interest Rate(s) – Monthly Min. Payment – Actual Monthly Payment

And my credit card sheet has these:

Card – Limit – Amount Outstanding – Interest Rate – Monthly Min. – Monthly Payment

Being able to see all my interest rates laid out in front of me showed me a good place I can start in cutting costs. I can look into consolidating loans at a lower rate and transferring the outstanding balance on my high interest cards to one that has a lower rate.

2. Evaluate your savings plans. When I started this freak out I had one checking and one savings account. Then I realized how ineffective that is for actually saving up. I realized I needed a different account for each financial goal I had. Putting everything into 1 lump account doesn’t help much when saving for 3+ different things. So I opened a new savings account for my new car. My bank also offers a Savings Plan so I can set my goal amount and the date I want to achieve it. It helps a lot for tracking my progress.

3. Only spend on the essentials. Gas, food, toilet paper, rent. And by food I don’t mean ordering in or going out. I planned out my meals for the next 8 days and bought only the things I needed to make them. I spent 20% less than usual at the grocery store because of it.

4. Don’t count pennies like an anorexic counts calories. Being smart about your money, and saving it, shouldn’t consume your life. You do still need to be happy, and have some fun. Just try not to spend a lot while doing it.

I’ve learned a lot since I started on this new financial adventure. Believe it or not I’m actually excited about my savings plans and want to expand into real investments soon. I’ve realized that the more aware I am of what is happening to my money, the more control I have over it. And hopefully all this will prevent another Freak Out, even if it was productive.

No I don’t mean in stocks and bonds. Post grads don’t usually have THAT much spare cash. But after graduation there are a few things worth investing larger than usual sums of money in or splurging a little on for piece of mind.

1. A bed/mattress. Both are important. You spend a lot of time in bed so your mattress should be comfortable. It’s acceptable to spend a little extra for it. And the bed frame itself is also important. Why buy a piece of shit Ikea bed that takes 2 hours to assemble and then falls apart as soon as there is a little vigorous activity on it? Invest in something sturdier.
2. Shoes. Whether male or female you should invest in some sturdy shoes. You can’t just take them off at work if they are bothering you. So make sure you spend a little extra for comfort and durability.
3. Car/transportation. Once in a while it’s ok to call in late because your car/bike broke down or the metro/bus is late. This excuse is not acceptable all the time though. Invest in whatever transportation you use. Make sure your oil is changed, tires are safe and aired, buy that iPhone app that has the bus schedule and delays on it. Being on time is more important than ever now, don’t let transportation make you late.

Are there any other things a post grad should be willing to invest in?