16 money tips for the class of 2016

After you graduate from college, it may feel like you’re pretending to be a “real adult.” You’ve spent years following a clearly paved path, and now it’s unclear how to navigate uncharted territory: a new full-time job, moving into your own place, and dealing with your student loans.

But you don’t have to pretend — you can get a lot of mileage out of learning some personal finance basics. Here’s a road map for managing your money after college: building a career, dealing with student debt, investing in your future, establishing credit, and more.

CAREER AND BUDGETING

1. Negotiate your first job offer

You may feel uncomfortable negotiating your first job offer, and that’s natural. But know this: Most employers expect it. More than 80 percent of employers are willing or able to pay more than their initial offer, according to a 2015 survey of 708 employers by NerdWallet and recruiting platform Looksharp. And even if the employer says “no,” it will likely admire the confidence it took to ask.

2. Live on a college student’s budget for a few more years

You’re already used to living like a poor college student, so live a bit below your means even after you land your first job. If you can limit expensive shopping trips and meals for a few more years, you’ll have extra money to build the financial foundation you need: an emergency fund and retirement account (more on those things later).

3. Research the cost of living in your new city

If you’re moving to a new city, use a cost of living calculator to see what you can expect to pay for housing, groceries and transportation. Use those estimates to create a realistic budget and factor it in when you’re negotiating your salary.

4. Going to grad school? Consider the cost

It often costs graduate students more for student loans compared with undergraduate students. The federal direct unsubsidized loan interest rates for the 2015-16 school year were 5.84% for graduate students and 4.29% for undergraduates. Still, grad school could be worth the investment if getting a second degree increases your earning potential enough to offset the cost.

STUDENT LOANS

5. Get to know your student loans

You should be able to answer these questions about your student debt: Do you have federal or private loans? Who is your loan servicer? What are your interest rates? Your answers affect which repayment plans and forgiveness programs you’re eligible for, which company you’ll be making payments to, and how you should prioritize paying down your debt. Check the National Student Loan Data System for information about your federal loans. If you have private loans, you’ll hear from your lender directly.

6. Pay off any accrued student loan interest