Graduation is a big milestone – congratulations! As exciting as it is to step into a new chapter, it’s also when your financial responsibilities start to grow. Whether you’re managing student loans, working your first full-time job, or trying to figure out how to budget, now’s the perfect time to create a financial plan that works for you.
Not sure where to start? We’ve put together some practical tips to help you feel more confident with your money, whether you want to save, pay down debt, or build credit. Your financial future starts here.
Where Do I Start with My Money After Graduation?
A good first step after school is to get a clear picture of your finances. What do you owe? What income do you have coming in from work or other sources? This helps you figure out what to focus on; maybe that’s debt repayment, savings, or just covering your daily costs.
Creating a simple monthly budget is a great way to start. Track your income and expenses to see where your money’s going, and where you might be able to cut back or redirect funds toward your goals.
Your financial plan doesn’t need to be perfect; it just needs to reflect your priorities. Think of it as a guide that helps you make confident choices with your money.
How Do I Make a Budget That Works?
nce you’ve taken stock of your income and expenses, the next step is building a budget that works for you. A budget helps you stay organized, avoid overspending, and make steady progress toward your financial goals.
You don’t need anything fancy to get started—just a clear view of your money in and money out.
Here’s a simple way to build your first budget:
- Write down what you earn each month from your job, side gigs, or support payments.
- List out your fixed expenses, like rent, phone bills, transportation, or loan payments.
- Estimate your variable expenses, like groceries, eating out, or entertainment.
- Set a small amount aside for savings, even $10 a week is a great start.
- Track your spending so you can adjust and improve over time.
You can use a spreadsheet, a budgeting app, or even pen and paper – whatever works for you. And if you’d like a second set of eyes, talk to a Mainstreet advisor. We can help you create a budget that fits your goals and your lifestyle.
Should I Pay Off Debt or Start Saving First?
When you’re starting out, it’s normal to wonder if you should save or focus on paying down debt first. The good news is you don’t have to pick just one, you can work on both, even in small ways.
If you’re carrying high-interest debt, like credit cards or some student loans, it’s a good idea to make that your first priority. Interest adds up quickly, so putting extra toward those payments when you can will help you pay less overall.
At the same time, try to build a small savings cushion. Even putting aside a few dollars a week can help you avoid using credit when something unexpected comes up, like a flat tire or a last-minute expense. It’s less about the amount and more about getting into the habit.
Every financial plan looks a little different, and your priorities may shift over time. If you’re not sure what to focus on first, connect with a Mainstreet advisor who can help you build a plan that fits your life and goals.
How Do I Start Saving with Limited Income?
Saving on a tight income can feel impossible, but small steps really do add up. With the right habits, you can start building savings without needing a big paycheque.
Here are a few ways to start saving on any budget:
- Pay yourself first. Set up an automatic transfer to savings as soon as you get paid. Even $10 or $25 a paycheque builds up over time.
- Track your spending. Take a closer look at where your money is going. Are there subscriptions you don’t use, or small purchases that add up? Cutting back even a little can help you create more space for savings.
- Use employer benefits. If your job offers a group savings plan or match, try to take advantage of it. It’s one of the easiest ways to boost your savings without noticing the money is gone.
- Choose the right accounts. A no fee chequing account can help you avoid unnecessary costs and keep more of your money working toward your financial goals.
- Get advice you can trust. Mainstreet’s team can help you build a budget, plan your savings, and make sure your financial plan fits your life.
How Do I Start Building Credit?
Building credit might feel intimidating at first, but it’s an important part of your financial plan. A strong credit score can help you qualify for a loan down the road, sign up for a phone plan, or even rent your first apartment.
Credit cards are one of the most common tools for building credit, but they’re not the only option. Whether you’re ready for your first card or looking for other ways to get started, here are a few tips to help you build your credit history responsibly.
If you’re using a credit card:
- Choose a student-friendly or low-fee card with benefits that match your lifestyle—like cash back or purchase protection.
- Make your payments on time, every time. Even small purchases help your credit if you pay them off each month. Set up auto-pay or reminders to avoid missing a due date.
- Keep your balance low. Try not to use more than 30% of your credit limit to show lenders you’re managing credit well.
- Use your card’s mobile app to track spending and make payments on the go.
Want to understand the basics first? Check out our blog: Understanding How Credit Cards Work to learn more about how interest, limits, and payments affect your credit.
Other ways to build credit:
Make your student loan payments on time. If you have an OSAP loan or other student loan, your repayment history is reported to credit bureaus and can help your score.
Pay your phone bill in full and on time. Some cell phone providers report to credit bureaus, so staying current on your bill matters.
Consider a secured credit card if you’re just starting out. It works like a regular credit card but requires a small deposit, making it easier to get approved with limited or no credit history.
What to avoid when building credit:
When you’re starting out with credit, mistakes can be easy to make, and they can hurt your score more than you might expect. Here are a few things to watch out for:
Only making the minimum payment. It keeps your account in good standing, but you’ll end up paying a lot of interest. Try to pay your full balance each month if you can.
Missing a payment. Even one missed payment can lower your credit score. Set up auto-pay or reminders to help you stay on top of due dates.
Maxing out your credit limit. Using too much of your available credit at once can hurt your score, even if you pay it off later.
Applying for multiple credit cards at once. Too many credit checks in a short time can be a red flag for lenders.
Co-signing for someone else’s loan or credit card. If they miss payments, it affects your credit too—so make sure you’re prepared for that responsibility.
Not sure what’s right for you? Talk to a Mainstreet advisor before you apply. We’re here to help you make confident choices.
Which Banking Products Are Right for Me?
The right bank account or credit card can make managing your money a lot easier and save you money in the process. As you start budgeting and building your financial plan, look for products that fit your lifestyle and help you avoid unnecessary fees.
When comparing chequing or savings accounts, look for ones that:
- Don’t charge monthly fees (or waive them for students or young adults)
- Offer convenient online and mobile banking tools
- Give you access to a large ATM network, so you’re not paying out-of-network fees
A no fee chequing account is a great way to stay in control of your money without added costs. Mainstreet offers student-friendly banking options that are simple, flexible, and designed to grow with you.
When choosing a credit card:
• Start with one that has no annual fee or a low interest rate
• Look for perks that match your spending habits, like cash back or purchase protection
• Choose a card with an easy-to-use app so you can track spending and make payments anytime
Mainstreet Credit Union offers credit cards that are designed to help you build credit while keeping things affordable. With tools like spending alerts, online account access, and helpful rewards, you can stay on top of your finances and work toward your goals—without paying more than you need to.
Ready to Get Started?
Taking control of your finances after graduation might feel like a lot, but you don’t have to do it alone. Whether you’re building your first budget, figuring out how to repay student loans, or looking for the right account or credit card, Mainstreet is here to help.
Book a free financial planning session with one of our advisors to get advice that’s tailored to your goals and your life. You can meet with us in person, online, or over the phone – whatever works best for you. It’s completely free, and it’s designed to help you move forward with confidence.
Book your free session today and take the first step toward building your financial future.