The Five Most Important Things College Students Need to Know Before Graduation

For all you college seniors getting ready to leave college and strike out on your own in the world of work, keep in mind that you are still young and that there is a lot you need to learn.

Sure you've gotten a great education, you've read a lot of books, met a great group of life-long friends, but college really hasn't prepared you for everything that lies ahead. That's why it is important to take every opportunity to continuing learning, whether you do it through travel, volunteering, joining a professional association, continuing your education, or through some other method. Know there is so much more to know.

And to help you on your journey, here are five of the most important things college students need to know before graduating.

Make Your First Choice the Right Choice

Many people figure their first job is trial and error. You're young; you have lots of time ahead of you, grab something quick. You will probably make career adjustments and changes as you go through life anyway. However, keep in mind that your first job out of college sets the tone for your future - financially and professionally.

That doesn't mean you have to get it perfect, but it is important to focus in on your career goals and find the employment opportunity that can jump start your career. After all, if you expect your career and salary to continue to grow, then you need to start out on the right foot.

Making the right first-job choice will also help you professionally because you are more likely to enjoy your work, so you will stay longer and learn more. And then you won't be in a position to have to explain to your next employer why you made a wrong career choice.

Start Saving Immediately

This is probably the most difficult part about getting out of college because many college graduates have student loans to repay, are earning lower wages than those who have been in the workforce a while and it is difficult to make a financial commitment to saving.

However, regardless of how much you earn, you need to start putting some of it aside now. Put a few dollars a month into your own personal savings account or better yet, sign up for your employer's 401k plan. Even if you only contribute one or two percent from each paycheck, if they match any amount, it's like getting free money. You should also consider having an emergency savings account in a bank or other financial institution for unexpected needs.

Even if you are only in your early twenties now, before you know it you will have a spouse, a mortgage and kids of your own in college. Take advantage of the opportunities you have now to prepare for your future.

Resist Further Debt

It's tough. But whatever debt you racked up in college - student loans, credit cards, car note - pay them off before you spend any more. You don't want to get into a situation where you can't repay your debts. Poor credit can haunt you a very long time.

In particular watch out for student credit card offers. Typically the interest rate is higher, so you end up paying much more. And credit card companies are banking on your future solvency, figuring if they help you out now you'll be a loyal customer for life.

Trim the Fat Now

No, this isn't a suggestion that you need to lose weight or go on a diet. Though eating healthy, exercising and getting plenty of sleep is important and developing good habits now will help you out immeasurably as you age, what you really need to consider is how to live frugally. Start now and, just like those healthy eating and exercising habits, it will pay off handsomely in the long run.

One of the best places to reduce living expenses is on your rent either by sharing with a roommate or moving back home while you save up your funds. It doesn't have to be for long -- maybe a year or two. After all you don't want to start getting too comfortable. But especially in today's economy it just makes sense to economize. That means cutting expenses in other ways, too.

Cook at home, pack a lunch, clip coupons, shop at discount and recycle stores, and do whatever you can to reduce costs.

Enjoy it While You Can

Alright now that you're aware of all the responsible things to do, you still need to have fun. So while you are conserving, saving and repaying, do a little playing, too. It's important to balance responsibility with pleasure. Enjoy yourself and the life you create. Before you know it you'll be looking to retire.

What it all comes down to is that money may not buy happiness, but it does buy financial freedom. And by planning well now, your retirement years can be as fun as your college days.