New accounting grads have a lot on their minds: landing a job, deciding where to live, tackling student loan debt, and more. It’s easy to get caught up in those immediate needs, but it’s important for new grads to realize that the steps they take—or neglect to take—today can shape their financial future.
Best practices for financial wellness
Because new grads are just at the beginning of their earning potential, goals in this stage should be more about adopting healthy financial habits that can help contribute to future stability. Focusing on five best practices can help build those habits:
1. Create a budget and stick to it: Without a budget, it’s so much more difficult to plan and save. Understanding what’s coming in, what’s going out, and why puts you in a more proactive financial position. And technology, like budgeting apps, can make the process easier.
Of course, a budget can’t make an impact if you don’t follow it. And according to a recent survey from Discover, adhering to a budget is a struggle for many Americans. While 86% of respondents indicated they have a budget, only 22% actually stick to it. New grads need to remember that the real work starts once their budget is established. Daily spending decisions should be considered before a payment is made, not when a new monthly charge shows up.
2. Develop a savings mentality: When you’re starting out, saving can be tough—especially as new financial responsibilities emerge. But when you prioritize saving, you’re really creating a financial safety net that can help you handle emergencies and unexpected expenses.
The rule of thumb is to have the equivalent of at least six months of income in your savings account, but that can be a daunting figure for someone who’s fresh out of school. New grads should start small, striving to build the habit of saving with an initial goal of one month of income in the bank by a certain date—then build from there. They may need to consider opening their own accounts if they have been linked to their parents from a young age. Consider two savings accounts—one as a reserve for budgeted expenses not yet incurred or higher than expected and another for growth, savings with an interest component.
3. Manage your debt: New grads often start their careers with some level of debt. In fact, about 60% of the class of 2026 has student loans, according to higher education expert Mark Kantrowitz. And the average balance on those loans is around $30,000, which translates to a typical monthly payment of $304. Credit card balances and auto loans also figure into the debt mix for many.
Taking a proactive approach to debt management is critical. You have to be realistic about what you can borrow, and you need a plan in place to repay the money. Remember, how a new grad handles debt in their early adult years helps shape their credit score and can impact their ability to buy a home or borrow money in the future.
4. Addressing your risks: The value of insurance can be a tough sell when you’re young, healthy, and on a limited budget. After all, something has to go wrong for insurance to kick in, whether that’s a severe illness or injury, car accident, or home break-in. For young adults, those scenarios can feel improbable. Yet having insurance, and more importantly, having adequate insurance, is essential when you’re starting out. At that stage in your life, your greatest asset is your earning potential. If, for example, you injure someone in a car accident, that person could go after future earnings. And the average person’s lifetime earning potential can be in the millions. Insurance can be a powerful tool to help protect that future.
5. Protecting your digital footprint: Hacks, identity theft, phishing scams, social media frauds. New grads face a wide range of cyber risks that can come with significant financial implications. According to the FBI’s 2025 Internet Crime Report, cyber-enabled crimes defrauded Americans of nearly $21 billion, a 26% year-over-year increase.
You can never eliminate your cyber risk, but you can be proactive about understanding and addressing your potential vulnerabilities. Following good digital hygiene basics—like frequently updating passwords and minimizing the personal information you share on social media—coupled with staying up to date on the latest scams can help protect you. Awareness around your use of social media and how it may impact your personal brand is another important consideration as grads transition from a student mindset to a professional mindset.
In conclusion
The financial decisions new accounting grads make today can impact them for years to come. Investing in financial wellbeing can take time and patience, but the payoff is worth it. Just remember that the work you do today can pave the way for you to achieve your financial goals. So don’t procrastinate. Your future self will thank you.
ABOUT THE AUTHOR:
Amy Massaro is a vice president with Aon Affinity, the administrators of the AICPA Professional Liability Insurance Program since 1967.
Photo credit: Good Free Photos/Unsplash
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