If you – or one of your kids – are about to graduate from college or high school, congratulations on successfully navigating the twists and turns of the education system. You don’t need me to tell you what a challenging, rewarding and expensive road it has been.

But, as someone who’s learned a few financial lessons the hard way, I would like to share a few steps you can take now to ensure you’ll start the next chapter of life on sound economic footing.

First, live within your means. Unless you sailed through college on a full scholarship, you’re probably already saddled with thousands of dollars in student loan debt. (If you’re about to enter college, avoiding future loan debt is something to keep in mind.)

Add in rent, car payments, credit card and personal loan balances and other monthly bills – not to mention payroll taxes – and your new salary may not go as far as you’d hoped.

If you don’t already have a budget, start one now. Many free budgeting tools are available online at sites such as MyMoney.gov (www.mymoney.gov), the National Foundation for Credit Counseling (www.nfcc.org), and Practical Money Skills for Life (www.practicalmoneyskills.com/budgeting), a free personal financial management program run by Visa Inc.

Speaking of student loans, here are a few repayment tips:

• Most federal loans offer grace periods before repayment must begin, but many private loans do not. Carefully review your loan documents to see where you stand.
• Ask if your lender will reduce the interest rate if you agree to automatic monthly payments or after you’ve made a certain number of on-time payments.
• If you anticipate repayment difficulties, contact your lender immediately to try and work out an agreement to defer payments, extend the loan’s term or refinance at a lower rate.
• Many people with federal loans who are low-income, unemployed or working at low-paying, “public service” jobs in education, government or non-profits qualify for income-based repayment, where monthly payments are capped relative to adjusted gross income, family size and state of residence. To learn more, visit www.studentaid.ed.gov/ibr.

Many people don’t realize the impact their credit score has on their financial future until after it’s been seriously damaged from making late payments, bouncing checks, opening too many accounts or exceeding credit limits. This can haunt you later when you try to borrow money for a house or car, rent an apartment or apply for a job.

Find out where you stand by ordering credit reports from each major credit bureau – Equifax, Experian and TransUnion. You can order one free credit report per year from each bureau from www.annualcreditreport.com; otherwise you’ll pay a small fee.

To learn more about the importance of understanding and improving your credit score, visit What’s My Score (www.whatsmyscore.org), a financial literacy program for young adults run by Visa Inc. It features a free, downloadable workbook called Money 101: A Crash Course in Better Money Management, a free tool to estimate your FICO credit score and “Welcome to the Real World” money guides on topics such as student loan repayment, finding a job and budgeting.

You’ve worked hard to earn your degree; now put it to work for you. Just make sure you don’t sabotage your efforts by starting out on the wrong financial footing.

This article is intended to provide general information and should not be considered legal, tax or financial advice. It’s always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.

Jason Alderman

Corporate Relations, Visa Inc.

Jason Alderman is a senior director at Visa Inc. and runs the company’s global financial literacy initiative, which includes the award-winning Practical Money Skills for Life and What’s My Score? programs. As part of his work at Visa, Mr. Alderman writes a weekly personal finance column that is carried in 400 community newspapers throughout the U.S.

Prior to joining Visa at the start of 2006, Mr. Alderman handled communications for Pacific Gas and Electric Company, one of America’s largest utilities. Mr. Alderman’s career also included service as a Congressional staffer in Washington, D.C. on the House Appropriations Committee and as the legislative director for the late Rep. Sidney Yates of Illinois. In that post, he helped oversee the multi-billion dollar budgets for the U.S. Department of the Interior and the Smithsonian Institution.

Mr. Alderman sits on the board of the JumpStart Coalition for Personal Financial Literacy and is the founder of the Bay Area Center for Voting Research.

By Ruthie Ackerman

The Great Recession helped push women to become more educated about their financial lives, be more proactive in making financial decisions and gain more confidence about their financial futures. But too few women have a detailed financial plan in place, according to Prudential Financial’s 10th anniversary study on women and their financial behavior, something that can impact their financial security in the long run.

The biennial study, Financial Experience & Behaviors Among Women, showed that 95% of women are involved in making financial decisions, with one-fourth of women acting as the primary decision-makers in their households. Yet although women are saving more and paying down debt, which has helped them gain more confidence about their finances, just one-third of women have a detailed financial plan in place, the study reports. Among the youngest segment (ages 25-34) only one in 10 has a financial plan in place. The reasons: lack of time, the number of shorter-term financial obligations, lack of education, and a lack of assistance.

“It’s clear that the more women know about money and finance, the more they understand what it’s going to take to meet their future financial needs,” said Christine Marcks, president of Prudential Retirement, in a press release. “But it’s disturbing that too few have plans in place to achieve their long-term financial and retirement goals.”

The study, which launched in 2000, surveyed 1,250 women nationally between the ages of 25 and 64 with a household income of $50,000 and higher. Nearly 60% are employed. Nearly 75% have advanced degrees, and half have financial assets of over $100,000. The survey was administered by Harris Interactive Poll Online from Feb. 10-Feb. 26. The margin of error is plus or minus 2.9%.

“There is a gap for women between knowing they need to do something and feeling confident to do something,” explained Joan Cleveland, senior vice president at Prudential, to a packed room for the launch of the study.

Despite the fact that over 75% of women plan to work longer or are concerned about retiring on time because of the financial meltdown, 55% of women remain optimistic about the country’s economic recovery. Yet they are not as confident about their own ability to make smart financial decisions, a trend that has continued over the ten years the study has been taking place. The study found that fewer than two in 10 women feel “very prepared” to make educated financial decisions and half reported that they “need some help.” One-third believe they “need a lot of help.” Nine out of 10 of those looking for a lot of help need help picking financial products that work for them.

The problem is that many of these women are looking for help making financial decisions in all the wrong places. Although 82% of women admit needing help making financial decisions, many are relying on friends and family for advice instead of professional financial advisors. Meanwhile, 75% of women without a financial advisor say they want an advisor. The problem: there is no one they feel they can trust.

Cleveland said that women want to turn over their financial roadmap and that as an industry financial advisors need to help them do that.

“Building a financial plan requires expert assistance, so it is important that financial firms work hard to build trust and do a better job of encouraging women to find the time to establish realistic plans to meet their specific needs,” said Judy Rice, president of Prudential Investment, in a press release.