Celebrating National Postdoc Appreciation Week (And Finances!)

This week, September 17-21 is National Postdoc Appreciation week.  We’re excited to recognize the significant contributions that postdoctoral scholars make to U.S. research and discovery.  We look forward to meeting our postdoctoral members at special events going on this week. 

And, as an advocate of helping our community improve their personal finances, we put together some financial tips specifically for our postdoc community during their special week.

A “poem” for our P-O-S-T-D-O-C-S

P                             Prepare for Opportunities and expected-unexpected expenses

An opportunity to travel, interview, or network at a fancy event may come up. Or your laptop may have its final shutdown. Life will surprise you with expenses. Putting some money aside will make those surprises manageable.

O                             Opt for Automatic Payments and Transfers

You’re going to be busy and may forget to pay a bill or transfer some money. Set up automatic payments and transfers.  Remember to still look at the statements and ensure that charges are accurate.

S                              Set Your (Money) Goal

Where do you want to be financially by the end of your postdoc? Create a plan to reach that goal. Signing up for email reminders can help keep you on target to reach your goals.

T                              Talk to the Locals

Locals always have tips on affordable places to eat, rent, buy essentials, and everything else. Asking locals saves you money and helps you make new friends.

D                             Don’t Forget About Retirement

Contribute at least enough money to be eligible for your employer’s match (free money that your employer will contribute to your plan as long as you contribute a certain amount).  Not all employers will offer matches or retirement plans, but you can still open your own retirement account.

O                             Organize Your Finances

Know how much, and where, your money is.  Have loans- including credit cards? What are the rates and terms?  Have money in a savings account? How much are you earning in interest? Once you know the numbers calculate your best financial strategy to meet your goals. 

C                             Conquer Credit

A high credit score can save you thousands of dollars in interest, and help you secure an apartment, house, or job.  Take a quick course to learn what impacts your credit and how you can improve and maintain your credit score. A GreenPath Financial Counselor can provide free accredited credit counseling.