Graduating? Now what? The first year following graduation can be a crucial time as numerous students make the transition from classroom to career. The choices made early in life can have a long-lasting positive or negative impact on one's financial future. To help graduates get started on the right financial foot, SunTrust Bank is offering tips for building a solid foundation for long-term financial success.  

"Many students never have the opportunity to take a personal finance course or learn the basics of budgeting and investing while earning their degree," says Joe Sicchitano, head of wealth planning at SunTrust Private Wealth Management. "It's important to get as early a start as possible on the fundamentals when determining the right mix of savings, investing for retirement and paying back loans – decisions that most people will experience in the first years following graduation."   

To start down the path for successful financial well-being, SunTrust suggests new grads:

1. Build an emergency fund. Many graduates experience a modest financial windfall after graduation, whether due to monetary gifts from friends and family, or a new job. If you find yourself with extra cash, open or add to an emergency fund savings account. Because whether you are a high school graduate off to college or a college grad off to your first job, building an emergency fund will help you have more control over unexpected expenses.   
2. Continue to Invest in Yourself. While some may find employment right away, most college graduates will go on multiple interviews before finding the right fit. If this is you, consider investing in a new laptop or wardrobe upgrade so you have the right tools to land your dream job. It's an investment in your future.     
3. Pay off debt. If you have a healthy emergency fund and some cash left over, pay down your higher interest debt. You will be better off if you can start your money-making years with more financial flexibility. And if you are a high school graduate just off to college, be mindful of the extracurricular spending. Minimizing any mounds of debt when you are ready to start your career is a great idea. 
4. Understand student loans. For many, paying for college means student loans – and often from multiple lenders. Take the time to contact each one to determine the payment terms and options. Make sure there are no penalties for early payoff and be sure to sign up for the shortest repayment period your financial situation will allow.  
5. Begin saving for retirement. The earlier you start saving, the longer your money will have to grow. Over 30 years, just $100 invested each month could grow to more than $57,000 (assumes a three percent annual return). While it may seem premature to think about retirement during college or your first week on the job, many employees are given the option to participate in an employer's retirement plan. Begin saving early, even if it's just one or two percent of your pay. If your employer has a company match, make sure to contribute enough to the plan to get the full benefit.

For more information on budgeting, saving strategies, retirement investing and more, visit the SunTrust Resource Center at suntrust.com/resourcecenter.