“I am fortunate enough to have my parents helping me set up payment plans as well.”

After graduation, Maslowski will be staying in East Lansing working at her current job to save up enough funds and sustain herself until she decides which path to take in her life.

“It is very difficult to find a job right now because so many places are on a hiring freeze,” she said.

Like Maslowski, members of the graduating class have been living on their own since their freshman year of college, away from the guidance of their parents and caregivers.

However, as they prepare to enter the work force, donned with their caps and gowns, with their various degrees and ambitions, the graduating class is sure to discover the importance of finance in their lives — especially in this troubled economy.

“It’s very important to develop a good savings plan early on and set up a retirement account as soon as you can,” said associate finance professor Zsuzsanna Fluck.

The unexpected events of life make savings plans an important element in any individual’s financial survival, particularly a newly graduated student.

“It’s very important in today’s marketplace to have some savings, just in case you need to change jobs or are laid off,” Fluck said.

“Then you have a good cushion to lean on.”

Fluck said contributing the same amount monthly from paychecks based on a person’s individual budget is the best route to take.

Joyce Banish, vice president of university and community and public relations for MSU Federal Credit Union, also stressed the importance of a savings plan.

“Put three to six months of living expenses in savings,” Banish said.

“You want to build it up as soon as possible.”

Aside from establishing a secure savings, Banish said setting up an Individual Retirement Account, or IRA, is also a high priority for graduates.

“What’s happening today is that many companies are cutting back on their pension plans, if they have one at all,” Banish said.

“When you go to a company, you have to work there for x amount of time before you get a pension plan. So starting an IRA is the key to the future.”

The current state of the economy, with ongoing troubles on Wall Street and Main Street, seems to be kindling pension declines, as well as decreasing stock values.

However, Banish said that the stock market may have some promising possibilities if you have enough time to monitor the system and have some spare funds after paying off any expenses and student loans.

“You want to make sure there’s always something that is sure to grow,” she said. “Your investment pattern can be a little more risky than someone in their 40s because you have a lot of time.”

Banish also warns graduates new to the stock market scene to be cautious with the brokers they work with.

“Only deal with established brokers or people that you know have been successful,” she said.

With thousands of dollars in student loans and the hardships of searching for work, the stress of financial responsibilities is sure to be a tough road to travel.

“It’s certainly a challenge, and this is something that has to be thoroughly sorted out and the most important thing is to actually sit down and have a clear-cut plan,” Fluck said.

“Look at your income, look at how much you can save, your loans and try to adjust to your consumption.”