Tossing the cap, taking control: 5 smart financial steps for Maryland’s class of 2026

By Janet Currie

Congratulations to the Class of 2026! You have tossed your caps with well-deserved pride and excitement. But as the celebration fades, a daunting feeling can often creep in: uncertainty about what comes next.

As you prepare to step into the professional world, there are financial challenges ahead. Bank of America’s Better Money Habits 2026 Gen Z Report found that nearly one-third of Gen Z adults report experiencing financial stress, driven by inflation, the cost of living and lack of an emergency savings.

For many grads, these converging pressures can feel overwhelming. But they don’t have to. By taking a few proactive, strategic steps today, you can confidently navigate this landscape and build a future where you are in full control of your financial destiny: 

1. Understand your employer’s role in your financial future 

With the Class of 2026 entering the workforce, many are taking on a refreshingly open attitude toward money conversations. As you settle into your new role, improve your financial knowledge by actively learning about how your employer’s benefits can impact your financial future. Ask about 401(k) matching, open enrollment and any additional benefits that will bring more value to your finances. 

2. Start investing early

Securing your long-term financial future does not require a large salary — it can start with as little as $10 per paycheck. By beginning to invest as soon as you start earning, you give your money more time to benefit from the remarkable power of compounding. Small, consistent contributions automated in the background of your life ensure you are actively building wealth rather than simply reacting to monthly bills. This financial discipline, when started early, is one of the most powerful wealth-building tools available to you. 

3. Trade the post-grad “hustle” mindset for “soft saving” 

Graduation season brings enormous pressure from landing a job to managing new bills all at once. Traditional financial advice often demands cutting every discretionary expense, which can quickly lead to burnout. Instead, consider the more sustainable approach of “soft saving.” Rather than eliminating all spending, identify your top personal values, whether that is travel, wellness or professional networking, and prioritize saving for those first. This values-driven approach helps you build smarter, more durable financial habits as you advance in your career, without sacrificing the experiences that matter most to you. 

4. Seek professional advice from a financial advisor

As you step into this new chapter, professional advice can be a true gamechanger. A financial advisor can assess your complete financial picture, help you establish short- and long-term goals, and build a realistic, customized roadmap to achieve them. Establishing this relationship early provides an important anchor as you navigate major life milestones. It also gives you a trusted partner to help mitigate payment shock before it takes hold. 

5. Maximize existing financial resources

Don’t overlook the powerful financial tools that may already be in your corner. If your family utilized a 529 college savings plan and has remaining funds, you have options that can meaningfully accelerate your wealth-building journey. Under current tax law, you can use up to $10,000 tax-free to pay down qualified student loans, a particularly impactful option given Maryland’s high average debt burden. Additionally, thanks to provisions under the SECURE 2.0 Act, unused 529 funds may be eligible for rollover into a Roth IRA, giving your retirement savings a powerful head start. 

The transition from college life to a professional career is filled with both new responsibilities and limitless potential. Remember, true financial independence is not just about accumulating wealth; it’s about gaining the freedom to pursue your dreams without constraint. Take charge of your financial habits today, and you will do far more than survive this transition. You will thrive. 

The opinions expressed in this commentary are those of the writer and not necessarily those of the AFRO.

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