For those who have recently graduated from college, saving up enough money to make ends meet can be a difficult challenge. However, there are tax breaks available for those who have earned their degrees which can keep a little extra money in their pockets.

Here are four tax breaks and credits that new college graduates can enjoy to help them keep more of their earnings.

Student Loan Interest Deduction: Most of those who borrowed that today earn less than $60,000 are eligible for a full deduction while those who currently earn from $60,000 to $75,000 can earn a partial deduction.

For example, a person who earns $55,000 per year with college loans that exceed $2,500 can enjoy a savings of $625 each year from their taxes.

Lifetime Learning Credit: This is a $2,000 per year credit for those who are paying qualified expenses in terms of their post-secondary education. In addition, they can be paying them for an eligible student as well. This is a non-refundable reduction that is dollar for dollar in the tax bill, which means that for expenses of $2,000 or less the sum will be reduced to zero. However, the difference will not be refunded.

So, a student who graduated in May can still claim that part of their expenses on their taxes. This also includes the American Opportunity Tax Credit which is a non-refundable $2,500 option that is available for the first four years of the postsecondary educational experience.

Moving Expenses Tax Deduction:

This is one of the more overlooked tax deductions as it includes all moving expenses, including packing and travelling costs. However, meals, car maintenance or depreciation is not covered by this particular deduction.

Basically, this applies to someone who just moved to take on a new position at a company. As long as they have worked at the company at least 39 weeks during the first year after arriving in the new location for the work. However, those who have yet to work the full 39 weeks in the calendar year can still take the deduction if they expect to be employed for that amount of time.

In addition, the location of the workplace must be at least 50 miles further away from your old home compared to the previous job or if this is your first employment, then more than 50 miles away from your old home.

Other Tax Strategies: There is a number of different tax saving strategies that new college graduates can employ. One of the most overlooked is the 401k retirement plans that offer pre-tax contributions which in turn lower your tax bill. A Roth IRA for example means has contributions that are taxed, but not when they are withdrawn.

Saving your money can also earn you a tax credit, especially if you are a low-wage earner. For example, a person earning less than $18,000 per year can get a 50% tax credit for qualified savings up to $2,000 each year.

A little bit of research can help you find even more tax credits that you can use to keep more of your money. This will allow you to save for things that you need.