If you are a recent graduate who feels somewhat clueless about how to go about saving money, you aren’t alone. Making the transition from a secondary school or university to the working world can be intimidating, especially when it comes to saving money. The following graduate money tips are designed to help make this transition as smooth as possible.
1. Stick to a Budget
The best way to accumulate graduate savings is to stick to a budget. This will prevent you from accumulating more debt, and will make sure that you consistently set aside a specific amount of money each month.
2. Live Within Your Means
Part of formulating and sticking to a budget involves knowing how much money you make and how much will be left after bills. By limiting travel, shopping, and entertainment to only a small percentage of your monthly budget, you can set aside some extra money.
3. Avoid Credit Cards
Credit cards can be tempting, since they give off the illusion of “free money.” The interest charges make these cards far from free, however, and will add to your overall expenses and debt—making it more difficult to save.
4. Use Online Vouchers
One of the most helpful graduate money tips is to search online for vouchers that offer various discounts at specific stores, allowing you to save more money when shopping online and in stores.
5. Keep Apprised of Sales and Deals
Stores are always running specials and sales, so if you are looking for ways to amass some decent graduate savings, keep an eye out for these deals.
6. Purchase a Rail card
While rail cards might seem like an added expense up front, if you take the train frequently, they will actually save you money in the long run, cutting rail fares by as much as 1/3 overall.
7. Consider a House Share or Room mate
Living on your own can be expensive. If possible, try to rent a room with a friend, at least for the first year or two following graduation. Roommates can help cut the cost of living expenses, while also providing support and friendship during that transition to the “real world.”
8. Consult a Financial Advisor
Many banks hire staff that work specifically with students and recent graduates, helping them find the best money saving options for their lifestyles. Ask your current back if they offer free financial advice and graduate money tips.
9. Practice Environmental Responsibility to Cut Down on Bills
By practicing environmentally responsible habits like turning off lights and televisions when you leave, you can reduce the energy and electricity
10. Learn to Cook
Eating out can be expensive, so learning to be a savvy grocery shopper and budding chef often proves to be one of the best graduate money tips to follow.
It might be difficult to get used to keeping a budget at first, but before you know it, these graduate money tips will become embedded in your daily routine. In the long run, this will translate into some impressive savings.