Reduce your expenditure after university with these top tips
Guest post by Zoe Price
After years of part-time jobs and unpaid internships, the premise of full-time employment and a real salary can be an exciting one. But for most graduates, life after college turns out to be more challenging than expected. You may find yourself still working part-time as you struggle to find a full-time position in today’s job market.
And even when you do land the job you were hoping for, your paycheck might not be as high as you thought. Becoming financially independent on an entry-level salary is no small feat. Fortunately, there are many ways that you can save some money here and there, helping you stress less and get more out of every dollar you earn.
Make a Personal Budget
While there’s no harm in having the occasional splurge to avoid frugal fatigue, you’ll want to set yourself some boundaries when it comes to your spending. Making a personal budget is as simple as adding up your income and expenses. From here, take a moment to identify areas for improvement and adjust your budget accordingly.
Save on Your Car
Now that you have a stable income, you’re probably thinking about finally upgrading from your parents’ old clunker. Of course, cars aren’t cheap, and it’s important to ensure that you’re making a wise investment. Opt for an ecofriendly car that will save you from draining your wallet into the gas pump; a Chevrolet Bolt is a good choice. Be sure to do your due diligence if you’re buying a used vehicle.
With the average student debt reaching well into the $25,000 range, the last thing you want is to owe another entity even more money. Credit cards are the main culprit here. Interest rates are high and it’s easy to go into overdraft. Be sure to keep your credit score in check by paying on time and do your best to avoid spending when you can’t afford it.
Save with Specials
Whether you’re shopping for new clothes, heading out for a drink or picking up some new tech gadgets, waiting for them to inevitably go on special is a great way to save money and exercise some patience.
Clothing retailers often heavily discount their garments at the end of the season, bars and restaurants usually have half-price offers during happy hour, and tech retailers host specials year-round, especially close to the festive season.
The same applies for just about everything else. Knowing when to buy something will help you save a considerable amount of money in the long run. Be sure to also take advantage of coupons and rebates websites for further savings.
Learn to Cook
Ordering takeout is neither healthy nor affordable. Learning to cook your own healthy meals at home is one of the best investments you can make in yourself. It’s a key step in helping you lay the groundwork for a stable financial future and will prove to be a useful life skill in many situations to come, from impressing dates to hosting dinner parties and more.
There are countless more ways to save, from reducing your electricity usage to growing your own food to partying less and working more. You’re free to manage your money however you see fit – just don’t forget about your future.