by Christopher Kane (4 min)
Tips 6 - 10 that every post-grad needs to know about saving money.
6. Don’t be too quick to leave your parents’ house (if possible)
If you have the option to live back home for a bit and you decide to, it’ll save you a boatload of money. That being said, many people are not fortunate enough to have that option, so don’t take crashing with mom and dad after college for granted. When you move back at home you either live rent-free or pay a rent that is a fraction of what you would be paying elsewhere. In most cities around the U.S. monthly rent ranges from around $500 in smaller cities to $1,500+ in bigger cities. That’s a big chunk of change you’re saving every single month.
7. Thrift Stores
Thrift stores go hand-and-hand with Dollar Stores. There are numerous hidden gems inside these places just waiting to be found. Whether it’s a coffee table, desks, chairs, mugs, gently used clothes, electronics, DVDs, or sports equipment these places have so much to offer at a fraction of the price. Again, if you use your good judgment, you can find high quality, well taken care of items. Furthermore, if you’re looking to make some extra cash, you can do some research, buy some items and resell them on eBay for a sizeable profit. (Watch some videos from Gary Vaynerchuk he knows his stuff on this and much more)
8. Office Coffee/Food Runner
If your office or place of work is springing for lunch or coffee, offer to go get it. Why? Because this is an easy way to rack up any rewards or savings at these establishments without having to spend all your own money to do so. If you’re buying lunch for 10 of your colleagues and a restaurant has a loyalty program of “buy 10 get 1 free”(as bad as that loyalty program is), you just earned yourself a free meal!
9. Get a Solid Buzz Before You Leave for the Bars
Besides a casino, I’m not sure there’s any other place you’ll spend money faster than a bar. Many of us are quite familiar with what we know as “pre-gaming” from our college days, so there’s no need to beat a dead horse in explaining that. Nonetheless, it isn’t something to be overlooked during our post-grad years. Simply having a couple drinks before you head out to the bars can spare you some serious cash. Plus, you’ll walk into the bar ready to have a good time.
10. Amazon Fire Stick
Invest in an Amazon Fire Stick or a similar product. You won’t have to pay for expensive cable or satellite TV. It allows you to stream Netflix, HBO GO, Hulu, Amazon Prime movies/music, Youtube, and pretty much any other streaming service you can think of. In regards to movie channel streaming, if your parents already pay for the subscription for those channels at home, mooch off of them. Get the email associated with their provider, login via your TV and happy streaming. Moreover, you don’t have to be the only one that pays for your Netflix or Spotify account. If a couple people chip in it’ll only cost a couple bucks a month for all to use.
This is a big one and your future self will definitely thank you for it due to a magical thing called compound interest. For those of use who are unfamiliar with the term Compound Interest is interest on interest. That means that the interest or returns earned from your investment are added back to the original. As the amount in your account (principal) grows from your returns to an increasingly larger amount, the subsequent returns are then based upon that larger amount. (e.g. If you start with $1,000 earn a 10% return per year, after 1 year account total is $1,100. The following year that 10% return will be greater because it is now 10% of $1,100.) As this cycle continues over time it garners you more and more money. Therefore, the earlier you start investing the more time your money has to build upon itself.
An easy way to start investing is to opt-in to your employer’s retirement or IRA program. Many employers offer to match up to a certain percentage of your contributions, and that’s free money right there.
Making our dollars stretch as far as they can is something we all need to keep in our minds because, ya know…we’re adults now.