100 Money-Saving Lifehacks for Recent College Grads

Moving from the college campus into the real world can be an exciting experience and one that most students have spent the better part of four years preparing for. Yet, leaving school comes with its own set of financial challenges, whether it means paying back all those student loans or being able to pay your own bills. For those who haven’t had much experience managing their own finances this can sometimes be a difficult transition. Here are some tips that can help make your life a little easier and ensure you set yourself up for a bright financial future.

General

These tips offer advice on some of the big financial issues you’ll encounter.

1. Choose your job carefully. Sometimes, taking a job that pays less but is more what you want to do rather than taking a higher paying one that you’re not super excited about can be the better long term financial investment. Consider this carefully when you’re applying for positions.
2. Learn everything you can about personal finance. Many people out there know little to nothing about personal finance– don’t be one of the them. Pick up books, read blogs, and get a handle on what and when you should be doing things.
3. Look before you leap. Purchases both big and small often come with fine print that if left unread could cost you much more than you anticipated. Always check out the potential hidden costs and risks of what you buy.
4. Find out about the total cost. Some items seem to be a great value on the surface but come along with loads of service fees, maintenance costs and other assorted fees just to keep them running.
5. Remember that money mistakes can haunt you. Racking up a huge credit card bill or forgetting to pay your monthly bills can take a toll on your credit score, something that can haunt you when you try to get a loan or even when you apply for a job. Take the safe route and avoid mistakes from the get-go.
6. Live within your means. While we’d all like to have fancy gadgets and new clothes, the reality is that most people can’t afford them. If you’re one of those people, come to terms with what you make and how much you can spend, and plan accordingly.
7. Pay on time. Paying your bills on time can help you avoid credit-damaging reports as well as avoiding interest and late fees. If you aren’t good at remembering, set up automatic payments online.
8. Keep your financial records organized. If you want to truly have a good handle on your finances you need to keep your records neat and organized and in a place that you can actually find what you need when you need it.
9. Don’t let finances take over your life. while you should be careful with your money, it’s important to remember to have fun and spend a little as well.
10. Enjoy the rewards of having a full-time job. For most recent college grads, having a full-time job means having much more money than in school. Enjoy not having to live on ramen noodles and only do laundry once a month, but do it wisely.
11. Automate it. If you can’t remember to pay your bills or you want to put money away in savings but can’t seem to get into the habit, automating the process can be one easy and painless way to make sure you’re being financially responsible without even having to think about it.

Long-Term Finances

Managing money well doesn’t just mean doing it for today, it means planning for the future as well.

12. Pay yourself. Before you spend money on bills, purchases and other things, make sure to set some aside for your savings account. By making saving a priority you’ll always have money on hand in case you need it.
13. Create a budget. One of the tried and true essentials of financial management is to create a budget and stick to it. You’ll thank yourself for it later.
14. Think about the future. It’s hard to care about saving money where there are so many things you want today. But think about where you’ll be in five years. Will you want to buy a house? Get married? These things cost a lot of money and you need to start saving now to afford them.
15. Get rid of the big debts. Whether you have student loans, credit card debts or large car payments tackle these debts as aggressively as you can. Once you’ve gotten them out of the way you can pay off your smaller debts and save more.
16. Have an emergency fund. No matter how much or how little you choose to save you need to have an emergency fund in case the worst strikes.
17. Monitor your finances. Don’t just let your finances take care of themselves, keep a close eye on them through online sites and bank statements.
18. Get a retirement account set up. It’s never too early to start planning for retirement. Set up a 401K or an IRA through work or on your own.
19. Find savings accounts with good interest rates. Why not earn big on your money? Many online banking options offer higher interest rates which can pay off in the long run.
20. Consider investments. While many feel the market is risky at the moment, it also might be a good time to get in on the ground floor. Talk with an investment professional about your investment interests.
21. Learn to negotiate. Poor negotiation skills can cost you in the long run, both in getting what you deserve at work and in paying less for items you want to buy. Read up on ways to better negotiate in books and on the net.
22. Keep your credit score in mind. You can and should find out what your credit score is and work to keep it in the good ranges so you’ll have little trouble ahead if you want to get a credit card or a loan for a home.

Housing

For most people, rent and housing related expenses eat up a big chunk of their income. Learn how to save money from these tips.

23. Find a roomie. Sharing the expenses of an apartment can sometimes cut them down considerably and give you more money to spend on other things.
24. Live at home. While the thought might make some grads cringe, it can be a good way to pay off those student loans. Once you’re on your feet you can move out on your own, debt-free.
25. Find a place within your budget. While it might be tempting to get a beautiful, luxury apartment, consider what you really want and need first. If you’re not at home much you might be perfectly happy living somewhere cheaper and much more budget friendly.
26. Weigh the benefits of owning or renting. In some parts of the country, buying can be a great venture right now. In others, renting is the way to go. Consider your own finances and goals before making a decision.
27. Don’t forget hidden costs. When looking at apartments or homes don’t forget all the other costs that go into having your own place like utilities, cable or internet, and in the cast of ownership, property taxes. Include these in your budget accordingly.
28. Take care of your space. There’s no easier way to rack up charges than by not caring for your apartment properly. Keep it clean and free from costly repairs.
29. Consider location. There are times when it may be smarter to live somewhere more expensive if it’s closer to where you work. Transportation costs can add up quickly, so a cheaper place may cost you more in the long run.
30. Stick to the basics at first. You don’t need every household gadget and high-end furniture when you’re just starting out. Just get the basics and work your way up from there as you stake it out on your own.

Purchases

These tips are all about helping you learn to think before you buy.

31. Avoid credit card debt. Buying things you can’t afford on your credit card is a one-way ticket to financial trouble. Buy only as much as you can reasonably pay off in the next month.
32. Don’t buy a new car. While new cars are nice, they’re also a poor investment as they lose much of their value in the first few months of ownership. Buy a quality used car instead.
33. Watch for sales. No matter what you’re in the market for, try to avoid paying full price. Wait a week or so for big purchases as you might see things marked down.
34. Buy quality. It’s often a hard lesson to learn, but buying more expensive, higher quality things can actually be a better deal in the long run. Cheaply made things tend to fall apart and need to be replaced, making them cost more than just buying the nicer version in the first place.
35. Research your purchases. Anytime you make a big purchase you should spend some time researching what the best brand and prices are before you spend the money.
36. Get thrifty. With vintage clothes and furniture all the rage there’s no better time to shop thrift stores and find great bargains on everything.
37. Always price compare. If you want to get the best deals on things you’ll need to price compare. Use newspaper ads, websites or even online comparison sites.
38. Look for online discounts. Shopping online can sometimes be a great way to save money, as there are loads of discount codes and coupons available to online shoppers.
39. If you don’t have the money, don’t buy it. This simple rule could save you a lot of trouble later on. Save money for big purchases rather than putting them on credit.
40. Find out the best times of year to buy. For certain big-ticket items there are times of year when they hit they’re lowest prices and when sales are abundant. A quick internet search can usually tell you when that is.

Food

Check out these suggestions for saving big at the grocery store, eating out and more.

41. Eat out sparingly. Unless you’ve found a super cheap place to eat out, eating at restaurants is generally more expensive than preparing your own food at home. Limit how much you eat out and save the money for something else instead.
42. Clip coupons. Coupons can be found on packaging, in the Sunday newspaper or on a variety of online sites and can help you save money a few dollars at a time.
43. Look at weekly ads. Finding out what stores have the best deals on what you’re looking for can save you time and money, so check out the ads before heading out.
44. Pay attention to the unit price. Prices on grocery items can be tricky, so always check the unit price to see if you’re actually getting the best deal.
45. Buy generic. Many generic foods differ little from their name brand counterparts and can be considerably cheaper.
46. Check out farmer’s markets. One way to get fresh fruits and veggies without breaking the bank is by hitting up local farmer’s markets.
47. Shop around for the best prices. If there are several grocery stores in your area try out the different stores and jot down their prices of items that you buy regularly.
48. Try out bulk buying. For some non-perishable items buying in bulk can save you big.
49. Grow your own food. If you have a backyard or porch you can try your hand at growing herbs or a few veggies. Those with a green thumb can enjoy loads of cheap, fresh produce at their fingertips.
50. Visit budget grocery stores. Stores that specialize in generics like Aldi can help save you money, especially if you’re really trying to cut down your grocery budget.
51. Make a list. One method for cutting back on expenses on food is to make a grocery list and stick to it, that way you’ll get what you need without too many extras in your cart.
52. Buy only what you need. With stores designed to tempt you into buying more than you need it can be hard to avoid this pitfall. But if you don’t want to waste food or money put a limit on what you buy and only get what you know you’ll eat.

Fun and Entertainment

Having fun doesn’t mean spending a fortune. Take a look at these hacks that can help you enjoy yourself for less.

53. Drink at home. Going out with your friends can be fun, to be sure, but it can also cost you quite a bit over the course of a month. Staying at home to enjoy a few brews with your friends is much cheaper.
54. Use the library. Local libraries are home to loads of books, books on CDs, magazines and DVDs that you can borrow free of charge. Why pay for things when you can get them for free?
55. Consider renting instead of buying. Unless you know you’re going to love a new video game put off purchasing it in favor of renting.
56. Take advantage of community events. Even small towns have free community events like festivals, concerts and shows, so take advantage of the fun things offered that won’t cost you much to attend.
57. Cut back on cable. Unless you really do watch all of those channels you may be able to get by with a pretty basic cable package, or none at all.
58. Take great road trips. Driving around to interesting and fun places in your state or surrounding areas can be a budget way to take a trip and have fun with your friends.
59. Get a bike. Having a bike can not only provide you with a source of entertainment but a much cheaper way to get around town.
60. Enjoy friends, not stuff. Spend your money wisely and make sure that you’re getting the most enjoyment out of being with the people in your life rather than the things you own.
61. Buy used. Used DVDs, CDs, video game systems and books can all provide that same level of entertainment as their new counterparts at a fraction of the cost.
62. Prioritize. If you live in a big city chances are that there several concerts or events that you want to attend, which might be fun but could cost you quite a bit. Figure out which of these events mean the most to you and buy accordingly.

Loans

Many students who’ve just graduated have big loans to pay off. These tips can help you do it sensibly.

63. Find out the details. In order to pay off your loans in the most budget friendly and timely manner, find out as much as you can about them including interest rates, payment schedules and if there is a grace period.
64. Consider consolidation. While it may not help everyone, those who took out several different types of loans to pay for school may find that there’s an advantage to consolidating loans.
65. Always make payments, however small. Even if you’re only making a small payment each month it’s important to keep chipping away at your debts. The less you owe, the less interest you’ll rack up in the long run.
66. Look into deferment.If you’re struggling to find work post college and simply cannot make payments on your loans look into whether or not you can defer them until you’re a little more financially stable.
67. Get it out of the way. One way to tackle loans is head on, paying as much as you can as soon as you can. You might have to do without for a few months or years, but you’ll be free of debt sooner rather than later and that’s a good feeling.
68. Be on the lookout for loan forgiveness programs. Depending on the field you got your degree in you may be able to qualify for loan forgiveness programs that will let you eliminate your debts by agreeing to work in a certain area for a given length of time.
69. Take advantage of consumer programs. There are programs out there like Upromise and interest rate reduction that can take a chunk out of your debts. Look into whether or not they can help you.
70. Have a payment plan. Don’t just make payments to your loans willy nilly. Set out a repayment plan so you’ll know how much you’ll owe for how long.
71. Look for advice from other college grads. You’re not the first to face looming college loan payments. Check out what other grads have done to pay off their debts and use their experiences to help guide your own decisions.
72. Don’t ignore your loans. Ignoring your loans won’t make them go away, nor will it help your credit score. Suck it up and make monthly payments even if you don’t have a ton of money.

Additional Income

If you want to make a little extra money to save or spend, here are some ideas.

73. Start a blog. If you work it right, you can actually build up a decent following from a blog and make a little ad revenue on the side.
74. Sell on eBay. Whether you do it as a business or just sell things you no longer need, eBay can be a great way to bring in a little extra cash.
75. Have a garage sale. Clear out your closets and make a little bit of cash at the same time by having a yard sale this summer.
76. Tutor. You’ve got a college degree, now put it to use by helping others do well in their studies. Put up ads or look for help wanted signs in your area.
77. Make connections. Help yourself in business and in your side endeavors by making connections with everyone you can. You never know who’ll have work for you and how it can help you.
78. Use your skills. Whether you know how to coach swimming, make crafts or bake the best cookies use what you already know to form the basis of a side business.
79. Get a night job. Getting a night job can be one way to earn some extra cash to save or to spend.
80. Recycle. In some states, refunds on glass bottles and cans can really add up, so save yours and bring them in for a few extra bucks.
81. Get a paper route. If you don’t mind getting up at the crack of dawn, a paper route can be one way to bring in a little extra dough, especially around the holiday season.
82. Advertise yourself. No matter what you’re trying to make money doing on the side you’ll have more success if you post flyers and use social networking to get the work out about your services.

Health

Learn to protect your health and your finances from these tips.

83. Look at health insurance options. Many jobs will offer health insurance as part of a benefits plan, but if you can’t get coverage from work it may be worth it to seek out your own. Unexpected medical expenses can destroy your finances and make it hard to support yourself and pay your bills.
84. Get regular check ups. One way to keep health expenses down is to engage in preventative care. Through this, you’ll find out about any issues before they become dangerous.
85. Work out at home. You don’t need a fancy gym membership to work out. You can use your own body, workout videos and some cheap equipment to get you in good shape.
86. Eat healthier. Healthy foods might cost you a little more at the outset, but they’ve save you money and enhance the quality of your life in the long run.
87. Drink less. Alcohol might help you to have a good time but it isn’t particularly good for your body, not to mention your wallet.
88. Take time to de stress.Stress is a contributing factor to numerous illnesses, so make sure it isn’t weighing on you too heavily by taking time to relax and treat yourself.
89. See if prices are negotiable. While it may not always be obvious, some local practitioners may be willing to negotiate prices with you, especially if they know you don’t have much money.
90. Realize that you don’t always need medication. Every cold that you get doesn’t require medication. In fact, taking too many antibiotics can actually do you more harm that good and waste your money as well.
91. Try simple solutions. For many colds and flus, home remedies are the best solutions, with lots of rest and chicken noodle soup serving you just as well as any store bought medications.

Places to cut back

New grads looking for places in their finances where cuts are easy to make will appreciate these tips.

92. Cell phone plans. Unless you need email, unlimited texts and unlimited talk on your phone for your job, you may be able to cut back and save by downgrading your cell phone plan.
93. The latest electronics. There are few things that go out of style and lose their novelty faster than electronics. While your phone, iPod or TV may not be top of the line, if it still does everything you need it to then it may be better to wait to upgrade.
94. Clothing. Who doesn’t love to look snazzy in new clothes? But spending loads of money every month on new clothes will seriously damage your finances. Buy classics, shop used and cut back on what you buy altogether.
95. Eating out. Sure the food might be delicious, but what is it really costing you? Limit your dining out to a few times a month to save big bucks.
96. Personal care. You might think that a $100 hair cut is necessary to look good, but chances are good that you can look just as good for half the price.
97. Morning pick-me-ups. Brewing your own coffee and buying bagels from the grocery store can save you hundreds every month.
98. Going out. While you don’t have to give up hanging out with your friends, you can save yourself a lot of money by limiting how often you go out every week.
99. Decorating your apartment. Having the perfect apartment might be your long term goal, but that doesn’t mean you have to spend hundreds or thousands of dollars at the outset to do it. Buy things over time and invest in quality rather than buying on impulse.
100. Transportation. If you take cabs, valet park, or drive your car to work to park in a pay lot, you’re racking up loads of fees that you don’t need to be. Take public transport or ride your bike instead.

This entry was posted on Tuesday, September 8th, 2009 at 9:50 pm and is filed under Features. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.