Why is everything so expensive?!
That’s one of the first things you realize when you step foot into the real world and the excitement of your new life after graduation wears off. College didn’t exactly prepare you for all the new and unwelcome strains on your bank account now that you’re really on your own.
Luckily, there is a way to afford life after college – and it’s not as painful as you think. Take it from those of us who chose one or two nights of pita chips and yogurt over a night out to dinner with friends (times were rough): You’re much better off learning the financial hacks that will make your life easier.
Make a budget
You can’t afford life after college without knowing your limits. Set your budget for everything you’ll need, especially during your first few months: clothing, laundry, furniture, toiletries and rent money. Use apps and budgeting tools like Mint and LearnVest to help guide your financial decisions.
Pool your graduation gifts
For those of you graduating this spring, you’ll very likely be getting tons of generous gifts from your supportive family and family friends – from cash to gift cards. Be smart about this surge in your income and take account of your assets so that you know just how much you have and how you want to spend it. Add these gifts to your budget so that you use them wisely (i.e. putting them towards things you’ll need, like a mattress or kitchen supplies, as opposed to things you want).
Bring lunch to work
Not spending money on lunch can save you a surprising amount. If you find that you’re buying $10 meals every day (not uncommon, especially in a big city), then that’s at least $200 you’re wasting for any given month. A homemade BLT is more likely to cost less than a BLT from a sandwich shop, so try to fit lunch ingredients into your grocery shopping list. And speaking of groceries…
Make a grocery list and stick to it
Yes, those Double Chocolate Milano cookies look amazing, but be strong. While treat yo self is an amazing motto to have in life, it’s probably best applied to those who have a little extra change to blow. Remember the budget you made? Make sure you stand by it and include only the necessities (and yes, this can include snacks!) on your list. If you stay on track, you’ll be less likely to make excuses that will leave you with only $10 in your bank account at the end of the month.
Offer to tutor
If you made an impressive score on your SAT or ACT, try your hand at tutoring in your spare time. This is a surprisingly lucrative part-time job, and the higher your score, the more you’ll be able to justify charging a higher rate. In fact, Kaplan is currently hiring part-time SAT tutors in Orange County, Boston, and many other locations for at least $20/hr.
Get a roommate (or two)
As one of the biggest pains plaguing a recent grad’s bank account, rent will be a lot more manageable with more people pitching in. Whether you decide to bunk with your college friends or find a new roommate on Craigslist (it’s not as scary as it sounds!), having someone to help you take on the cost of rent will give you the flexibility you need in your budget. Plus, it’ll make life after college much more fun if you have someone to commiserate with!
Seriously, go to bed
We’ve all been there: It’s 11 pm and you’re poking around on Facebook or watching your favorite TV show and then suddenly, it’s 3 am. Guess what’s happening? Lights on, outlets in use, TV running – your electricity and cable bills are going to come crashing down on you faster than the Whomping Willow in Harry Potter. How about no to the aftermath of that.
When you’re no longer being productive and your body is telling you to go to bed, cut down on your cable and electricity usage – it will not only help to decrease your bill but will eliminate the necessity to go on those 9 am and 2 pm coffee runs during work hours. Instead, save the late nights for partying on the weekends.
Being mindful about your expenses and cutting back will make your first few years out of college much easier, and it’s a great lesson to learn early on in life. Not to mention, you’ll end up saving enough now so that you can treat yo self later! Oh, perhaps the most important tip of all? Make sure you have a great job that will help fund your expenses.
