While you’re looking for your first (or next) job, many grads worry about how they’ll be able to make ends meet until they have a paycheck. In our previous article, we talked about ways to make money while looking for a job.
Here are six ways that you can save money at the same time.
1. Create a Budget
In our previous blog, we talked about the importance of creating a budget. This is important because it doesn’t just tell you how much you have to spend. It gives you an insight into ways to save.
2. Cut Unnecessary Expenses
A good place to start is your credit card and bank statements. Look at your monthly expenses and break them down into necessities like rent and utilities and luxuries like meals out or entertainment. Also, look for services for subscriptions that you don’t use. If your cell phone bill seems high, talk to your provider about renegotiating your contract.
3. Do It Yourself
Every time that someone does something for you, it costs money. Even if you’re paying the lowest price possible, you’ll still pay sales tax, tips, and other fees. If you’re used to going out for coffee and meals, now is the time to learn to cook. Instead of paying others for minor repairs, use the opportunity to learn how to do it for yourself. Given the number of free tutorials available online for everything from cracking an egg to changing the oil in your car, you have no excuse.
Not only will you save money, but you’ll also develop life skills that you can use to save in the future.
4. Trade Time for Time
Just because you’re saving money doesn’t mean you have to give up on services that help you to look and perform at your best. Instead, offer your skills to friends in exchange for theirs. Hate to cook? Tap your network and offer to trade an evening of babysitting or web design for a week’s worth of pre-made meals.
5. Used is Good News
Instead of buying something new, see if you can find it on Craigslist or at a thrift store. Have stuff that you don’t use anymore? Try selling it online, or trading it for something else. Have an eye for valuable objects? Whole businesses have been made from buying items cheaply at yard sales and thrift stores and reselling them online for a profit. Just make sure you know how to find and sell the valuable objects before you start.
6. Get Fit for Free
While a gym membership can be a helpful way to stay in shape, it’s not the only way. Join running clubs and enthusiast groups instead and get your sweat on, without spending money every month. We also have a great guide to getting healthy on a budget, that you can use to get started.
Want to learn more? Schedule a free counseling session today or call us at 800-920-2262.