We outline budgeting and money saver tips to help your financial success even in the early stages of your career.
There comes a time in every working woman’s life where the transition happens from “studying for a career” or “just having a job” into “having a career.” Now, yes, this does occur at different stages for different people, but what I’m sure is universal for all of us at some point is the realisation that I don’t really know how to handle money. But you’re never too young (or old!) to make smart money decisions, and the earlier the better, so here are some of our top money saver tips to help you towards financial success:
If you have just graduated from college and in the beginning stages of your career, you know that you have a lot on your plate. You also know that finances can cause a good deal of stress. There are money tips that help you trim a bit of money from your monthly budget and subsequently save some for your future.
5 Top money saver tips
Here are a few money saver tips on how to do just that.
Don’t Just Budget for Bills
This is the most important of the money saver tips. Making a workable budget requires more than just knowing how much you pay in utilities each month. Allocate funds for each category of expenditure in your life. Not only will you know exactly where your money is going, but it will also be easier to see where things can be trimmed. It needs to be more than wishful guesswork to truly help you come out ahead.
Use Apps
Nobody keeps track of finances using pen and paper anymore, so there’s no reason you should be doing so either. Get comfortable with using apps to help manage your finances and your life will become much less stressful as well as clutter-free. You can input amounts you spend while the app breaks everything down in easy-to-read charts.
Your bank probably has an app that will automatically move money from your checking to a designated savings account. You’ll be saving money without even thinking about it. Can’t get much easier than that.
Refinance What You Can
If you have loans, try to refinance them whenever possible. This is especially important with outstanding student loans. Unlike typical loans that come from one lender, your student loans are probably serviced by multiple lenders. This can be confusing to keep track of and may result in late payments which then incur additional fees as well as dings to your credit.
By refinancing your student loans with a private lender, you can use a refinance calculator to see ahead of time what your new payments would be and know what to budget for going forward.
Use a Credit Card
It may seem contradictory as one of the money saver tips — and contrary to what you have been told for years — but pay everything on your credit card. Using a card and paying the balance on time will result in boosts to your credit score. The key is to pay the balance off at the end of each month so that you do not have to pay any interest. It takes discipline, but you made it through college so you can definitely do this.
Pay Yourself An Allowance
It is much easier to control your personal spending if you give yourself an allowance to do whatever you want. This gives you something to look forward to and helps to control the feast or famine spending method that many people fall prey to.
Sign Up for Rebate Programs
Any time you see cashback or rebate offers for products or services you already use, definitely sign up for them. You’re essentially earning free money by doing this. The money you save can be used to put away for a rainy day or to buy yourself a treat as a well-earned award.
