6 Great Ways to Stretch a Post-Grad Paycheck

post grad paycheck

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  • You just got your post-grad degree. Congratulations!

    Now you’re excited to get your life-after-academia started

    However, you might be looking at a pretty small paycheck from your first job.

    If you aren’t sure how to adjust to a more frugal lifestyle, the following six tricks can help you save big bucks and prepare for a better career.

    1. Buy Used Furnishings

    Moving to your first post-graduation apartment can be a huge deal, but it also can be expensive if you try to furnish it all with brand-new furniture. Instead, you should seriously consider used items, like couches, chairs, kitchen appliances, and even televisions. You may be able to save up to hundreds of dollars on your finds, helping your paycheck go a little further. Lightly-used furniture is available from plenty of resale and consignment shops, and it’s typically cleaned up and repaired before stores make it available for purchase.

    2. Don’t Ignore Tax Tricks

    If you’re struggling to make ends meet before tax season, try this simple trick: Have your employer take a little more money out of your paycheck every month, which eventually will increase your refund.

    You can then use that money to make payments on your student loans. However, make sure when calculating your taxes that you pay close attention to how much you have deducted to keep from making a mistake.

    3. Cancel Accounts You Don’t Use

    These days, it’s hard to get by without a subscription to four or five different streaming services or, at minimum, a cable package. Or is it actually all that hard? Do you really need all those entertainment accounts? The survey says: probably not, particularly if you have limited funds.

    So try to limit yourself to using only the accounts that you genuinely enjoy, and cancel the rest to save yourself real cash. And cable? Just get rid of it completely. Most people find the cost is way too high and the benefits too low.

    4. Try Out a Cheaper City

    Moving to a giant city like Chicago or New York City is a huge thrill but can be majorly expensive. As a result, a growing number of post-grads are trying out smaller cities that are less expensive but still beneficial for their career. For example, did you know that Kansas City has one of the largest job markets in the nation right now and one of the lowest costs of living for a city of its size? It’s absolutely true — and this great city is still being slept on by many people.

    5. Eat Out Less Often

    Many millennials — and non-millennials — enjoy eating out at restaurants instead of cooking at home. But do you know you can make most of those meals at home for a fraction of the restaurant cost? And if you do, you also can cut out the detrimental additives that make eating out so unhealthy for you. Take your lunch to work and focus on packing a healthy diet, and you’ll be amazed at how much you save.

    other valuable tips:

    6. Start a Side Hustle

    The side hustle has become a millennial standby and is a great way to make extra cash after you graduate. For example, you can start using sites like Textbroker, Writer Access, and Writer’s Domain to use your writing skills on the side. And sites like Fivver help you make cash using a variety of different skills. Or try hitting a trade show to market yourself and your skills in a particular industry.

    As you can see, saving money after graduating from college isn’t as hard as it might seem. Going without for a while can help you save money for what is truly important. And make sure you buckle down and work hard at your job; if you showcase the skills you learned in college and turn in a fantastic performance, you’ll advance quickly and soon won’t have to worry so much about tightening your belt.

    By: Ann Lloyd, Student Savings Guide

    Image Credit: Pixabay

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    GUIDE: graduate school planning guide

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