When starting your career as a young professional, one of the most important life lessons you need to learn is how to manage your money. For a lot of young professionals, this is the first time in their lives that they have had sole responsibility for their finances. Rather than celebrating your financial independence by blowing your paycheck recreationally, concentrate on saving up as much as possible. We have provided some basic advice below that we hope can help young professionals keep an eye on their spending and boost their savings!
- Buy groceries instead of take out: You can save hundreds of dollars a month by buying groceries and preparing your own meals instead of eating restaurant food.
- Bring your lunch to work
- Use a thermos for home brewed coffee instead of stopping at the local coffee shop
- Make large dinners and save the leftovers to eat later in the week
- Have a set percentage of your paycheck deposited into your savings account: This way money will be added to your savings automatically without you having to make the conscious decision every week to put it there.
- Adding a small percentage of your paycheck to your savings every pay day will add up over time and provide a good foundation for your savings
- Avoid spending money on full-priced retail clothing: Joining the real world typically means purchasing a whole new wardrobe full of business appropriate attire.
- Outlet stores provide the same quality and style pieces as the retail stores, but at greatly reduced prices
- Try to shop only when you have a good coupon to use or know of a great sale
- Find a roommate: Rent and living expenses are typically the heaviest burden on a young professional’s finances.
- Search the internet and classified ads for roommates before moving to a new location
- The more roommates you have, the less your share of the rent will be
