Personal Finance

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  • Make a budget before you move to make sure it’s realistic to sustain for at least 2-3 months.

    • Check out this budget template to outline your monthly expenses. Make a copy, do not write directly on this sheet.

  • Even if it’s not alot, put some money into your savings in case of an emergency.

  • Set up auto-pay so every bill gets paid on time (to avoid fees and improve credit score) and it becomes one less thing to worry about.

  • Remove your credit card info from “auto fill” and do not “save card information.”

    • The more convenient it is to buy something, the more likely you will. Add in the one extra step and make it harder to buy something.

    • This is help decrease some frivolous impulse buys.

  • When looking for an apartment, don’t use a broker.

    • The fees will not be worth it.

  • See if you qualify for student loan forgiveness.

    • Public Service

    • Teachers

    • Nurses

    • Doctors

    • Lawyers

    • Military

  • Pack snacks and a water bottle if you’re heading out so you’re less likely to want to buy food later.

  • Check out these tips for paying off your mountain of student loans.

  • Unsubscribe from store promotional emails.

    • Even if there is a sale, you’re not actually saving any money because you’re spending on something you normally would not buy.

    • Get rid of the temptation.

    • They also clutter your email.

Photo by  Ella Olsson  on  Unsplash

Photo by Ella Olsson on Unsplash

  • Think about the 50-30-20 rule.

    • 50% of your income goes to “Needs” like rent, groceries, insurance, loans, and utilities.

    • 30% goes to “Wants” like shopping, restaurants, bars, and hobbies.

    • 20% goes to savings.

  • Don’t lie or trick yourself about your spending habits.

    • If you’re in a bad situation or in more credit card debt, do not IGNORE it. Figure out where you might need to cut back spending and make a plan ASAP.

    • Ask for help from a friend to figure out what to do.

  • Have cash on you.

    • Many local places are cash only, have a card minimum of $10, or charge a card transaction fee.

  • Start as early as possible for your retirement fund!!

    • It feels too far in advance to think about, but the extra time gives means more time for your money to grow.

    • Think about it, if you retire at 68, you could have around 15-20 years to pay for things without an income…how are you gonna do that?

    • Use this calculator to see what you should be doing

  • Map out a plan to pay back loans to minimize interest you’ll have to pay.

  • When you go shopping, especially for groceries, make a list before you go.

  • Share your spending habits and temptations with a close friend. Be more open to talk and think about finance.

    • Having open conversations about money is important so you can hold yourself accountable, learn new strategies, and find support if you need it.

    • You’ll be less likely to go down a dark path if you are transparent about your habits.

    • Feel uncomfortable? Talk in private with a close friend. You’d be surprised at different tactics people use.

  • Make coffee at home.

  • Turn off the lights, fans, and TV when you are not home.

  • Build eating out and going to bars into your budget.

    • It will be more manageable and will give you flexibility to do so without being too money conscious.

  • Remember rent costs aren't simply rent, factor everything else into your budget.

    • Factor in utilities, wifi, brokers fees, transportation fees, moving fees, tips.

  • Keep a money journal, write down all your purchases.

    • This is different from the credit card tracking. Physically writing it down will help you keep track of how much you’re actually spending

  • Surround yourself with friends who are also budget-conscious.

    • It’s important to have people around who share similar priorities and concerns so they won’t pressure you and can give you extra support.

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  • Don’t buy new furniture, there are plenty of places that are selling free or used furniture.

    • Don’t buy a used mattress, but everything else should be fine and if you buy some bed-bug spray.

  • If grocery stores near you are expensive, try to find places along your commute home or near your office.

  • Find housing that is appropriate with you budget.

    • You won’t be living there forever, so don’t get bogged down if you can’t find “the perfect” apartment during your first year out of college.

  • Mint has been super helpful to make budgets and keep track of everything -

  • YOU NEED TO MAKE A BUDGET.

    • Even if you don’t follow it to a T, you need to be aware of how much you have and can spend

  • When you get a job offer, NEGOTIATE!!!!

  • Add as much as you can into your 401k - If a company matches, that is literal free money for the future.

  • Check out “101 Ways to save money in NYC

  • Make specific money goals so it’s easier to save.

    • Have your eye on a new laptop or plane ticket?

  • Here’s 100 more tips to save money.