6 ways to tighten your belt and still be happy

Teachers, parents and neighbors all tend to say that your college days are the best of your life, so make the most of them. What they don’t tell you though is how quickly this statement in proven true. As soon as you graduate things start becoming scary. If you have rich parents and a generous trust fund then this article isn’t for you, if however you’re an average kid who’s just graduated and is making his or her own way in the big bad world that everyone else lives in, you’ll know what I’m talking about.

After you’ve graduated and you move out of your parent’s home the thinking is you’ll make it big someday. Armed with your degree and a zest and vigor that you only have until you’re so old, you think you’ll take on the world. The sad reality is though that everyone has to start from the bottom, and the bottom doesn’t pay very well. It’s better to face the fact that you will be living a leaner lifestyle than what you were previously used to and take certain steps towards addressing that fact once you’ve anticipated its inevitability.

Don’t lose hope and curl up into ball at the prospect of living a slightly tougher life, as long as you get your act together, make some wise choices and work hard, you’ll be living a fairly comfortable lifestyle sooner rather than later. Here are some tips to get you on your way towards being fairly comfortable despite the tight budget.

6 money-saving tips for new graduates:

1. Where is the money going?

First things first, figure out exactly how much you spend every month and on what. Keep a little notebook in your pocket, fill journal entries every night, or download an app on your smartphone from the tons that are available and free. Don’t leave even the most innocuous expense out, get everything. To illustrate, I love chewing gum, I find that it helps me concentrate, so I used buy a packet every other day on my way to work. It was something that occurred automatically, it wasn’t really a conscious decision. Once I started noting down my expenses though I realized that I could save a ton of money by stalking up on my gum during sale periods at the supermarkets. I saved almost 50% on my gum expenditure, which is a decent chunk of change.

2. Entertainment costs!

When I first got my very own cable connection I went crazy with the channels, I wanted everything! I realized though that with work and a social life I’m not doing this expenditure justice. I cut down on the channels that I rarely or never watch and made huge savings on my bill. In fact with shows and movies available to order online, if that’s all you use your TV for just switch to a Netflix subscription. Even if you get a better internet connection to facilitate this it’ll work out in your favor.

3. Don’t pay a premium on your insurance premiums.

The insurance industry is majorly cut throat business, so shop around for policies that will cost less. Don’t jump right in however, on the cheapest policy you can get. Read the terms and conditions on offer carefully so that you don’t get hoodwinked into buying a cheaper policy that doesn’t provide sufficient coverage. You’d be surprised to know that even the big insurance companies like The Hartford and American Family Insurance will offer full-time students under the age of 25 who are single auto insurance discounts of up to 20 percent if you combine it with other insurance policies.

4. Control the urge to splurge.

If you have your heart set on buying something really expensive; a new gaming console, the most adorable pair of shoes, whatever. Try this method before you go ahead and buy it. Wait a week and see if you still think you absolutely can’t do without it. In many cases that initial fascination will have worn off meaning you won’t succumb to the allure of impulse buying. Even if you do decide you do absolutely must have it, see if you can wait until the next big sale, Christmas, Thanksgiving, Black Friday, Halloween, end of season, and you get the picture.

5. Power and water.

There are many ways to reduce your power and water bills. From making slight alterations to your thermostat, to installing a cheap shower reduction kit. There are many ways to save on these cumbersome expenses, so research them and then apply them.

6. Burn fat not fuel.

Gas prices are higher, and will only get higher so conserve as much as you can. Use public transport, carpool, or better yet get a bicycle or walk, the exercise will do you good both physically and financially.

As long as you put your mind to it and take that initial leap of faith, budgeting will become easier with time, so much so that you might even start to take it up as a challenge and actually find pleasure in saving money, I know I do.

Taken from: Guest Post (article, By Elvis Donnelly), Google (images).