With graduation drawing near and anxiety is getting the best of me, I want to talk about ways to become or stay debt free, if you were lucky and blessed enough to get good scholarships or had awesome parents! (like mine)
Unless you get the greatest job ever and are making tons of money, you’re broke. Make a budget, and stick to it. This can show you where your saving money and where you really need to cut back, like the 10 times you went to Starbucks this week…
Spend cash, it’s the easiest way to enforce a budget. But, if you don’t have credit and need to build up some credit it’s okay to get a credit card. DO NOT ABUSE the card, you life can quickly down spiral.
1 day a week have a no spend money day. That means you don’t spend any money, and no this doesn’t mean buy a bunch of stuff the day before either! Go for a walk, clean your house, or there is always my personal favorite, clean out your Netflix queue.
Student loans suck, we all know that. But making your payments early is the easiest option to lower your outstanding balance. Now there is this super cool website which is surprisingly simple (and free!) service offered by Upromise. Before you make any online purchases, visit this site and then use a link from Upromise to access the original site you wanted. Just that extra click will give you a percentage of the money you spent back in the form of a reduction on your student-loan balance. For example, you’ll get 6% back from TOMS, 5% from Banana Republic, 5% from Bloomingdale’s, and up to 8% back from certain restaurants. Upromise has partnered with more than 30,000 vendors to help you make saving those hard-earned dollars a reality. Paying off your student loan while shopping? Dreams really do come true.
Business clothes, yes its that time to ditch the Nikes and go with a more professional look. I can hear the cries from here, relax, you can still wear your nikes as soon as you get home! Find some good deals at the nearest outlet stores. I got some great business attire at the Loft and J.Crew last week!
Another way to really cut back but has been super hard for me, but have saved a ton already… can you guess? Mani/Pedis. It is ridiculous the amount of money spent at the nail salon. buy a cute color and do it yourself until you get a great job and can afford it! Or if you have to splurge, go when they have discounts or coupons. My nail salon is 20% all services mon-thur.
Think before you buy and say do I really need this or can I squeak buy with out it? Saving money in your 20’s can mean the difference in retirement age, and how well you will live when you do. It’s hard and it’s definitely not fun to think that far ahead or of how many wrinkles you will have, but I know I want to be well off.