Posted by Stephen Mills; Group1A
With the current economic situation saving money is more important that ever. Considering the difficulties with getting jobs for all of us upcoming grads, we are going to have to budget our income in a more defensive manor until we reach some sort of job security. The best way to save big is to start small. Start cutting budget on a month-to-month basis. There are many easy steps to saving money.
First find out what you’re spending your money on. By keeping strict track of your spending you may be very surprised with what you find. At the end of the first month break up all your spending into categories and tally them all up. For example you may very well see that you spending an average of $20 a week on fast food, which over the course of a month is around $80. By cutting back on this expense there is an additional $80 a month and you will probably end up eating healthier by default.
Washing your clothes can save you money. If you have a washer in your home or apartment after graduation you can save money by washing your clothes in warm water with a cold-water rinse instead of a hot water rinse. Most people use the hot water rinse because it is believed to clean clothes more effectively but studies have shown that not only does cold water clean just as well but it also conserves energy, which in turn saves you money.
There are many other simple things you can do to save money on a monthly basis such as downgrading your cable plan, making sure to shut off lights and use heat sparingly, making a food plan can drastically save money from lack of impulse buys in terms of food. Saving money is easier than you think and it starts small but saves you a lot.
Source: 1, 2, 3.