Money management tips for new college graduates: Norvell and Associates Certified Public Accountants
Shifting into this new stage of life doesn't have to stressful. Provided below are some helpful tips given by Norvell Associates that doesn't require a lot of work when saving money as a new college graduate.Create a budgetEven though you are not a new college graduate, this seems to be the very first step for every individual who wish to save money. Budgeting will help you get to know yourself, your spending habits and what causes them.There are different ways to start a budget, from a basic spreadsheet to programs like Mint, Personal Capital or You Need A Budget. Discover what works best for you and go with it.Stay away from lifestyle inflationLifestyle inflation is spending more because you are now making more. There is nothing wrong with enjoying life and the fruit of your labor, but it can cost you more in the long run as a new graduate.Aside from developing and living by some sort of budget, one of the best ways to avoid lifestyle inflation as a new college graduate is to be wise about your purchases. Some of those things can be renting instead of buying, looking for a roommate to share costs, buying a used car instead of a new one and skipping a car altogether if possible.If you do have extra income, use the funds to pay off any student loan debt or start a small emergency fund.Put Money in Your 401(k)Putting money into your 401(k) can be one of the best ways to save money as a new graduate. Not only will you likely receive free money in the form of a company match, but you're also placing money for your retirement. The amount you might be able to put in your 401(k) may seem too small today, but it does grow over time, and it comes with tax benefits.Study cookingOne of the more convenient ways to save money as a new college graduate is to learn how to cook for yourself. It can be easy to excuse going out for a meal if you're busy, or in a new city, but those meals add up quickly. If cooking seems difficult to you, or you don't know where to start, then begin with a few simple meals. The Internet is ready with recipes. Not only will it save you money but it can also be much healthier.Life as a new college graduate can take some getting used to, but with a little work, you can save money along the way, without sacrificing too much.