When you were in undergrad you probably just blew your money on the latest fashions, parties and random trips away from campus during spring break, but now is the time to become more financially conscious and learn how to handle your money with care.
Saving money is the best way to financial success, yet many of us don’t have a formal savings plan. In the midst of the biggest economic downfall, it is imperative that graduates save now to have financial security later.
No matter what your budget is, you can still begin to save. Here are five creative ways to save regardless of how slim or fat your pockets are:
Start Now: The sooner you start, the more time your money has to grow. Put time on your side to balance your money. Devise a plan, stick to it and set goals for yourself. It’s never too early or too late to start saving. So start now, whatever your age!
Stash Your Cash: Start a CD (Certificate Deposit) account. This is a savings account that allows your money to mature over a certain period of time. A CD offers a higher return of interest than a typical savings account. It provides great flexibility because you can determine the amount to be deposited and the maturity date.
Pay Yourself First: Even though it’s many moons away, make saving for retirement a high priority. No matter what type of employment you have, place 10% of your income into a retirement account and try not to withdraw the funds until it’s time to retire! This may seem like a hard task to complete, but I promise the reward will be great! Retirement, should be taken seriously and planned out like any other goal in your life.
Become a Frugalista!: Now is the time to be a smarter consumer, so start shopping like one! You don’t have to compromise your style, instead, look for bargains at the grocery store and clothing stores. Go online and search for the best deals and coupons to your brand named foods and clothing. Instead of going to the local mall, try shopping at outlets; you get the same designer labels for half of the designer price! Sample sales are also a great way to get high-end fashions for bargain prices.
Write the Vision: A blue print lays the foundation for a masterpiece. Take the time to write down where you are now and where you want to be in the future. This will help you realize your current financial state and plan what steps need to be taken to achieve your overall goals. In order to stay on track, review this list and revise accordingly each month.
Remember, you have the ability to create your own destiny. So create one that is full of wealth and prosperity. You will forge a legacy that will have you and your family financially stable for the rest of your life.