College debt + Saving Money = The (Almost) Impossible Equation

College debt + Saving Money = The (Almost) Impossible Equation -

Posted by Jenna Moots

Graduation is a changing the time life. I will be completely independent of the financial situation of my parents, and be responsible for paying the rent and utility bills, buying groceries and gas, pay my cell phone bill, and purchase my own insurance coverage, while repaying student loans and start a new job. This is a huge adjustment. How can one prepare mentally and financially for "Independence Day"?

For me, student loans are the most worrying of expenses that must be paid. Getting out of debt as soon as possible is essential, but so saving for the future. the money and finances can be overwhelming to think regardless of your age, but especially in your early 20s Here are some things to keep in mind while throughout the first years after graduation.

1. Avoid going out to eat. a meal at home can cost about as much as a half meals in a restaurant, for not to mention the remains can make the price per meal this meal cooked at home much cheaper. However, if you want to eat out, order water (with lemon if you feel royal) and avoid appetizers and desserts.
2. establish an emergency fund. There will always be unexpected events, and an emergency fund will help in recovery.
3. put a limit on the indulgent purchases. Face it, if you really do not need, it should probably not in the basket.
4. research before you buy. There are discount stores as (even for groceries) that sell a quality product for a much cheaper price!
5. Avoid impulse purchases. I did it, I admit. You have a bad day and want to participate in some retail therapy, but trust me, you'll probably just be angry against yourself the next day to make that purchase. Leave purchases much thought before dishing out money.
6. Remember to have fun. Although save as much money as possible is the ultimate goal, we are still young! Fresh out of college and ready to explore, we're going to need some money for travel and fun experiences. Do not be afraid to reward yourself for doing well manage your finances.

The practice of these techniques will have a noticeable impact on your wallet. Paying bills is inevitable, and the repayment of student loans will take a big toll on the ability to save. However, the sooner you can get out of debt, the more you end up saving on interest, even if it means not put as much in your savings today. What other advice saving money you have to share with young adults today?

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