1) What are the biggest obstacles to saving money after college?
The biggest obstacles are paying off your college loans and the reality of being thrust into “real life” and all its related expenses: paying for a place to live, your car, your food, and anything else mom & dad were paying for.
Your first step is to create a budget: understand what money you bring in (your income) and what money you spend (your expenses) so you can make smart decisions about where your money goes. Then, try to pay less for the things you truly need and eliminate the things that you don’t!
LOZO.com has thousands of money-saving tips tips to help you do this. Here are a few:
- Get a roommate. Housing is expensive so sharing that cost helps a lot.
- Use grocery coupons to cut your food bill, personal care and household items by as much as 40%. And, it’s very easy to do! Free services like LOZO.com will help you find grocery coupons that are custom-matched to your shopping list.
- Lower your monthly bills: Nix your cable bill. Get a cheaper cell phone plan. Takes steps around the home to lower your electric bill. All of these will help you save each and every month. For specific ideas, check out LOZO’s top 10 ways to lower your monthly bills
- If you have a job, talk to HR to understand all of your benefits. Take advantage of any freebies and discounts your employer offers: discounted cell phone bills, cheaper movie tickets, school loan assistance and so on.
- Don’t rely on credit cards unless you pay them off right away. You’ve already got student loan debt, don’t add credit card debt too! Instead, pay as you go. When possible, pay in cash. If you must use a credit card, pay it off asap.
Pay at least the minimum on your student loans. Pay more if you can, but at least the minimum. This will help your long-term financial health in a big way.