Are you a young graduate? You may have just finished your university degree, and you’re actively looking for work. Or you’ve landed that entry-level role, and you’re still getting used to full-time work. It’s such an exciting time, with so much promise and potential ahead, along with numerous successes to anticipate. You might be planning to work for a year and then head away on a holiday, or you may want to put away some cash for a home loan deposit or a new car.
Whatever the goal, you need savings to make these exciting things happen. And saving money can be tricky, especially if you’ve just started working – the temptation to spend it all on all the things each paycheck is real, we know. However, with some top saving strategies this article will share, you’ll learn how to save money as a new graduate. Continue reading to learn more.
Switch Insurance & Utility Providers Regularly
For most graduates, ongoing expenses like car insurance, contents insurance and utilities such as power, broadband internet, gas and water can make up a significant portion of your income. That’s why it pays to compare offers from different insurers and utility providers at least once a year if not more.
The renewal period for your insurance policies is a great time to compare new offers from competitors, as this is when your current provider will usually jack up the price of your premium. You can source quotes online via different company websites or use a comparison tool to find some savings on your insurance.
The same applies to ongoing utility costs – water, internet, gas and power. Depending on where you live, you may be locked into a single water provider. However, the rest are all up for assessment and potential savings.
You can usually find a better deal on your utilities, and similar to switching insurance providers, you use free comparison websites to shop around for a better deal or can get quotes online from different companies. You can save hundreds of dollars a year this way, all of that money going straight into your savings.
Practice Savvy Grocery Shopping
The weekly grocery run can be a significant wallet or purse drainer, especially with rampant inflation. However, with some savvy grocery shopping strategies, you can make your fridge and cupboard last longer and stretch further each week.
You can save money by stocking up on cheap, bulk staples like onions, spuds, carrots, canned beans, pulses, diced tomatoes, and other canned goods. These versatile ingredients can be mixed with herbs and spices to make filling soups, curries, stews and other bulk meals. You can do a big batch of cooking on Sunday afternoon and have your weekly lunch sorted.
Furthermore, you should take advantage of special offers and discounts when grocery shopping– look out for the bright yellow tickets and the unique displays at the end of the aisle. These products are usually discounted heavily.
Finally, avoid the temptation to fill your trolley with sugary and salty snacks and other junk. A treat here or there is fine, but you’ll save money by avoiding the bad stuff.
Cut Any Frivolous Spending
Graduates can save quickly by cutting out any unnecessary spending from their budget. It’s incredible how fast small, seemingly innocuous purchases add up to hundreds a month. For example, takeaway coffee daily, eating out for lunch or dinner while at work, streaming services like Netflix or Binge, retail subscriptions like Amazon Prime or OnePass, online gaming purchases, and impulse online shopping all add up quickly. It’s worth reviewing your monthly spending by looking through your bank or credit card statements and seeing where you can make some cuts. You can save lots of money this way, by forgoing some pleasures.
For instance, how many streaming services do you need? One should be plenty. You may also choose to bring ground coffee to work with a plunger and make your own cup of joe each day. Pack a lunch to bring to work, remembering the bulk cooking tip above. You could also unfollow favourite brands on social media so you’re not tempted to spend your money on clothes or personal items.
Pick Up A Side Hustle for Extra Money
This one’s more of an earning tip, but don’t be so quick to discount it, as you’d be surprised by how much bolstering your earning potential can help fill in any gaps in your savings strategies. Many working people have a side hustle nowadays. After all, making ends meet is essential, no matter how established you are in your career.
So if you have a skill or service you can monetise, go for it. You could repair clothing, make dresses or other garments if you’re handy with a sewing machine. If you know your way around a toolbox, you could do cash handyperson jobs on weekends. Good at graphic design? Then jump on Fiverr or Airtasker to make some extra cash and perhaps even grow your own professional portfolio. This will give your savings a decent boost, and may even open up some employment opportunities for you.
With these top saving strategies under your belt, you should be able to boost your bank balance and bolster your financial security in the months following your graduation. Happy spending (and earning)!