How To Start Saving For That Next Big Purchase After School
3 tips to help you manage money and make “adult” decisions
There’s a lot to know when it comes to managing your finances, and for most of us, this process of “adulting” after graduation is akin to trial by fire. That was certainly true for me, as shortly after my graduation I found myself in possession of a large sum of cash courtesy of the new job I had just started.
After graduation, I came up with a few goals. All of which required money. Getting a new car, moving into my own place and purchasing furniture were all on my short list, but it soon became very clear that I wouldn’t be able to actualize any of these things unless I got a handle on my finances.
I knew I’d have to make a change, trading in my frivolous spending and adopting a more frugal and restrained approach to money management. But I didn’t know the first thing about shifting my lifestyle. So I dug deep, scouring the web for practical, quick tips that would help me get serious about my money.
My savings journey has been far from easy and I’m only about 75% of the way to my ultimate goal. But the things I’ve learned not only about myself, but also financial freedom and the physical act of saving far transcend the personal value I’ve derived from this experience.
Here’s a few of the things I’ve learned.
1. Remember saving is a lifestyle change is not a life change
Coming out of school, I heard it all. “You’re going to have to stop going out and spending all your money on food.” “I’m telling you. If you keep shopping at those fancy stores, you’re gonna find yourself in a world of debt. What do you need all those clothes for anyway?” “Your credit card is going to get you in some trouble, just wait.”
So many people chimed in with their two cents that by the time I had received an earful from family members, family friends and even family friends’ friends, I felt like a millionaire. I wasn’t naive. I knew that I was going to need to make some changes if I wanted to accomplish any of what I set out to do. I just didn’t think that doing so would mean forsaking every previous pleasure and amenity in my life…
