Whether you’ve landed an entry-level job or something more advanced, it may take a while for you to get a firm grip on your finances as you work toward paying off student loans and managing your day-to-day living expenses while saving for the future.
Here are some tips to help you stretch your salary:
Rightsize your living space. You might like having extra space in your apartment, but do you really need it? Think about how much time you actually spend there and how often you have people over. If you don’t need two bedrooms, why pay for that unused space?
Get a roommate or two. Sharing rent and utilities can be a real cost saver. Choose someone responsible, whom you can rely on to pay their share of these bills on time.
Adjust your thermostat. Small adjustments to your heating and air conditioning habits can add up to sizable savings. You can always throw on an extra blanket or sweater when it’s chilly and buy an inexpensive fan for warmer days.
Take the bus, train or subway. Or share the ride. Or ride your bike. Do the math to see which transportation option makes the most sense for you — and the environment.
Learn to cook. Make going out to eat a special occasion by cooking most of your meals at home. Save even more by making a grocery list that includes sale items, and stick to it!
Monitor your work eating habits. Do you go out to lunch every day? Hit the vending machine or coffee shop to counter that midday slump? You can save a bunch by packing lunches and snacks, and you’ll probably make healthier choices.
Embrace happy hour. If you like to go out with friends, switch to early-evening get-togethers to take advantage of happy hour prices.
Be thoughtful about optional purchases. Clothes, shoes, gym memberships — ask yourself if you need or want a purchase. If it’s covered by your budget, enjoy!
Pay your bills on time. You’ll not only build a strong credit score but also prevent expensive late fees.
To learn more, visit pnc.com/myfinanceacademy.
